Merck Licencing Agreements / Milestones, page-5

I think it is pretty hard to speculate on the timing of these without all the necessary info (such as the specific milestones that need to be achieved in each program etc). I also think it is inherently hard to predict the timing of these types of events. So many factors come into play (not just the biology but also resource allocation and third party progress). Nonetheless, I am confident about the progress of the programs. GLTA