Fuzzy, from marginally related past experience, I would venture a guess that a full buyout would indeed be on the table, "if" attractive enough? Like if RVX BoD were willing to "tap out" and sell at $2 today (not likely right?). They likely want a heck of a lot more that that though, right?

So, for example let's say BP is ready to write a big check today for $3.50 pps leveraging RVX perceived financial instability, but RVX wants $20 pps for a full buyout due to potential future market, speculatively speaking of course. Imho that's where an interim "partnering" interest applies. We love each other, think we can have a beautiful family and future together, want to get married, but not on either of the others present terms - so let's get engaged, live together, do some DNA testing, see how it goes and what kind of life we can produce together first? ... Yes, we (BP) are interested but not at $20 today, as things currently stand. RVX says okay let's partner on the next study (for some RVX shares or future rights, etc), with potentially "actionable" higher purchase pps points all along the way triggered by valuable and mutually agreed upon milestones.

It is a good way to put into contratual "stone" how the future value will (should) look along the way with milestones, so that neither side attempts to re-negotiate after a lot of funding and collective and collaborative future work occurs, as well.

BP will likely be more willing to take on more risk up front probably, if their confidence is high for success and their future interests are protected against competitors interloping as milestones occur in conjunction with their efforts.

RVX also gains confidence in receiving support from a specific partner, realizing future conractual pps guarantees via success and milestones.

It could take months for the lawyers to get the language right and agreed upon though, all the definitions, what ifs, contingencies, etc ... even after an agreement in principle, and LOI ... very complex.

Hopefully a lot of that legal groundwork has been done, while awaiting the next important milestone ... official FDA disposition letter and next study design/construction.

jmho's