The approval process for AquAdvantage involves both regulatory and market uncertainty. How does this uncertainty impact the valuation of the project? How does the ability to abandon the project after FDA approval $($if market acceptance is too low$)$ create value?The Black$-$Scholes model and the decision tree method both account for optionality, but they produce different estimates. How should AquaBountys management decide which method to rely on$?$ Is averaging multiple estimates a valid approach?The Black$-$Scholes equation requires an estimate of volatility, which can be difficult for a first$-$of$-$its$-$kind project. What factors influence the volatility of AquaBountys project? How should the company determine an appropriate volatility estimate?How would the valuation change if FDA approval were guaranteed but customer acceptance remained uncertain?