Regarding your first point, that same complexity would exist for...

Regarding your first point, that same complexity would exist for any potential partnership, yet Race are ostensibly open to the possibility of doing so.

Regarding your second point, I was thinking that any potential partnership in this area would be directed towards clinical trials and commercialisation. I'm not sure how much expertise CoH have with these areas, however they have previously partnered with external companies along these lines (e.g. this arrangement with Imugene - https://www.cityofhope.org/news/imugene-cd19-oncoloytic-virus).

I'm not saying it's likely however if CoH have identified some promising molecules of interest it would definitely not be unprecedented.

Regardless, the whole Chen/CoH relationship with Race has been a total black hole so far so all we have is speculation. I remember one Q&A session someone asked Daniel how often he communicated with Chen and his answer was that it's price sensitive. No idea whether he meant that in a good or bad way though!