IMO if there ends up being truth to NuGilead's $2.32B amount it is only for combo. This may not be an upfront, but could be the total 'up to' amount based on the couple of remaining milestones such as BLA submission and FDA approval. I would also guess there is a royalty percentage CytoDyn receives in additional to the $2.32B....maybe lower or zero for the initial $250M in sales each year and then tiered above that sales amount?

All speculation, but somewhat aligns with the 'meet in the middle' value of combo and fits the needs for both CytoDyn and Gilead.