I think a lot of people understand that, to date, there has not...

I think a lot of people understand that, to date, there has not been any bad data come out of the trials. Which is obviously a great outcome. But apart from data that supports great safety profiles across all the assets, there hasn't exactly been great efficacy data come out of any of the assets (note: great data needs to be statistically significant / across a large population set).

I think a lot of people also understand that the technology has huge potential and that it is always a long road to realise that potential. However, to be honest I don't know how long B-Vaxx has been in the clinic because no one talks about it anymore, but:

• Her-Vaxx first patient was dosed in Aug 2017;
• PD1-Vaxx first patient was does in December 2020;
• CheckVacc first patient was dosed in January 2021; and
• Vaxinia first patient was dosed in May 2022.

Now we all know Biotech investing is patient capital (because PH reminds us of this ad nauseum), but why can't they finish what they start - it's like my teenage son who goes from one shiny object to another... jack of all trades but master of none.

So sure, the science has not changed since IMU was trading at 40c. But the lack of data coming out of these trials (therefore lack of commercial opportunity) is a real red flag to investors, even the patient ones. Especially as the lack of data is totally contrary to the messaging from management .... I cringe now every time LC says 'beautiful' ... the amount of times we have been told of 'beautiful data'! Well where is it?

Then on top of management messaging, the 'optimists' on this forum are continually pointing to the next conference or shareholder meeting when 'big news' will drop ... but it never arrives.

So OC, you are totally correct that sentiment is usually driven by lack of information... so here we are. The question investors are asking is, why the information vacuum? We are told trials are progressive at lightening speed, that there is beautiful data everywhere, that cap raises are supported by (secret) funds that specialize in Biotech investing etc, that LC can't talk about efficacy or she will 'steal someone's thunder', .... (and of course the goose, the dance cards, 2021 will eclipse 2020, and on and on).

BUT what we are told and what we have seen are completely different, completely! Thus the poor sentiment - or more concisely, utter loss of trust.

Now we are told of promising times ahead and optimism.. huh!

A few people have posted negative perspectives (but genuine) on this thread and get shot down. But surely it is our job, as investors, to hold the company accountable for spending our money. And given the disparity between what we are told and what we see, I suggest that management cannot be trusted (they are just human after all) and the company has some questions to answer.