Ann: Fujifilm Exercises License Option in GvHD, page-28

You're adding things together.
Royalties are the key, say 5% of 100% royalties.!
Those royalties are forecast by Fujifilm to be A$43.5m per annum at peak sales at current exchange.
Cynata will take say A$38m pa from A$40m royalties min, not bad at all.
NPV that.

Yes, upfronts are 30%, but that's just upfronts and milestones which are in USD!
That first US$3m is currently A$4.35m. So we still get over A$3m upfront now.
Add that to options NOV and current cash, and GvHD alone will see us till end 2020 now with likely $12-13m cash in Nov

Also, be very aware, Fujifilm take ALL the development costs from our Phase 1 trial only, and we get all other indications into Phase 2 immediately because of our cells reproducible nature.

I think this will be lost on some still.