I agree. It has always puzzled me that "double digit" was generally decoded as 10. Given the backended nature of the deal and the importance of trof to ACAD at the time I have always had a nagging feeling that the royalties could be closer to 20% than 10. If we were running a sweep I'd go for 17.5%.
Ann: Investor Presentation, 24 February 2023, page-13
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