It's a tricky question GC but also i think your maybe confusing...

It's a tricky question GC but also i think your maybe confusing 2 different points ? Possible future deals equity stakes is to my knowledge referring to PYC maintaning an option in future deals to maintain a greater stake in the candidate past simply handing it back to pharma pre-clinical, important thing is as clearly stated by management it remains an "option" to hold a greater stake not an obligation so i guess the bigger picture take a little more risk on board with lucrative candidates & inturn be open to larger rewards down the track. I'd also assume this is refferring to internal candidates they are in discussion to carry forward ?

As for the equity stakes from pharma I'm pretty sure that was their VC arms so i really don't know exactly how it would come about as rarely is this on market but usually in the form of a placement & as the company has clearly stated the cash position is fine & no more moves for capital ? i guess we've heard that before though & some here still speculate atleast one more so I'm really not to sure. I figure for big pharma VC we could make room for one more ?