Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-50

Alright, Imugene.

✅ 4 out of 7 complete responses in Cohort B — solid for a Phase 1b
✅ Fast Track from the FDA
✅ Patents granted in all the usual biotech bingo countries
✅ Local patient dosed — PR tick
✅ $36M cash in the bank (for now)

But here comes the reality check:

$16.97M burned this quarter — gone faster than retail optimism
Still no revenue
Another “non-dilutive” convertible note raise — translation: dilution incoming
Two quarters of runway left if they keep spending like this

We’ve seen this playbook before.
The science looks promising, the announcements keep coming, and then — boom — cap raise, placement to “sophisticated investors,” and retail gets a thank-you-for-your-support discount.

Look, I hope it works. I really do. But until there’s actual traction, it’s still speculative biotech dressed up in a lab coat.

CRs are nice, but so is my dog when I say "walkies."
Still waiting for revenue, a partner, or anything that doesn't lead to another raise.
Trust the science, right?
At this point, I’m not sure what gets diluted faster — the shares or the hope. Both in our case!!!