Licensing to WD would be my preferred outcome - this would be an instant commercial validation (re rate the SP) of the technology and leave the company open to an offer from another entity (with much deeper pockets than WD) that would make better use of the SRAM comparable speed capabilities of the technology, and/or seek to develop the analogue characteristics further.
WD get what they need from the tech and benefit from the JDA, without outlaying a massive sum for a license. The per unit licensing cost can be absorbed into their product sale price (along with all the other IP they license in an NVM card)
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