I think you are right. It has to be either Avant

I think you are right. It has to be either Avant or Alliqua - what other parties are even involved at this point?

I think the renegotiations going on have to do with what they are going to do with the assets and not anything to do with the payoff amounts. The payoffs took months to negotiate and I don't think anything has changed there.
So it would make sense that is has something to do with ESS which is really the only asset that is addressed in the LOI in the formation of the Cutanogen entity- maybe they want more ownership than 65% or something to do with how they want to develop it?