Ann: Appendix 4E and Annual Report, page-133

Using your figures we will have a R&D Tax rebate $30.8 M on top of the previously announced $11m.

My calculations therefore put us at just over $40m in Tax Rebates owed to IMU.

Posters claiming we only have 2.5 quarters of cash remaining have no way of knowing future cash burn rate. The massive effort to get the trials up and running is expensive. Now they are cruising along on auto-pilot. So it quite conceivable that the cash burn could drop in that area, milestones to Precision are behind us. And staff costs are dropping.

One poster has been banging on about “extreme risks”. But has not once mentioned the extreme risk of a broader market meltdown. Which always happen at times of new all time highs. And irrational exuberance!

There are other risks also. It’s got to be an “extreme risk” to not be invested here, knowing we have 4 major updates due in the next 8 weeks, These updates were easy o plan and schedule. Three of these updates come with previous promising data. The fourth runs off the back of Vaxinia Data that some extent. Vaxinia is now over 2 years in the clinic and being open label, we could reasonably expect IMU has a good idea what this results will look like.

Another risk is selling out most of your shares and keeping a very small parcel to gain allotment in a SPP. Because there is a high risk there will not be a SPP. The whole lot a a cap raise could go to cornerstone institutions.

Posters who keep talking about extreme risks here at IMU don’t have a clue about investing or about risk.

If we break I down to first principles, investing is the act of pricing risk. In other words putting a value on the risk - reward of any investment.

Anybody who has been following IMU can see the huge decline in the shareprice and the market capitalisation of the company.

Thats the market putting a value on the “risk” involved. Thats the bedwetters who continue to rubbish the company here daily . And dump there shares in either fear or frustration because they don’t the science or the management. Many lie about the company the science or the Chairman. They can’t accept the fact they bought into a very volatile sector.

Just like football they left the grounds and caught the train home just a few minutes into the fourth quarter. They didn’t wait for the final hooter.

So those still here need to ask themselves is the “Extreme Risk” fully priced in at .045.
If we were waiting on a binary outcome here as often happens with biotechs and miners I’d say maybe!

But we’ve got truckloads of early efficacy signals in our hands. The type of efficacy that Hashan De Silva talked about in his video.

So while I’m always accused of “ pumping extreme risks “ by the hordes of bedwetters, I’ve studied the form guide thoroughly and assessed that the risks are fully priced in at these levels. Hence I’ve been buying up
Over the last month or two.

We’ve got an average of one price sensitive announcement a fortnight till the end of the year. So good luck.