Ann: Appendix 4C and Quarterly Update, page-113

On 13 July 2020, PharmAust confirmed that the Final Report from the successful Phase II Canine Trial had been
delivered, providing the opportunity for the MPL compound owner and option partner (Vet Major) to activate its 6-
month exclusive option over the licensing of MPL for veterinary uses. Vet Major supported the Phase II trial by
providing 25kg of MPL.

The above is an extract from the announcement, to me it reads that the Vet Major has the opportunity to activate its 6-month exclusive option, so I think that I would be correct in assuming that they have not taken it up as yet. It seems they are still stalling, Until we have an agreement we have nothing until 2023/4.
Paa are driving a hard bargain ie. In the option the Vet Major has the use of MPL in the mTOR pathways in animals, paying PAA a licensing fee of about 10% as well as an upfront amount to cover research, about $20mil. The market is in excess of $1bil pa.
PAA would retain the right to use MPL on humans, aiming at a $50bil pa market ( as PAA has global patents, including China for use of MPL on the mTOR pathways ) .

PAA now have enough money to carry us through,with 4.5Mil in the bank and a positive income from Epichem, the BOD showing the Vet Major they don't give a rats about the share price. The Vet Major can see now that they have to come to the table if they want anything out of this deal.

In my opinion it is short term pain (with the SP ) but long term gain with the final outcome. I think our board have done extremely well with the limited resources that they have had, it has been a real David and Goliath struggle.
The Vet Major would have the announcement now, they can see the reality of the situation they find themselves in.
Well done our Board, fantastic planning.
It won't be long soon. GLTA