[fsk]

Due to accounting/tax rules, "qualified incentive" options are required to be priced at "fair value".

It's better for you to just ask for more equity.

However, realize that equity is usually worthless. If they already raised a lot of money, you're probably only going to get a tiny slice. If the equity is a factor in your decision to accept the job or not, you probably shouldn't.

Remember that the recent investors probably got a liquidation preference, which means they need to eventually sell for a LOT MORE than the price of their last round, or common shareholders may get nothing.