I see. So this relationship has never been on the money with...

I see. So this relationship has never been on the money with underlay payment those kind of thing.
Well the up side is at least IMM now has the full control of whether or how they choose to sell or partner with someone.

If having a look at the other partnership history, for a big pharma to work with a start up, they usually do this in the early stage, pre-clinical or ph1, then they might spend $100mil to win multi billion if things workout; or they will lose $100mil if not, but at least they won't waste $1bil upfront.

For this case, most of the risks have been wiped out, they just need to repeat AIPAC in ph3 and repeat Hend/Neck in Ph2B, plus they will get a NSCLC with great looking PH2A now (very likely to fast track entry 2B). That is loads loads of profit there.

So what is the point to just lay down some $100mil from their end and cut out half of the profit by the end?

I think the longer iMM waits, the smaller their leverage on hand. Or maybe the big guy is just sit tight now and waiting IMM really get cornered..........