JnJ Continuation Decision in Q2?

[Fishermangents]

I am a bit puzzled with the following statement from the 10K:

'We expect Janssen's decision-making regarding IMerge, the imetelstat program and the Collaboration Agreement to occur in the second quarter of 2017.'

As I read it, Geron expects JnJ to take the continuation decision in Q2. If this is not a correct interpretation, what would be a more appropriate one?

I am aware that IMerge going into P3 doesn't directly trigger a Continuation Decision. But that is also not what the above statement implies. In addition: on slide 25 of the Geron Corporate Presentation from January this year it shows that IMerge P3 does take place in the continuation stage.
(link: http://services.corporate-ir.net/SEC/Do ... EwOS5wZGY=)

[Fishermangents]

Or can those milestone and royalty payments be achieved without a continuation decision? If that is the case, why do we need a Continuation Decision at all? Can Geron opt-in or -out without a Continuation Decision? If I remember well, that only happens after JnJ has decided to continue the collaboration.

[Fishermangents]

Following Scarlett's answer to the last question of the telco, it seems there is no immediate trigger of JnJ to take a decision on the continuation. In principle they can take that decision any moment, but not later than 24 months after the start of IMerge (i.e. Jan 2018, see collaboration agreement).

However, Dr. Scarlett mentioned that the JnJ collaboration is proceeding very positive: he sees 'complete engagement' and 'very carfull attention to development, regulatory and commercial details'.

He also said that he feels 'very comfortable with JnJ's pace of decission making. He calls them 'profoundly, carefull and deliberative' which he says will play on the long term benefit for shareholders.

It sounds like an ideal partner.