Yes I agree - one of their other ventures or old projects from...

Yes I agree - one of their other ventures or old projects from previous employment would be likely.
So he gets rights to prior work, puts it in structure and with 1st tranche and give SPL DEP a go.
That only gets it to starting gate of a long process as you understand.

Assume that is correct - where does 3 years and 38 mill get you in your opinion ? Far enough to have something to sell or fund next stage of final trials ?

How quickly can you run new lab work and spec out trals andi get them done is the key and at what cost so SPL is not diluted to crapper . Really depends is all upfronts etc are held in new VC structure of SPL still receives those direct. Depends on if VC is acting as agent for Big Pharma to progress something they sidelined or .............

Has SPL even seen other side of deal to get access to prospect? they are just a shareholder after all in reality so likely not transparent.

Bets part of this is quality of VC IMO. Not sure if SPL, has been smart enough in negotiations as history has not been kind in that department IMO hence my skeptisism.