Ann: Letter to Shareholders, page-104

Approaching peak pessimism here, can't say I don't understand or feel for many actual investors/holders who are seeing 70-90% drawdowns/mark to market loss.

Nevertheless as stated Vaxinia has cured at least one individual with ~47% of advanced/failed prior treatment line treated population showing stable disease in a cohort of dose escalated trial, IV and IT OBD still to be determined. Azer Cell has also demonstrated very significant efficacy at this stage in the primary indication targeted which alone offers a multi billion annual revenue market IIRC.

There's significant value here that's not being represented by the current market capitalisation IMO while I also likely at this point see at least 50% further dilution in the relative near term - until significant more progress in OnCARlytics trialing is announced to market - unless there's significant news/data from partnerships/MAST/Vaxinia (biliary expansion or otherwise) to rerate the share price by multiple/s. I'm apprehensive that institutions/sophisticated high net worth investors won't be willing to support a capital raise of significant value at this stage and depressed valuation and therefore impeding the important work being done here to provide life saving treatments and alternatives in unaddressed indications.

No doubt many burnt investors, and also many of those waiting on the wings for more surety around finances to support operations and further positive clinical data. This end of the market especially provides outsized reward for those that are willing to take on the high degree of risk in a biotech stock especially in this/similar position.

I continue to see significant value here - but recognise the inherent risk and reasons for poor investor sentiment. I hope for not only current/future investors that the company succeeds but that these potential cutting edge, highly efficacious treatments are able to save numerous lives that otherwise would be without hope.

GLTAH & IMO