If that's the whole package fully diluted, current share value should be about $4.60-4.70 at Pellegrino's 2010 1 billion valuation [with a 20-25% discount (not exactly sure about the percentage) for Poet still being in R&D phase].
The fact the SP is around $1.25-1.30 and not around $3.50 - 3.85 is because we have no revenue streams. Hopefully that changes soon. Also, the cash derived from all those exercised shares is not being reflected in the SP.
Pellegrino 2.0 will take care of that.