I believe the strong Galera results and their BTD award coupled with our lack of BTD award negatively influenced the deal-making calculus on B-OM significantly. My speculation is that the first term sheet fell through because the potential partner saw risk rise too much. As a result, their offer likely was lowered to a number Leo was unwilling to entertain.

When it was an open field, pharma may have paid up big for our B-OM results sans BTD. Now that there is an almost certain success story in Galera with BTD, B-OM likely needs to be proven more if we want very large money.

This is all my read on the situation. Take it for what it is.