GREAT ARTICLE!
Anyway, I think there is something wrong with the figures on "4. Real Option Pricing":

1) If the Patent Life (Time to Expiration) = 15 years, then how the Expected Cost of Delay (Dividend Yield) could be = 1/t = 5.89%? Because 1/15= 6.67%, so Time to Expiration should be 17 to get 5.89%.

2) In any case, taking the values of the example and according to my calculations the Call value should be 119.83M, not 26.3M. You can check it using an online Black Scholes Calculator (i.e.: https://goodcalculators.com/black-scholes-calculator/).

I'll appreciate a lot if someone could check it and reply.
Thanks in advance!
CAG