Ann: Dimerix presentation at Bioshares Biotech Summit, page-20

You are over-thinking it! The fact that 2 deals have been signed well before the clarity you are referring to means that the next deal could fall any day.

'Best value' is complex. It depends on the timing and circumstances. Potential BV could well be after the 2nd interim but that won't be clear until the 2nd interim results are in. If they are not up to expectations, the implication is that BV will reside before the 2nd interim.

Nina will be totally aware of these contingencies and, based on the well accepted truism that 'a bird in the hand is worth 2 in the bush', will sign a deal when she believes it to be BV in the circumstances.

The only thing we can be certain of is that the next deal, if it happens, could be announced any day from next Monday.

Everything else is idle speculation because even Nina will not know exactly when it is likely, as she is only one half of the deal.