In the investment case for Mesoblast we are all looking forward....

In the investment case for Mesoblast we are all looking forward. At the moment the company is focusing on Covid Ards and SRGvHD I believe. But I have been struck by the fantastic initial success with IBS & IBD. I would be grateful for some input into this. One day we might even be able to ask a question on one of these conference calls. (now that would be fun)

Go back to the announcement of the proposed JV with Novartis last November 20th (6 months ago!) - relevant parts below in italics

..... Novartis for the development, manufacture and commercialization of Mesoblast’s mesenchymal stromal cell (MSC) product remestemcel-L, with an initial focus on the development of the treatment of acute respiratory distress syndrome (ARDS), including that associated with COVID-19.

From the initiation of a Phase 3 trial in all-cause ARDS, Novartis will fully fund global clinical development for all-cause ARDS and potentially other respiratory indications.

For most non-respiratory indications, the parties may co-fund development and commercialization on a 50:50 profit-share basis.

So that announcement nails down the all cause ARDS and I presume Lungs for which we get various payments and a double digit royalty (but which digit remains a mystery)

But for anything else ie non-respiratory they use the term may. In this case I take may as being a potential. What I am would like to know is, is there an obligation, ie an enforceable contract from either or both parties, does Novartis have an option? Or is it just nice warm words.
Not knocking it at all, reason being-

@stockrock Post #: 53335925 speculated -"Just have a hunch that Novartis are probably going to take up full rights to remestemcel-l i.e. including Ryoncil for SR-aGVHD."

Well here they are sifting through all this data on Covid Ards, learning about sweet spots and the potential for Rem-L. Meanwhile next phase of the Crohn's trial blows current treatments out of the park. They will have to pay for all this manufacturing capability, massive milestones on Ards and coming up on the rails is another blockbuster. Perhaps if I was Mr. Novartis and I did not want to risk making a hostile takeover, I could still secure a great future by turning that May into a water tight option at the very least. Why not include GVHD as @stockrock speculates as well.

I think @stockrock could be on to something.

We wait, but we may (that word again but in this case used as having permission) enjoy ourselves while we do.
Regards
Yelrom