Why IMU is a multi multi bagger, page-29528

I'll just put it more succinctly.
The reality is we have 3 x Phase 1 trials.
(Yes we have two products at Ph 2, however the company has said their focus will be elsewhere for the foreseeable future - let's face it these seems to be dormant at the moment).
So I ask, what value should be placed on a company with 3 x Phase 1 trials? 300M?

Just my take (after looking at several Bios on ASX - of course this is very rough - all sorts of exceptions etc/different products/markets) but... MCs

PH 1 - 50-100M.
Ph 2 - 100-500M.
Ph 3 (and commercial) 1000M+ 1B.

With current stage at Ph 1 and Ph 2, expected to kickoff at end of year - going into next year. Where will be valued in late 2025? What valuation in mid 2026?
Hard to see us above 500M (~6c), before end of 2026.

Again all that changes if BP interested.

But interested in any anomalies, other companies, it just looks like to me, at the moment, at 300MC, we are valued reasonable and maybe even still quite high.