Dividends are a rarity in small cap pharma land. Profits, where they exist, are retained versus paid out. Do you have any examples?
I think that's a fair real world question.
Somehow you seem to have convinced yourself that IPIX and Leo have more to offer than the marketplace that you hope to use for a source of funds finds apparent. The AlfaSigma deal, for example....from several days after the 8-K was filed:
"To secure such an agreement, why would anyone think Leo did not secure a significant upfront payment that should take care of our future needs (or at least until the OM deal is signed) to advance the oral formulations for both Brilacidin and Kevetrin? An upfront payment of only $20MM+ on UP/UPS away and above what they originally wanted to spend would prove a drop in the bucket to help them secure favored position with Leo for all of Brilacidin and result in the likely future revenues in the many,many billions. I believe the secrecy with upfront payment is per AS demands so nobody knows how tight they are with IPIX in regards to future bids for indications. Does anyone really believe Leo gave away the deal for single digit $MM or close to it?"
You were right. He didn't.
But if you have an example or two of small drug developers that pay out basically all the royalties they earn from developed products without retaining any funds for new development I'm happy to listen.