Here is my thoughts and understanding. Payments begin upon the delivery of product. This was originally signed in early April and approval was expected by the end of Q1 at that time.....so payment due in one year was NPs statement. I think since then he has said initial payment is due once product is recevied.....so I understand this now to be the clinical grade expected to be delivered mid-2020.

I know there is technology transfer and understand the mAb manufacturing process to be more difficult than many drugs. I beleive that most CMOs require payments beginning with this technology transfer and may even require payment prior to beginning of manufacturing......this is the key to deferred payment from the deal. Additionally, I am guessing they are also providing support for the CMC portion of the BLA with no upfront payments.

The quarterly updates to them is just as you state......amount of inventory we need from them. I would expect once we are out of the deferred payment window this will require some form of payment upfront (whatever the industry standard is my guess).

Key to all of this IMO is a license deal/s. Remember the NBA that NP discussed was only for US combo HIV sales. We still have other combo HIV regions and multiple other indiciations and markets that can be licensed out. Additionally at some point financing/line of credit will become an option for these short term cash flow issues. The above is my opinion and understanding based on what has been publicly stated previously.