BBW
Build-A-Bear Workshop, Inc.
NYSEUSDEQUITY
Consumer Cyclical
DELAYED
Sell
-27/100
Last price
25.47
▼ 0.10 (0.39%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
25.40
Prev close
25.57
Day high
25.56
Day low
25.28
Volume
7.30K
Market cap
$313.77M
P/E (TTM)
6.30
52W range
24.15 – 72.19
Day trading desk
Gap from prior close
-0.66%
Prior close 25.57
VWAP
25.46
+0.03% from price
Relative volume
0.01×
Quiet session
Session range
1.09%
25.28 – 25.56
Position in range
69%
Mid range
ATR (14D)
0.94
3.69% of price
Prior day high
25.75
PDH
Prior day low
25.17
PDL
Bid / ask spread
—
Quote not published
Session volume
3.33K
Avg 576.63K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
+0.24%
-1.2%
1M
-9.68%
-11.3%
3M
-26.00%
-28.6%
6M
-32.71%
-46.7%
YTD
-58.43%
-72.1%
1Y
-56.13%
-71.9%
3Y
-10.32%
-94.1%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on BBW open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+128.97K
Net buying
Buy transactions
14
138.78K shares
Sell transactions
2
9.82K shares
Net transactions
+16
Buys less sells
Sell : buy shares
0.1 : 1
Mixed
Insider-held shares
675.59K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 24, 26 | JOHN SHARON PRICE Director |
SELL | 6.82K | $272.95K | Direct |
| Jul 1, 26 | JOHN SHARON PRICE Director |
STOCK | 10.00K | $0 | Direct |
| Jun 11, 26 | IYENGAR NARAYAN RAGHU Director |
STOCK | 2.66K | $0 | Direct |
| Jun 11, 26 | ROTENBERG LESLI Director |
STOCK | 2.66K | $0 | Direct |
| Jun 11, 26 | JOHNSON RICHARD A Director |
STOCK | 2.66K | $0 | Direct |
| Jun 11, 26 | CARRARA GEORGE M Director |
STOCK | 2.66K | $0 | Direct |
| Jun 11, 26 | JOHN SHARON PRICE Director |
STOCK | 2.66K | $0 | Direct |
| Jun 11, 26 | LEAVITT CRAIG ANSEL Director |
STOCK | 3.70K | $0 | Direct |
| Jun 11, 26 | GOLDMAN JAMES A Director |
STOCK | 2.66K | $0 | Direct |
| Jun 5, 26 | CARRARA GEORGE M Director |
SELL | 3.00K | $103.57K | Direct |
| Apr 14, 26 | HENDERSON DAVID D Officer |
STOCK | 14.79K | $0 | Direct |
| Apr 14, 26 | JOHN SHARON PRICE Chief Executive Officer |
STOCK | 19.27K | $0 | Direct |
| Apr 14, 26 | FUNDLER YEVGENY Officer |
STOCK | 5.92K | $0 | Direct |
| Apr 14, 26 | TODOROVIC VOJIN Chief Financial Officer |
STOCK | 15.97K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
CARRARA GEORGE M |
Director | 13.94K | Stock Award(Grant) |
FENCL ERIC R |
General Counsel | 111.55K | Sale |
FUNDLER YEVGENY |
Officer | 7.61K | Stock Award(Grant) |
HENDERSON DAVID D |
Officer | 21.40K | Stock Award(Grant) |
HURT JAMES CHRISTOPHER |
Chief Operating Officer | 61.12K | Stock Award(Grant) |
IYENGAR NARAYAN RAGHU |
Director | 18.72K | Stock Award(Grant) |
JOHN SHARON PRICE |
Director | 181.65K | Sale |
LEAVITT CRAIG ANSEL |
Director | 67.84K | Stock Award(Grant) |
ROTENBERG LESLI |
Director | 12.49K | Stock Award(Grant) |
TODOROVIC VOJIN |
Chief Financial Officer | 81.22K | Stock Award(Grant) |
Fundamentals
Market cap$313.77M
Enterprise value$420.72M
Revenue (TTM)$517.75M
Gross profit$283.09M
EBITDA$70.21M
Net income$51.58M
EPS (TTM)$4.04
Free cash flow$7.10M
Total cash$13.60M
Total debt$125.51M
Book value / share$13.01
Shares outstanding12.32M
Float11.39M
Short % of float27.41%
Dividend yield3.60%
Beta (5Y)1.01
Valuation & profitability ratios
Trailing P/E6.30
Forward P/E6.45
PEG ratio0.43
Price / sales—
Price / book1.96
EV / revenue0.81
EV / EBITDA5.99
Gross margin54.68%
Operating margin9.61%
Profit margin9.96%
Return on equity32.81%
Return on assets10.44%
Debt / equity78.94
Current ratio1.60
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Total revenue | $529.83M | $496.40M | $486.11M | $467.94M | +6.7% |
| Operating revenue | $529.83M | $496.40M | $486.11M | $467.94M | +6.7% |
| Cost of revenue | $234.20M | $223.89M | $221.72M | $222.06M | +4.6% |
| Gross profit | $295.63M | $272.52M | $264.39M | $245.87M | +8.5% |
| Selling, general & admin | $229.20M | $206.24M | $198.99M | $183.93M | +11.1% |
| Total operating expense | $229.20M | $206.24M | $198.99M | $183.93M | +11.1% |
| Operating income | $66.43M | $66.28M | $65.40M | $61.94M | +0.2% |
| Net interest income | $801.00K | $861.00K | $929.00K | -$19.00K | -7.0% |
| Pre-tax income | $67.23M | $67.14M | $66.33M | $61.92M | +0.1% |
| Tax provision | $15.02M | $15.36M | $13.52M | $13.94M | -2.2% |
| Net income | $52.20M | $51.78M | $52.80M | $47.98M | +0.8% |
| Net income to common | $52.20M | $51.78M | $52.80M | $47.98M | +0.8% |
| Basic EPS | 4.00 | 3.81 | 3.68 | 3.21 | +5.0% |
| Diluted EPS | 3.99 | 3.80 | 3.65 | 3.15 | +5.0% |
| EBIT | $66.43M | $66.28M | $65.40M | $61.94M | +0.2% |
| EBITDA | $81.38M | $81.05M | $79.06M | $74.42M | +0.4% |
| Basic shares | 13.05M | 13.58M | 14.34M | 14.94M | -3.9% |
| Diluted shares | 13.08M | 13.62M | 14.47M | 15.25M | -3.9% |
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $26.75M | $27.76M | $44.33M | $42.20M | -3.6% |
| Cash & short-term investments | $26.75M | $27.76M | $44.33M | $42.20M | -3.6% |
| Accounts receivable | $21.46M | $16.10M | $8.57M | $15.37M | +33.3% |
| Inventory | $82.20M | $69.78M | $63.50M | $70.48M | +17.8% |
| Total current assets | $140.02M | $126.30M | $127.77M | $147.43M | +10.9% |
| Property, plant & equipment | $192.06M | $149.96M | $128.71M | $122.55M | +28.1% |
| Total assets | $345.45M | $289.96M | $272.32M | $280.79M | +19.1% |
| Total current liabilities | $90.63M | $79.39M | $83.73M | $101.15M | +14.1% |
| Total debt | $127.30M | $97.00M | $83.57M | $86.52M | +31.2% |
| Total liabilities | $190.43M | $150.87M | $142.66M | $161.68M | +26.2% |
| Retained earnings | $104.84M | $89.52M | $75.27M | $61.38M | +17.1% |
| Shareholder equity | $155.03M | $139.08M | $129.66M | $119.12M | +11.5% |
| Working capital | $49.39M | $46.90M | $44.04M | $46.28M | +5.3% |
| Net tangible assets | $155.03M | $139.08M | $129.66M | $119.12M | +11.5% |
| Shares issued | 12.81M | 13.26M | 14.17M | 14.80M | -3.4% |
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Net income | $52.20M | $51.78M | $52.80M | $47.98M | +0.8% |
| Depreciation & amortisation | $14.95M | $14.77M | $13.66M | $12.48M | +1.2% |
| Stock-based compensation | $2.93M | $2.17M | $2.09M | $2.56M | +34.7% |
| Change in working capital | -$5.53M | -$23.70M | -$807.00K | -$13.58M | +76.7% |
| Operating cash flow | $65.05M | $47.09M | $64.31M | $47.28M | +38.2% |
| Capital expenditure | -$25.55M | -$19.32M | -$18.30M | -$13.63M | -32.2% |
| Investing cash flow | -$25.55M | -$19.32M | -$18.30M | -$13.63M | -32.2% |
| Share buybacks | -$27.73M | -$31.27M | -$20.50M | -$24.17M | +11.3% |
| Dividends paid | -$11.53M | -$11.02M | -$22.06M | -$292.00K | -4.6% |
| Financing cash flow | -$40.71M | -$44.16M | -$43.90M | -$25.06M | +7.8% |
| Free cash flow | $39.51M | $27.77M | $46.02M | $33.64M | +42.3% |
| End cash position | $26.75M | $27.76M | $44.33M | $42.20M | -3.6% |
| Line item | 2026-07-31 | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $115.29M | $125.27M | $154.51M | $122.68M | $124.25M | -8.0% |
| Operating revenue | $115.29M | $125.27M | $154.51M | $122.68M | $124.25M | -8.0% |
| Cost of revenue | $52.80M | $45.40M | $69.20M | $56.86M | $52.74M | +16.3% |
| Gross profit | $62.49M | $79.87M | $85.31M | $65.82M | $71.51M | -21.8% |
| Selling, general & admin | $51.41M | $56.13M | $63.94M | $55.31M | $56.40M | -8.4% |
| Total operating expense | $51.41M | $56.13M | $63.94M | $55.31M | $56.40M | -8.4% |
| Operating income | $11.08M | $23.75M | $21.38M | $10.51M | $15.11M | -53.3% |
| Net interest income | $552.00K | $134.00K | $174.00K | $221.00K | $206.00K | +311.9% |
| Pre-tax income | $11.63M | $23.88M | $21.55M | $10.73M | $15.32M | -51.3% |
| Tax provision | $2.87M | $5.58M | $5.15M | $2.61M | $2.95M | -48.6% |
| Net income | $8.76M | $18.30M | $16.39M | $8.12M | $12.37M | -52.1% |
| Net income to common | $8.76M | $18.30M | $16.39M | $8.12M | $12.37M | -52.1% |
| Basic EPS | 0.71 | 1.45 | 1.26 | 0.62 | 0.94 | -51.0% |
| Diluted EPS | 0.70 | 1.45 | 1.26 | 0.62 | 0.94 | -51.7% |
| EBIT | $11.08M | $23.75M | $21.38M | $10.51M | $15.11M | -53.3% |
| EBITDA | $15.19M | $27.75M | $25.26M | $14.21M | $18.78M | -45.3% |
| Basic shares | 12.42M | 12.58M | 12.98M | 13.01M | 13.11M | -1.3% |
| Diluted shares | 12.43M | 12.64M | 13.02M | 13.05M | 13.14M | -1.6% |
| Line item | 2026-07-31 | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $14.00M | $26.25M | $26.75M | $27.74M | $39.11M | -46.6% |
| Cash & short-term investments | $14.00M | $26.25M | $26.75M | $27.74M | $39.11M | -46.6% |
| Accounts receivable | $16.38M | $31.63M | $21.46M | $15.57M | $13.53M | -48.2% |
| Inventory | $81.13M | $77.81M | $82.20M | $83.28M | $81.76M | +4.3% |
| Total current assets | $122.89M | $147.83M | $140.02M | $138.15M | $144.42M | -16.9% |
| Property, plant & equipment | $198.82M | $193.40M | $192.06M | $174.01M | $159.75M | +2.8% |
| Total assets | $334.10M | $354.08M | $345.45M | $326.50M | $318.24M | -5.6% |
| Total current liabilities | $76.60M | $96.60M | $90.63M | $83.52M | $81.07M | -20.7% |
| Total debt | $125.51M | $125.69M | $127.30M | $118.21M | $107.36M | -0.1% |
| Total liabilities | $175.10M | $195.07M | $190.43M | $175.88M | $162.84M | -10.2% |
| Retained earnings | $110.89M | $109.91M | $104.84M | $100.70M | $104.87M | +0.9% |
| Shareholder equity | $159.00M | $159.02M | $155.03M | $150.62M | $155.40M | -0.0% |
| Working capital | $46.30M | $51.23M | $49.39M | $54.63M | $63.35M | -9.6% |
| Net tangible assets | $159.00M | $159.02M | $155.03M | $150.62M | $155.40M | -0.0% |
| Shares issued | 12.47M | 12.63M | 12.81M | 12.99M | 13.16M | -1.3% |
| Line item | 2026-07-31 | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | $8.76M | $18.30M | $16.39M | $8.12M | $12.37M | -52.1% |
| Depreciation & amortisation | $4.11M | $4.00M | $3.88M | $3.70M | $3.67M | +2.7% |
| Stock-based compensation | -$818.00K | $629.00K | $728.00K | $1.03M | -$374.00K | -230.0% |
| Change in working capital | -$7.12M | -$1.75M | $2.98M | -$4.72M | -$11.17M | -306.3% |
| Operating cash flow | $4.92M | $21.22M | $24.79M | $8.24M | $4.21M | -76.8% |
| Capital expenditure | -$8.55M | -$6.87M | -$12.67M | -$6.54M | -$3.42M | -24.5% |
| Investing cash flow | -$8.55M | -$6.87M | -$12.67M | -$6.54M | -$3.42M | -24.5% |
| Share buybacks | -$5.64M | -$11.51M | -$10.22M | -$10.19M | -$3.12M | +51.0% |
| Dividends paid | -$2.87M | -$2.90M | -$2.83M | -$2.87M | -$2.90M | +0.8% |
| Financing cash flow | -$8.62M | -$14.75M | -$13.22M | -$13.06M | -$6.02M | +41.6% |
| Free cash flow | -$3.63M | $14.36M | $12.12M | $1.70M | $793.00K | -125.3% |
| End cash position | $14.00M | $26.25M | $26.75M | $27.74M | $39.11M | -46.6% |
Options analytics
Put / call volume
0.16
Call-heavy session
Put / call open interest
1.43
Positioning, not flow
Max pain
27.50
+8.0% from spot
ATM implied vol
88.8%
Nearest strike to spot
Skew (10% OTM)
+23.2%
Puts bid over calls
Call volume
190
Contracts, this expiry
Put volume
31
Contracts, this expiry
Heaviest call OI
27.50
305 contracts
Heaviest put OI
25.00
609 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jul 2026 | 0.63 | 0.70 | +11.7% |
| Apr 2026 | 0.75 | 1.03 | +37.3% |
| Jan 2026 | 1.22 | 1.26 | +3.3% |
| Oct 2025 | 0.59 | 0.62 | +5.1% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.55 | 2 | $117.40M | -4.3% |
| Next quarter | 1.29 | 2 | $151.00M | -2.3% |
| Current year | 3.57 | 2 | $508.95M | -3.9% |
| Next year | 3.95 | 3 | $530.98M | +4.3% |
Analyst targets & ownership
Mean target$45.00
High target$50.00
Low target$40.00
Implied upside76.68%
Analyst count3
ConsensusSTRONG BUY
Strong buy / Buy1 / 2
Hold0
Sell / Strong sell0 / 0
Held by insiders5.59%
Held by institutions107.77%
Institutions holding243
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
25.53
-0.24% from price
SMA 20
25.71
-0.94% from price
SMA 50
30.95
-17.70% from price
SMA 100
32.37
-21.31% from price
SMA 200
40.32
-36.84% from price
EMA 12
25.76
-1.11% from price
EMA 26
27.14
-6.17% from price
EMA 50
29.31
-13.10% from price
RSI (14)
38.1
Neutral
MACD (12,26,9)
-1.39
Hist 0.35
ATR (14)
0.94
3.69% of price
Realised vol 30D
98.3%
Annualised
Bollinger upper
27.15
20, 2σ
Bollinger lower
24.27
20, 2σ
50 / 200 cross
Death
30.95 vs 40.32
Trend bias
Below 200
-36.84%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.87
Less volatile than market
Correlation to SPY
0.21
Largely independent
Realised vol 30D
98.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-65.6%
Peak to trough
Max drawdown 5Y
-67.8%
Peak to trough
ATR 14
0.94
3.69% of price
Beta (reported)
1.01
5Y monthly, from filing
Short interest
Shares short
2.90M
Prior 2.98M
Change vs prior
-2.7%
Shorts covering
% of float
27.41%
Heavily shorted
% of shares out
23.51%
Against total outstanding
Days to cover
3.1
Liquid
Float
11.39M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 28, 26 | DA Davidson | MAINTAINED | Buy | Buy |
| Jun 17, 26 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| May 29, 26 | DA Davidson | MAINTAINED | Buy | Buy |
| May 21, 26 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| May 6, 26 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| Apr 28, 26 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| Mar 24, 26 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| Mar 13, 26 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| Mar 5, 26 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| Jan 27, 26 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| Dec 22, 25 | Small Cap Consumer Research | MAINTAINED | Buy | Buy |
| Dec 10, 25 | CJS Securities | INITIATED | — | Market Outperform |
Dividends & splits
Forward rate$0.92 / yr
Forward yield3.60%
5-year avg yield—
Payout ratio22.28%
Ex-dividend dateSep 24, 2026
Next pay dateOct 8, 2026
Last split—
Split date—
SEC filings
Periodic Financial Reports
10-Q · 2026-09-10
Corporate Changes & Voting Matters
8-K · 2026-09-09
Corporate Changes & Voting Matters
8-K · 2026-08-27
Corporate Changes & Voting Matters
8-K · 2026-06-12
Corporate Changes & Voting Matters
8-K · 2026-06-11
Corporate Changes & Voting Matters
8-K · 2026-05-28
Proxy Statements
DEF 14A · 2026-04-30
Periodic Financial Reports
10-K/A · 2026-04-17
Headlines
Build-A-Bear Unveils New ICON Park Experiences Ahead of Grand Opening
PR Newswire · 3d ago
Michael Burry keeps pointing at unloved stocks for a reason
TheStreet · 14d ago
Why Michael Burry Is Bullish on Build-A-Bear Workshop Stock
Barchart · 14d ago
Build-A-Bear Workshop Inc's Dividend Analysis
GuruFocus.com · 14d ago
Bear of the Day: BuildABear Workshop (BBW)
Zacks · 14d ago
Generac and Build-A-Bear have been highlighted as Zacks Bull and Bear of the Day
Zacks · 14d ago
Michael Burry Shorts Micron, Palantir; Famed Investor Expects Chip 'Down Cycle'
Investor's Business Daily · 15d ago
New Strong Sell Stocks for September 23rd
Zacks · 15d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.