Obviously, in pre-COVID times that would have taken a lot longer and been a lot more expensive. Right now, due to COVID, a lot of the research that occurred was expedited, especially given Operation Warp Speed in the U.S.
For example, the RNA technology has been around for 10 years. That technology was leapfrogged forward because of the increased demand due to the COVID crisis. Many pharma companies already had a basic technology there that they could draw onto, which is exciting, because in the future we can use that RNA technology for HIV, cancers and other things like that. It's a great stepping stone.
On the financial side, there's typically an early-phase study that occurs. There are pre-clinical studies that occur, and there are also late-stage studies that occur. The range of spending, depending on the size of the company, can be significant, but you probably already heard in the marketplace that our Canadian company, Providence, had asked for $4 to $20 million to take its product from concept all the way to commercialization. That's how much it budgeted or forecast in the marketplace to bring a product to market.