It is scary that possibly CM either can't explain or doesn't...

It is scary that possibly CM either can't explain or doesn't understand the question as it is key to any VC capital and process. or she 100% can guarantee that $ provided will get it to a position for VC to sell. Frankly id Drug development was that fast and cheap what the F have SPL been sitting their collective hands doing for last 5 years!!!!! It isn't that cheap or quick is reality.

Day 1 if MDS has success and no further injection of funds had been done then SPL hold 22.5 % of sell down / onsell / upfronts / trail net. However deal is structured. I have simplified just to keep it simple.

Now for reality- $38 mill doesn't get to usual value inflection point of selling IMO and if CM does believe that it would worry me? - - VC deals and outcomes are all about the details especially how much they charge internally for their management, structure, let alone external service which they have often co-invested in or hold interests .
Lets see what real detail on the deal is released by SPL- I don't believe that the $ announced get MDS to a point to onsell. .
So best case in x years when MDS has contributed 4 tranches and $xx and SPL has contributed nothing ( do I believe this - no) but SPL also been paid Lab hours at $xx . Then at next stages all costs will be external and simply the VC structure will be out of cash and it will be contribution time to hold equity.

At any point in journey VC has full control to stop and dissolve vehicle

SPL shareholders need to know more about deal structure to know who is contributing what $, What Time ,what expertise and when and how that isi valued to make up the $38 mill and the 22 % . So many of these deals end up with for example $m of management fees from each tranche each year going straight back to management for example and lets say SPL get 2 mill in paid lab work and then there is not enough $ left to run next stage trials. This is why the tranche in the cash . . At later stage when SPL won't be doing lab or trial ( not their remit) then all $ flow externally and SPL will have a choice to pony up or get diluted IMO.