Can someone help me evaluate this start up offer for any potential warning flags? I will not promote

Hi everyone. I just got an offer from a start up. I've always worked in corporate roles before so this is all very new to me. I know I shouldn't put my eggs in the stock option basket but I did also want to confirm what I'm getting here and see if there are any potential issues with it. Could anyone here help me evaluate it? They told me I'm getting 200 options at a strike price of $500. The fully diluted share count is approx. 110k, putting the valuation of the company at $55M. However, they also told me t