Inflation hits hard for labour dominate services like R&D.
IMU is just going through the normal ebb-and-flow of biotechs, buzz one year and dull the next year. All that matters is the clinical programs continue to progress until key inflection points are hit. If there is one thing I have learnt in my years of biotech investing it's to exploit the dull periods to average down or build a position.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-42
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