The main reason Nader didn't get a deal done with a bigger pharma is likely because he expected a crazy licensing royalty rate. That's why he went with sketchy Vyera and 50% on net sales, because it sounded like a blockbuster deal he could crow about to Christine.

Vyera was desperate for a drug beyond the infamous Daraprim that eventually got them slapped with a $40 million fine from the FTC. Who knows if they could have sold enough leronlimab to justify the choice of the big royalty had the BLA been approved, but they were well down the troubled path at that point.

A typical licensing royalty would be tiered and a the royalty range would be from the high single digits in percentage to the lower teens, with a higher or lower range depending on the stage the drug is in. Upfront payments are usually 10%-20% of the total deal value (we only got 4% on the Vyera deal) with milestone payments covering the rest. If Cyrus got a deal done, something like that is probably what would be expected.