Shareholder value?, page-9

Hey My Dingo,

It might make you feel better by comparing IMU to some other biotech (the chart you posted last week) or some of the companies listed above, but respectfully you are doing yourself a disservice. We all know that a biotech that has scientific success or failure is not going to follow the market. A new drug that becomes the SOC for treating any form of cancer will lead to strong SP appreciation even in a declining market and a failed trial will see SP depreciation even in an appreciating market.

IMU announced the "successful completion of a Phase II trial with a significant increase to overall survival vs the current SOC" in 2022. So if you want to compare apples to apples, you need to find another pre-revenue biotech that has successfully completed a Phase II trial in 2022. If you do find one, I suspect that you might find it is being taken over or at least progressing (either alone or in partnership) to a Phase III trial.

Of course, the only validation of the success of the HER-Vaxx trial is from people being paid by IMU. The lack of BP interest suggests that only IMU management and its supposedly independent IDMC believe it was indeed a success. When you add this to the crappy (for existing shareholders) CR, the lack of trust in management, the ridiculous pay rises etc ... you should be apportioning a significant portion of the SP decline to factors unrelated to the overall market.

As a reminder, IMU itself way outperformed the market in 2021 - an example of where a pre-revenue biotech can have a life of its own, quite separate to overall market dynamics.