Upfront vs. milestones

Headline "biobucks" numbers are mostly contingent. Here is how much cash moves up front.upfrontcontingent milestones

15 Oct 2026 · Partnership (research collab) · Source

$40.0M upfront (2.7% of headline) · headline value $1.50B
Amount = upfront + milestones (~$1.5B)

13 Oct 2026 · Partnership (collab + license) · Source

$30.0M upfront (2.4% of headline) · headline value $1.23B
Amount = $30M upfront + nearly $1.2B milestones (2 programs)

2 Jul 2026 · Partnership (discovery) · Source

$60.0M upfront (10.0% of headline) · headline value $600.0M
~$60M = initiation fees + near-term payments; total up to ~$600M

22 Jun 2026 · Partnership (R&D) · Source

$18.0M upfront (0.7% of headline) · headline value $2.50B
Upfront figure = up to $18M upfront + near-term milestones; total >$2.5B

20 May 2026 · Partnership expansion · Source

$120.0M upfront (0.0% of headline) · headline value —
$120M upfront = $80M cash + $40M equity; date read from page - confirm

29 Mar 2026 · Partnership (licensing + discovery) · Source

$115.0M upfront (4.2% of headline) · headline value $2.75B
Total up to ~$2.75B incl. milestones; plus royalties