Ann: Immutep Investor Update, page-28

Always a pleasure Mega. Long and heavy in both IMM/IMU.

There are many factors at play here (IMM), not least legacy/history of PRR and Cvac.

As Tut's alluded - some capital raising(s) and timing has been contentious (certainly on this HC forum).
AIPAC - interim results last year were not as good as expected (to be fair the control chemo solo arm performed better than expected rather than efti/chemo performing poorly). Even Chamberlain bought $100k shares from his own cash just prior to anticipated AIPAC results, such was the expectation of likely EMA conditional marketing approval on the back of 'shoo-in' data.

However, overall PFS endpoint was not met (only just) and share price nose dived. Sub-groups did and subsequently have shown significant benefit and I expect OS survival numbers to continue to improve.
'Success breed success' - Immutep has yet to prove beyond doubt Lag3 (efti) works - while that doubt exists market sentiment will continue to be cautious. De-risking efti is still a work in progress.
Whereas - the other biotech mentioned has a chairman and leadership team that's been successful in taking drugs from 'bench to bedside' and proven track record in developing and ultimately selling small biotech company to Big Pharma for a healthy profit. Scores on the board.

Mid-year and final AIPAC overall survival data if good/great and mature TACTI-002 data may be the near term, market cap re-rating tipping point (imo).