I think you are missing a few important points about the IP backing. The funds were raised from the largest shareholder who was formally on the BOD. The IP only goes to him after bankruptcy as he has first dibs to use it to pay himself back as i understand it. Welsh has a better motivation for the company to be a success than a failure. He would need to start over with forming a company to do anything with the IP at that point.

I view the IP as collateral as a possible poison pill tactic. If an activist investment group drove the SP to bankruptcy, they would not be able to then pick up the IP for cheap because Welsh would has dibs. It is not that Welsh want s the IP, he want to make sure it can't gent into others hands so there fore others won't see the opportunity to even try.

All past financing/fund raising did not involve the IP as collateral, so why would they care that it is not collateral now?

The choice to go this rout to raise the funds was to use the funds to put up the bond for the data. that is a very defined purpose and the result is that Cytodyn has the data to finish the BLA . once the audit is done to see if Amarex should not get paid (or should get paid) the bond is returned and Welsh is in theory paid back or the bond goes to Amarex as payment and Welsh does not get the bond back. Welsh must be fairly confident that the bond will be returned and/or the value of getting the data so the BLA can be filed is very high.