A start-up venture owns the rights to new technology for a coated stent. The company is about to begin animal trials that could lead to FDA approval of the use of the stent in humans. The company could conduct those trials in two different ways (for coronary application sand for neurological applications) at some individual cost over just coronary applications. That would allow the company the option, later in the FDA process, to split the technology and go forward with two separate stents, to proceed with either of the two separate stents, or to proceed with a stent that could be used in both applications (and thus a lower likelihood of approval). If the option were taken later to split into two separate stents, each stent would have independent paths to approval. Structure how the company should think about the worth of pursuing the early studies for both applications.