Ann: Phase 1 CF33 VAXINIA Study Update - Positive Early Signals, page-172

As a very long term holder, l like my PLS and LYC way too much to sell, but l totally understand your sentiment that the leverage now lies here with IMU rather than those that have already run very hard.

Having trimmed a few other holdings recently, today's announcement was enough for me to add to last week's purchases in both IMU and IMUOE. I am quietly confident, the management storm has passed, the financial position is solid and the research teams can get on with their important work.

I expect IMU to be a slow burn. Positive announcements over coming months should be sufficient to lift the SP from their heavily oversold 4c - 5c levels. Hopefully, we will be able to look back to October 2023 and identify both sentiment and SP had troughed.

lt is extremely pleasing that trial patients will have had their spirits lifted from the early clinical results, with many more possible. However, as many have said, there is still a lot of work, a lot of time and a lot of money to be invested before treatments, patients and the company's share price can be descibed as a success.

We will take every bit of good news as positive, but must keep these baby steps in perspective with the lofty mountain ahead still to be climbed. Many Risks lie ahead and investor excitement should be tempered, as l am sure patients already are.

GLTASH