Ann: FIRST MILESTONE ON PATH TO CDH17 CAR T CLINICAL TRIAL, page-12

I do think 4 years is a little conservative to generate similar returns as IMU if you started 4 years ago - if CLTX CAR-T generates significant data in Phase 1 and a Phase 2 Registrational Trial can be taken seriously by the FDA, at 4 years, we could just be at the latter stages of that registration trial and could probably be in talks on a potential rolling BLA submission to the FDA. Where IMU will be in 5-10 years time (Phase 3/Registrational Period), that could be where CHM will be in 4 years time. That is just the reality of targeting a disease with limited treatment options and high fatality rates, they will always get prioritised by the FDA.

Additionally, a Fast Track Designation, Orphan Drug Designation, and speculatively, a Priority Review Voucher (PRV) (worth 100-300M) could be in the cards which would increase the speed of the review and approval. Then add on potential collaborations and acquisitions that could be in the table by the completion of the Phase 1 trial.

Keep in mind that I'm only talking about one of CHM's assets...and they could be in talks in acquiring another asset - I don't think they will stop at 2.

While CHM and IMU are started by PH, have innovative products, and have good management and advisory boards, for me comparing CHM to IMU is like comparing a cheetah and a horse in a race. A cheetah will always run faster. If the Phase 1 data is good for CLTX CAR-T, CHM could give IMU returns a lot quicker than IMU did.