I want to figure out how to word this differently before the...

I want to figure out how to word this differently before the AGM, but here goes:

What framework is the board using when assessing the value of a licensing deal for an indication/group of indications/delivery method of Cymerus? Is this tweaked as the equity value of Cynata changes (more recently, decreases)? For example, if someone came along and offered $5M upfront for CLI and $5M upfront for IPF with negligible (say $5M at the successful completion of each trial) milestone payments and a 10% royalty on sales, this ordinarily looks terrible. However, in the context of Cynata's equity being worth $45M, raising $10M would be extremely dilutive, so the upfront $10M from the licensing deals might keep the lights on for a further 12 months, in which case we have more clinical data before ultimately returning to equity markets again, likely at a more reasonable price, reducing dilution. It also gives us a stronger negotiating position for our "in clinic" indications, which may compensate for the loss in value of the harvested CLI and IPF.