"If you are only worried about downside or only
think that is the direction then just buying the puts makes sense and is
relatively cheap if you believe there's a negative binary type event
coming."
This is basically where I'm at except I don't think the '274 and '180 (if they are adverse to VHC) would be binary. I think the cumulative effect of losing the first 2 patents to go the distance to an IPR PTAB decision could drop the stock as much or possibly more than the '697. But the price is also 33% less so that is a consideration.
The Sept $4 seem fairly safe to purchase at $.20 and see what happens with the '274.
Thanks for weighing in - Your option knowledge is impressive.