Looking a little closer, you have about half of that in non cash and rent obligations.
The liability on collaboration deals is not anything one would consider debt. They will not owe cash on it.
As far as rent, yes there is certainly a hit there, but far less than face value. They still need to rent office space over the next 7 years regardless.
As to the BMY cash, it is $95M for start of a P2. I really doubt BMY handed over the first pile of cash w/o plans to start the next round of trials.
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