It's absurd to think that there is any standard correlation between phases of clinical trials and when deals are made. A deal can be made at any stage of drug development, as history of other companies shows us.

As far as the money -- Alfasigma has the right of first negotiation. How can you expect to know what that negotiation will look like, at this stage of development?

If you're looking for linear, predictable timelines for a company's development, biotech is not a place you should be investing.