"... was IMU's MC actually worth what it was trading at when...

"... was IMU's MC actually worth what it was trading at when they didn't even have a product to market."
We will not know that until IMU either succeeds in getting FDA approval, or fails!! If and when IMU have a product on market its share price will be way past the "buy in and make a killing" price.

If IMU succeeds then getting in at 50/60 cents was very much worthwhile and the push up to that value was great anticipation. However, the price fell back heaps, as we all know. The point is, most stock market winners have done so by anticipating future events, and there is no reason why that would not be the case with IMU.

Who are/will be the big IMU winners; the ones who sold high (and either way will be decent winners) or those who held and/or have bought in at recent lower prices?

Personally, I took a bet each way, selling 20% at 62 cents (but wish I had sold more) and still have most of the rest.