How the deal works

- In Year 1, CVTX pays $19M to Innovex - the normal fee for service cost, which is funded in part through a loan from QTRN. Innovex is obligated to spend $19M on launch irrespective of sales.

- Assuming first-year sales are $50M, the $19M amounts to sales compensation of 38% to Innovex.

Cash makes a round trip

$19M 1st year fee paid by CVTX to Innovex (any excess between $19M and 33% of sales to be covered by a loan from QRTN)