I don't mind this deal ( it is what it is) but I do mind the way...

I don't mind this deal ( it is what it is) but I do mind the way it is being represented.
This IMO is a hail Mary by a very smart VC firm and what others are not accepting is that the risk is high and hence the reward for little contribution will not be great. probably until far out into the future. I Hope they are able to get success. We all know the odds of success and they are not great.
This deal will not pay for SPL lab and HQ costs before it gets a return IMO so leaves SPL out with begging bowl unless some other deal comes in.

Others say that this is just the start and the VC will do other targets etc. Yes they might and SPL may get some more lab work but VC has a umbrella deal structure locked in so will IMO just do same again .

I would have rather had lower % locked in at different stages and have cash flow than possibility of equity in a impossible to value non transparent (to SPL holders) vehicle.

Be very interested on SPL accounts if they will allocate a value to their 22.5% investment as it will show part of structure ?