At this point, since the AdComm will be a binary event and likely takes place on May 10, you might consider doing nothing. That's because the May options are not yet available. They will be available in April, certainly.
On the other hand, you could sell the July $1.00 puts now to raise cash. This means that if the vote goes against Arena in May, or the FDA goes against Arena in late June, and the stock sinks below $1.00, then you will be buying stock at $1.00 per share, or $100 per contract. One advantage is that you keep the premium of .25 per share or $25 per contract. So even if the price sinks to .50, you are only .25 per share in the red on the new stock, minus commissions and interest. The other advantage is that if the stock rises, or even if the stock stays above $1.00, then the put expires worthless and you keep the premium.
You must have an account that allows you to do this (I do not). Also, you generally must deposit enough cash to buy the stock with your broker.
Please anyone correct any errors I may have made. Here is a tutorial from the CBOE.