I’m afraid you are conveniently missing or ignoring my points. I cannot make them any clearer.
Starpharma have given away the upside for free. If this program is highly successful in 15 years, then yes the current 22.5 % has potential for significant value. But there is no licence fee and no milestone payments payable to Starpharma.
Starpharma have taken on the downside risk of failure without any compensation.
Here’s a maths question for you: What is 22.5% of zero?
