Ann: Appendix 4E & 2022 Full Year Statutory Accounts, page-13

Context on where IMM is at with Merck

Mercks 'Keytruda' has an extensive clinical development program in combination or as a monotherapy.

Lung cancer - over 200 trials and 10,000 patients

All treatment settings - 1200 trials.

Efti has shown 'encouraging early data in combination with pembrolizumab' (in NSCLC and HNSC) and warrant further investigation.

Merck has many 'dance partners' and therefore can/will pick and chose who they want to take home. Immutep may well be one of the chosen few.
But make no mistake, without Immutep having other dance partners, there is no time or investment imperatives for Merck to make a commitment other than its current Keytruda supply agreement.