Karl, I used "non-milestone revenue" for revenue we cant...

Karl, I used "non-milestone revenue" for revenue we cant estimate or forecast in this and next quarter. We can broadly forecast the Hikma and Sanofi milestone revenue by year end however.

The document is very long so I gave up on finding a definitive definition of "minimum base revenue". It did mention net sales so that should include actual product sales, customisation fees, upfronts and milestone payments. I would forget about the difference between cash and accrual accounting. This financial covenant would be on a cash accounting basis.