Had a chance to give it a good listen. He does mentioning spinning off 3CL a couple times, although I didn't get the sense that it's imminent, just part of the plan.

However, in the Q&A he said that the ph2/3 tollovir trial would be funded by the spin-off, but if they are no longer part of todos, then how would todos have any involvement (other than a royalty). So, my thinking is that Todos keeps their share and then 3CL's portion is 'bought' by someone else, providing funding for continued work. I certainly like this plan better than the entire company going elsewhere....