As per my last post, combination equity/license agreements can be very flexible when it comes to pricing of each component but if what currently is being worked on is a license only then a license fee will be paid. Given that HL bought in pre BetOnMace and paid a premium to market where usually a discount is applied, one can safely say the license fee was buried in the equity price. It is generally better optics for the company issuing the equity to be seen as doing a deal at a premium to market as it makes the company appear more valuable. Unfortunately for RVX, management does not seem capable of any sort of business follow through that supports the contention that the company was, and still is, trading at a deep discount as compared to managements EV estimates.