Slide #6 - "annual peak royalty potential over one hundred million". Agenus will receive some percentage of total sales in royalties from the vaccines containing QS-21 for up to ten years after commercialization. We do not know the percentages - but slide #4 represents the total opportunity for each vaccine (billions), Agenus' total potential (royalties) on each of these is some small percentage of sales.
"over one hundred million" is still a lot of money for a company whose current market cap is just over one hundred million. This does not include the potential of more future vaccines (indications) for QS-21 above and beyond the ones currently under contract.
Also, the profit margin on this is HUGE - almost no or little expense to generate this money - the pharmaceutical company selling the vaccines bears all the burden for the cost of sales, marketing, and distribution.