I thought it was interesting the CEO said she would talk to the analysts more offline about forward looing profit potential opportunities (something to that effect). With a 'near term' contract being signed, I don't think those profits are yet baked in. Also, the missing Merck milestone payments mean something. (a) either they are still coming, (b) something else yet to be recognized. I believe they were anticipating those payments and hence the 'surprise' offering happened as a result but anyone's guess at this point.