OK, I'm going to pretend that you're a fool so that I can answer that. The $5M, is just 5% of the upfront payments, then there's the escalating double digit royalties. That is AMAZING for a single territory! So CLSN have lost NOTHING.
So one half of your argument is flawed! See if you can work out which?
So maybe I presumed too much when I didn't put in all the what-ifs. My post was focused on the non-refundable $5 million and the rights, not the follow-up payments, which require firm positive results.
There was no suggestion that CLSN has lost anything. There was a question as to whether CLSN might have achieved more of an up-front payment. Sorry I was not clear enough for you. Us fools certainly appear to do that sometimes depending on the capacity of who is listening.
Anyway I've just increased my holdings by 50%, somewhat nervously as a result of what I've stated in my earlier post.