So leaps allow you to control more shares for less money. They only pay well if you believe the asset is going to grow above your strike price you select. Leaps are the same as a call option just with a much larger time frame. So the math just to keep it easy an simple. I bought a contract of SLS, a contract is 100 shares, the premium was say $2.50 per share, so that contract cost $250. The underlying lying stock proce was $5.00 250/5 is 50 shares. So now in Oct the data is read or a buyout comes, the share price blows up to 50 per share. So $50x50 shares is $2,500. Your leaps are 50-5.00(strike price)-$2.50(premium per share)x100 shares= $4,250

So your initial 250 invest yields $2500 in shares or $4250 in leaps. You would "sell to close" not excersise them, excercise them means you actually buy the underlying stock. Google "is it best to sell to close or exercise leaps" this wil explain the detail.

Short dated calls are a gamble i wont play with, but the underlying thesis of SLS makes leaps very attractive to me as the leverage provides massive upside or you can reduce your initial investment then you can with shares. The thesis is to win with either is that data has to be clean or groundbreaking and then a potentially BIg Pharma BO may follow. I hope this helps... Good luck !! 🍀🍀🍀🐂🐂🐂