Have to say it's also a bit sneaky that they haven't mentioned the 3rd option but that's pretty standard for them really - if they pass it back and walk away so really it's 1. license 2. extend 3. walk so it's only "in either case Phylogica would be eligible to receive a significant milestone payment" if they take path 1 or 2.
Ann: Operational Update-PYC.AX, page-38
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