While a cost-shared trial does not help Advaxis's balance sheet, which it certainly could use, especially when Advaxis will bear (significant) 3rd party expenses in any trials, we have no idea what the revenue-sharing agreement is. Therefore, it is impossible to judge the long-term economic pros/ cons. If Advaxis can fund itself through other means than financial support from BP partners in these combo trials, it may have a MUCH LARGER terminal value than it would if it had to give away a large chunk of the revenue in return for short-term funding.
These deals are just too hard to judge in toto, although I agree that BP not having "skin in the game" is concerning. However, if results look promising, there would be no reason for BP to stint on effort even without an upfront investment to prod them. After all, they are smart enough to understand the pointlessness of chasing sunk costs; i.e., they won't throw good money after bad, but would go all-in if indicated, irrespective of upfront investment.
Let's see what the market thinks in a couple of hours....
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