Ann: Quarterly Appendix 4C and Activities Report, page-5

From the Q

With these data in hand we have obtained the information
requested by the US Food & Drug Administration (FDA). We are now working to update
the protocol for the Phase 2 PEACH challenge study and submit it to FDA along with study
reports from the Single Ascending Dose Escalation Study."

and on another front

Post quarter, Dr David Foster presented at the Asia Bio Partnering Forum in Singapore on
24-25 April. The inaugural event hosted biotech and healthcare leaders from around the
world, connecting them with emerging innovators from across the Asia Pacific region with
the goal of fostering partnerships and deals. As part of the same trip, Dr Foster presented
Island to a mix of existing and new investors in Singapore and Hong Kong.

cash

Island’s cash position was A$1.6 million as at 31 March 2024 (A$1.0 million as at 31 December
2023). During the March 2024 quarter total cash operating outflows were approximately
A$1.17million largely attributed to payments for research and development as the Company
completed the ISLA-101 dose escalation study

insiders

https://www.marketindex.com.au/asx/ila?src=search-all

https://www.marketindex.com.au/asx/ila/announcements/change-of-directors-interest-notice-x-5-3A639918

Thoughts ... DF and co are buying at 6c. But they seem to have put the begging bowl out by attending the Asia Bio Partnering Forum, but realistically they need cash for P2 so let's assume P1 is a success - well I am anyway. There would be a massive cliff of sales to climb at 6c where the underwriter needs to dispose, or higher.

I have always been impressed how keen the US Defence force are for ILA (my main attraction I must admit) So if there's any credibility in the science, now must be the time for someone with an optimistic outlook for ILA to grab a bargain by negotiating a P2 cornerstone contract.

(At - 6c ??? Market Cap equivalent of $7m before options exercised. Do they have enough $ themselves for P2 if the options/piggies are cashed in? Suspect not.)

I can see how this might represent a significant opportunity for someone/group with a few million to take a big position and maybe kick DF out and get this train back on its tracks.

@Davisite

What do you think?