Ann: SYNBV MoU Webinar presentation, page-87

No I'm not assuming anything for phase 2. These are debts that will be due in coming months that have nothing to do with phase 2.
My expectation is this deal will cover all upfront costs for manufacturing of the drug and the initiation of phase 2 and the trials.

Think you need to actually read the fine print of the deals on the actual agreements from the companies that were involved not from a few slides on 1ADs presentation. Really disappointing to see someone tell someone to do more DD when they've just looked through a few slides.

Have a look, this should help shed some light on what allocated funds are actually expected to be used on.

Even better show me a company that has used upfront payments to close out existing debts