Innovation Pharmaceuticals Inc (IPIX)

[PlentyParanoid]

Ah, but therein lies a mystery:
Quote from 10K:
"The Company signed a non-binding term sheet in August 2018 with a global pharmaceutical company for the licensing/rights to Brilacidin for treating oral mucositis and inflammatory bowel diseases. Initial payments, milestone payments and royalties are being negotiated in accordance with the non-binding term sheet. The pharmaceutical company is now engaged in further due diligence. Management can offer no assurances that the parties will enter into a binding definitive agreement."

How these things usually go is that the potential buyer goes thru all existing info forward, backward and sideways including politely and repeatedly interrogating any expert involved. Then if BP is satisfied comes term sheet proposal and negotiations over it. When both sides reach an agreement over 'the big stuff' comes the signing of the term sheet.

I don't get the order of activities in 10K. What due diligence BP is still conducting?