JJ ... It does feel like another ground hog day (in our world). But, I would not be surprised, by a BP surprise either.

In the meantime, you move forward with financing (warrants?) for a year's operational funds for time so the "over the barrel" part isn't as time-threatening and may produce leverage if multiple discussions are truly occurring in earnest, while disucussing ways & means with the potential BP "partners" to advance toward ultimate goals on your own thru limited partnerships/options? ... at some point on that journey, either RVX or a BP "blinks" and says the time is now, at this vaulation? The closer it gets to a sure thing along the path, the more the valuation goes up, ... so, where is that point in the "blinking" game?

It seems clear to me that the buyout option is the true goal though, no matter the posturing, from all the information available. 

The "time" factor seems to be on BP's side at the moment, given RVX's current position. But it may not be if there are truly multiple significanttly interested parties in talks, that extra year's time could be hige for RVX negotiating position, especially if some milestones can occur during that time? Break-through applications, and other FDA/EMA/China dispositions? 

Jmho's though ...