Ann: Immutep Quarterly Activities Report and Appendix 4C, page-9

For the next 18months, they'd need over $200mil to housing all the trials, one Ph3, one Ph2B (the cohort size would be bigger than a usual ph2B as this is fast track, trying to take down the fruit before going ph3), multiple ph2 and a potential ph1 for autoimmune.

And that $200mil is only going to sustain for maybe the primary end point of those big trials. For bringing everything to final read out, maybe asking another $200mil?

Lets say we just fulfill the first part of the trial and get $200mil ready, and that means extra $100mil on top of the funds now.
The current market cap sits around $330mil and even they do the next round CR by the whole market recovers a bit when MC sits around $400mil, then asking $100mil extra dilution plus they need to offer discount, this means further 25%+ dilution on the book.

Call this insane if they think they can do this solo........