I agree with you and misiu that the upfront and ev

I agree with you and misiu that the upfront and even milestone payments between now and revenue may not be sufficient for a $4M+ monthly burn rate. I expect a small upfront payment of sub-$10M, so maybe $5M? With the $90M total upfront/milestone payments expected I am assuming that $50M is earmarked for commercial launch.....if this is seperate then that helps greatly. Based on my assumptions, that leaves only $35M for milestone payments for both combo and mono milestones.....which IMO we will need ~$40M until July 2020 (assuming $5M monthly burn rate and $5M owed to PGNX upon FDA approval)......likely not enough alone if spread amongst both combo and mono milestones.

In saying this, I think they will have better financing options than the raises we are all accustomed to. This could be warrants converting either organically or via tender offer, line of credit/loan against commercial grade inventory, captial infusion via investment bank or partner, licensing out other regions or indications, etc. Time will tell which route is chosen, but I expect the dilution to end relatively soon after the initial license deal is completed.

Please do your own due diligence. All my posts and comments are not to be considered investment advice.