not true. the entity that owns the asset has leverage even if they can't get it to market. they just have to have the asset that can get to market which is determined (in this case) by trial data etc..what stage of development matters for the amount of leverage, but the leverage amount is not zero. this is not a closed system, others can jump in and bid for what they want when ever they want. A VC firm may jump in and buy the asset even though they have even less ability to market the drug.

Also, leverage has more than just the one entity having leverage. It is when a second entity needs/wants the asset the first entity has. It also can be created when the second entity knows a 3rd, 4th etc entity also wants the asset.

When you say cytodyn has no leverage, you are saying leronlimab is worthless. i don't think you want to admit that there is no way anyone walks in and buys the company for the current valuation.