Steve Tuck

And they take us home to the parents and it doesn't go very well.

And that is a long maybe or a long no.

And that's what you get over and over and over again in hard tech.

And I think it is actually worth talking about the structure a little bit.

Also just because I think this is not something that people necessarily give or get insight into.

And on something like this, I don't know how unusual it is or isn't, honestly.

Because there's not really transparency to how this stuff is structured.

And we're still on the ground.

We're still on the ground.

Yes, we need it soon.

Yes, we're traveling down the runway.

So you should describe a tranche structure because I think it's... Tranche is not necessarily a term that people would be familiar with.

I think they're more common in the life sciences.

I don't think they're all... Well, anyway, just explain what a tranche structure is.

I think in the life sciences, it is more frequent that you're unlocking the capital.

I think it is more that we, it's a tranche round.

And like when you hit FDA approval or when you hit- You get 33%.

Yeah.

And if we don't hit the milestone, importantly, the capital is still committed.

Yep.