Out of curiosity I searched for an example non-binding term sheet and the following link is what I found. If in fact the term sheet has been signed as noted in one of the filings, then the details of a deal could be much farther along than I initially imagined. There are a lot of details to work through which obviously takes time, especially for two indications (B-OM/IBD)......IMHO

https://www.bio.org/sites/default/files/files...INATRA.pdf