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So, in the end, where does that leave CytoDyn for that indication? The recipient of Royalties?

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So a large pharma is going to pay royalties for a single indication while leaving all other indications open. That seems like a very foolish way to do business. It leaves it open for your competitors to snatch it up for all other indications. Would Bayer be joyous that they locked up leronlimab for mCRC and Merck grabbed the rights to all other cancer indications? Big pharma is going to want to lock up everything and a buyout is cheaper than royalties in the long run.

Let's try and curb some of the speculation and parse what the Letter to Shareholders actually says -

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Starting the oncology study and related fundraising is the top priority of the Company at this time, but our current hope is that we can initiate both studies before the end of this calendar year.

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Outside funding is possible but no specific mention of that. By the end of this calendar year might be an aside to the Amarex settlement.

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Research and development partnership opportunities are important to the Company as we search for cost-effective ways to further build out our product development portfolio. We have identified several such opportunities that we believe are intriguing, and anticipate finalizing agreements with these partners in the very near future. Such potential partnerships include an investigator-initiated pilot study of leronlimab in patients with Alzheimer’s Disease, and a project that will evaluate the use of leronlimab in patients living with HIV who are undergoing stem cell transplantation in a proof of cure study.

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Alzheimer's is most likely at Montefiore. Stem cell transplantation in a proof of cure would be at OHSU.

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Following lifting of the clinical hold, we have observed a significant increase in third parties that are interested in partnering with the Company. We will continue to review opportunities as they arise, given the potential for significant value return at little or no cost to the Company.

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Third parties may mean companies but just as likely or more so it means institutions. Institutions can pile up NIH grants and the laurels from successful trials. Can you imagine the publicity for OHSU if Dr. Sacha finds an alternative cure for HIV.

In the end it doesn't matter how we get there just as long as we get there.