Those targets are indeed quite far off, and more were just recently distributed under those same terms, so the board probably thinks the conditions are still functional. The subscription price was adjusted downward back then, but the market cap levels that trigger those options were not; it really does require a 10x increase in the share price before they become valuable, but they will be worth a lot all at once then!
I suppose they believe that once the clinical side starts to grow, the market will value it quite differently than it does now.