IMU has already received the $20M so we will know in 3-6 months whether the clinical trials for all 3 IP aren't going as expected. If it is then the pps won't be at 1.9c and IMU has the options to buy them back at 10% interest. IMU isn't cash strap, they still have $34M in cash and will be able to claim around $45M total of R&D rebate end of this financial year. If CIV decide to drop the pps before the clinical trial updates are released then it's an opportunity to buy even cheaper shares.
"The convertible notes will initially be convertible into Imugene shares at a 25% premium to the company’s closing price on December 20, 2024, with semi-annual price adjustments."
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