Depends on the partnering route taken as to what the funds from the upfront are used for. The way I understand it:
Option A = Out license to big pharma = sale of the AD214 asset with an upfront payment & contingent milestones = no further spend on AD214 for Adalta, can use the upfront to develop the pipeline of other drugs
Option B = JV Partner with Private equity = AD214 into SPV, JV partner pays Adalta for a portion of equity in SPV = in phase II either the costs are shared with the JV partner or the JV partner pays 100% (depending on the deal and how much equity is given away) with hope of selling for more (to big pharma) at some point
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