Early FDA Approval

Early FDA Approval I'm relatively new to options and just experienced a surprise in biotech so sharing in case it ever becomes relevant to anyone. Many months ago I opened a bull spread option for SRRK. The premise: the FDA had announced that they would make a decision **on Sept 30** whether to approve the manufacture of a new drug. The drug had already passed efficacy and safety trials so the real risk was whether the proposed manufacturing faculties would pass. I set an expiry of Oct 16 just in case the approval was delayed at the last minute, which sometimes happens with the FDA - I didn't want to expire before the decision. I also planned to sell in the week/days leading up to the decision (rather than after the decision) to avoid the IV crush of an approval and also because I anticipated a typical "buy the rumor, sell the news" outcome. Then the surprise. The FDA suddenly announced their approval **19 days prior** to the scheduled date (and on a Friday after trading, of course). The stock shot up after hours and today, a few hours after market open, has dropped 4.75%, putting me firmly OTM. Thankfully, my Oct 16 expiry gives me time for investors to absorb the good news and invest for the longer term as this company now has a clear runway to start making profit. But the sudden approval destroyed my premise (of selling before the approval and taking the early profits). *My lesson learned: the FDA can make early approvals and do them after hours.*