Adding the words- The Right of First Refusal and Right of First Negotiation for rights to Brilacidin is as much as saying there will be a UP deal. The way I read it to exercise those rights a deal must first be finalized. The next deal for the more extensive forms of Inflammatory Bowel Disease should be a mega deal.

"The non-binding term sheet also includes a Right of First Refusal for rights to Brilacidin for the treatment of more extensive forms of Inflammatory Bowel Disease, such as Ulcerative Colitis and Crohn’s Disease, and a Right of First Negotiation for rights to Brilacidin in other Gastrointestinal (GI) indications".