This. I would also optimise on cash compensation. Stock options are a nice to have but the windfall is ultimately very hypothetical since most startups fail.
Don't fall for the stock options trap if you are an employee: you are just as fortunate (or not) with a lottery ticket.
Obviously if you are a founder it's a different story...
What's even more frustrating is that the startup in question is actually doing pretty well for itself. It just doesn't have a liquidity event in the near future. On paper my stock looks really good right now but is just out of reach.
Don't fall for the stock options trap if you are an employee: you are just as fortunate (or not) with a lottery ticket.
Obviously if you are a founder it's a different story...