Sure, if the option is striking at $9.11 and the underlying asset has an actual value of $5.62, then it's out of the money. That doesn't mean that the option i

Sure, if the option is striking at $9.11 and the underlying asset has an actual value of $5.62, then it's out of the money. That doesn't mean that the option is worthless or even close to worthless though. VC-backed companies are usually hugely volatile which increases the value of options. This is a largely academic point, but there exists a sigma s.t. any call option ~$3.50 out of the money could be valued at $6 by a risk-neutral investor.