Ann: Investor Webinar Notification SPL Medicxi Partnership, page-18

SPL lab have stuff all chance of generating enough income to pay c suite expenses and company structure - that is a reality
Reality is there is no obligation to run work through SPL
Look at VC other investments and you'll see lots of cheap country options for lab work- let SPL do technical and then Indian donkeys ( for example) run major donkey work at 1 /10 cost while AI and models do soem work.

Then when SPL on its knees, SPL C- Suite still drawing the big dollars and lifestyle , waiting for other DEP partnerships then VC will offer lifeline if they see promise or potential at a massive discount in SPL. Only if they want the full box and kaboodle if they haven't already snookered more rights to potential candidates that have a commercial possibility versus current products in development at later stages .

So MED guys are real smart and have focus- they will fast track at speeds SPL would never achieve and be cutthroat to find viable candidate or walk and nit provide shell with any more funding of management time.

The positives- they are chasing something new- hopefully something industry wants - . That also means that if it is a early dead end it could all come to nought quickly if their hypothesis isn't viable. If they do find a possible candidate an dearly work is OK SPL have no choice in value that it can be offloaded into another vehicle etc.

What where the commitment to tranches again???