Not sure if you've met Leo in person. I haven't, but I've talked to him and know a couple people close to him. I doubt VERY seriously if he'd sell anything short of its fullest potential. That's exactly the whole purpose of the current trial set. Brilacidin is more of a platform but partnering for individual indications is viable and very possible. Prurisol would be the one to sell/partner with royalties of course or fund with major bucks on milestones.
Read what he's saying in the 10-Q and the update, no partnership right away or in a fair amount of time once data from any of these trials is fully published (NOT just top line, though it could happen from just top line data) then I believe Leo will go the more dilutive route to get phase 3's rolling if only on the one that has the biggest impact.
My interpretation.