Ann: SYNThesis BioVentures MoU for cellular immunotherapies, page-66

They need money so if options dont get exercised they will need to do a cap raise at a lower price which would be higher dilution unless a finance deal comes through very early June and they can then raise higher. They will try to get the options exercised if possible and take the bird in the hand imo. The issue is they can't actually force it. They want the best deal however if they can't secure a deal within 3 months of the AD-214 results having already been in 'talks' with potential partners then I am unsure what any further length of time would bring. ie why would the deal change in June/July vs April/May? It would appear to me the longer the negotiations go on the weaker our position as we will need funds.