I don't think they'll get US$45m upfront, but then I think your EV$10m is low
Below is an average across the ASX of biotech shares and cash as a percentage of MC (Cash reported from last quarterly, there may be some with additional cash from cap raises between 31/12/2023 and today, but that is a guide.
I think a AUD $20m upfront is more realistic to a partner, giving away 50% of the equity in AD214, with the partner paying all Phase II costs.
Assuming that's where we land, lets say MC gets to 3 x cash balance (33% in the above table - about the average )
So 4.4c per share cash value
So I think about 13c is about where we'll land if/when a deal is signed.
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