Here you can see that of these listed deals more than half are...

Here you can see that of these listed deals more than half are preclinical or in discovery - and they are making a point here with this list.

the other four are in clinical stages or (one was) at commercial stage.

they are demonstrating partnerships happen early - usually preclinical or early clinical - not usually later Or commercial.

note the value of the deal done in the commercial stage once clinical work has been completely derisked!