dash, not sure why you can't see the overall plan here. It's really simple. Finish the milestones which will lead to commercial licenses, see how far they can get with that, and then let the offers come.
Originally they had planned to sell outright before even going down the licensing route. Once Adam C came on board, he convinced them to develop the IP into commercial viability FIRST, and THEN go for the buyout. If you review Adam C's history, he is not a fan of tech companies putting themselves up for sale on the cheap without giving it a go on their own first.
Regardless, the overall goal is to maximize shareholder value. I think we can agree on that right? The company's strategy is to license first to build that foundation strong. After that, let the market come to us.