Without knowing the details, I don’t think you’ll get any helpful responses. If your losses are small, selling out of the money calls might help to net a few $$$ to bring back to $0 or retain holdings.
If your losses are bigger, go out further in time and sell closer to ATM in the hope they don’t get assigned; and you can sell another CALL.
If your losses are much bigger, then … you may have to find other ways to mitigate the losses: Averaging down on stocks you want to keep, Sell outright and harvest tax losses, selling much further out CALLS, or buying PUTS with a much lower cost basis. You may have to sell regularly to claw back some each time.
I typically avoid companies that don’t have a track record of management competence, the vagaries of biotech aside. This company has been around for ages, doesn’t turn a profit, has had several notable runs on its stock price (at least), and AFAIK no obvious path to profitability other than ‘milestones’, ‘conferences’ and ‘Qx losses’. TTM losses are even higher than 2021. So… this is not a solid financial basis in my book. The IV is 320 % because the risk is high. If you’re comfortable with that level of risk…? I’m not. I often remember the axiom: “Return OF your capital is more important than return ON your capital”!
This is what I reckoned would happen. It looks like it popped for a 40% gain on 1/4. But it’s already giving most of that back as I write this. The news on its drug was designed to pop the stock and the stock is now retreating on news of a public offering. Be careful trading penny stocks like this.
These are my own opinions. I am not a financial adviser, and do not play one on TV. Do your own research!