Ann: Non-binding term sheet signed with BioCryst, page-20

Pulp,

WE still have to fund 100% of the trials, we still have to raise all the capital and be diluted. And if we don't do that 1 step of the "acquisition" deal hasn't been met, therefore we lose everything, same goes with any of the other conditions....

The only major expenses BioCryst had on this was maybe a few mil on rat and monkey testing during COVID which after they threw the project into the bottom draw.

If we are going to be diluted either way, why not just acquire this upfront for 5-6mil (which is what it's potentially worth) with payments in tranches over X period.

Heck could even issue them some ILA shares if they still want to be part of the success.

This deal was very much a broker liquidity event deal post CR. And I'm glad the overall market has responded appropriately.