What are your thoughts on ENTA opting-in vs. opting-out? Also, do you see any situation where ENTA is able to negotiate a higher proportion of value than your 35% estimate? Although these appear to be two separate topics the timing of both decisions are hitting at the same time and I wonder if there's any bundled negotiation.
Do you believe ENTA will publicly release (PR/Conference Call) the proportion of value percentage once finalized (or will we have to back-into the number after a quarter of revenue)?
Last, do you see a significant increase in the value of ENTA upon FDA approval? One would think the current share price reflects the majority of the value of approval since there's relatively low risk of non-approval, however, ENTA (net of cash) appears to be trading well below intrinsic value.