There's 2 points with that firstly the 12 month evaluation period is standard and it's the same with all deals in the past - Genentech don't actually get to see much of the data until PYC have completed the screening and hand it over to them - the first part of the deal is really just all about PYC undertaking their role then it goes to Genentech to play around with what has been found and delivered.
Secondly I think the way the later part was put "we will receive a milestone payment regardless" is a bit misleading - they are referring to two alternative options that they mentioned there but there is also a 3rd that wont result in a milestone payment.
1 > They License a peptide = milestone payment
2 > They expand and extend the agreement = milestone payment
3 > They pass it back and choose to take no action.
PYC Price at posting:
1.6¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)