The work that the PYC/Hutchison collaboration has undertaken to...

The work that the PYC/Hutchison collaboration has undertaken to date, has been research (most probably funded via UK research grants).

They have developed a 'system' using PYC libraries and Cambridge Uni technology to discover drugable targets and pathways to those targets. Again, to date this has been research only.

Large pharma, biotech etc, will now be able to pay Phenomica to use the developed 'system', to find a specific target or pathway to a disease. Phenomica will be income generating, and the upfront payments will be considerably more than PYC has been able to secure to date, due to the University's involvement. This is a commercial operation not grant funded research.
......................

IMO An analogy worth considering:

In 1975 Bill Gates started his little company Microsoft. Over a five year period it developed a computer 'system' called DOS. This was microsoft's research phase.

In 1980, Microsoft partnered with IBM, that allowed them to bundle Microsoft's MS-DOS with computers that they sold.
Microsoft received a royalty on every computer sold. This was the start of Microsoft's commercial operation.

This commercial operation helped fund further research that resulted in the launch of microsoft windows in 1983.
...............

I invested in PYC in 2005, to lock into the next microsoft success story. The progress made in the last 15mths has assured me, my funds are in the right place.

With my funds locked in, I find it amusing that at this late stage the entry price is so attractive but there are ones who can't see the forest for the trees.
Cheers ST