$200mm for a single shot on goal (TCR-T) is my guess -- the amount is Kevin's guesstimate of what it will take to complete the trial, incl. mbIL-15. At an annualized run rate of $40 million as of last quarter, I think he is honoring his previous statement to consider the impact of dilution upon shareholders. He will drib and drab the shelf, as needs be.
Key to the guess is at hand --- does Kevin have a re-work to announce with SVB who, we know, has several hundred thousand warrants at cheap pricing as part of the loan agreement. If the path ahead is evident to be lucrative, SVB would logically be "cooperative" rather than punitive. As Rob points out, this is not a conventional "bank."
Again, this is an important test of quality of management. This dealt hand is not his choosing. His drastic cut in resources in tandem with his cutback of loan amount earns a solid A in MGMT 101 --imo-- so far. He now has far more information for SVB than late last fall. All the best.