If upcoming data is positive ...If the upcoming data confirms or statistically reinforces the fact that we aim toward a Breakthrough designation, and so, toward the making of a next Standard of Care (SOC), then, upon any jv with a big Pharma (as TLT needs one), TLT will receive an upfront payment like it's usually the case in all biotech/big Pharma collaborations.
There is always an upfront payment when there's a collaboration because it is used to recognize all the years of R&D and risk a biotech has taken. And Ph. 2b data is worth much more than just a Ph. 1b data as it lowers the risk for the big pharma. It's a bit silly to see that some think a biotech would give away its rights for free!
Go check the 2018 agreement of BioNTech with Pfizer and their 3rd collaboration agreement (2022) with Pfizer.
Such upfront payment will allow to finance the Ph. 1b NSCLC and GBM indications. So we should not see any further dilution in the TSO.