Ann: Immutep Capital Raising Presentation, page-66

..........IMM being a pre-revenue company HEAVILY invested in R&D..................

I suspect the current impatient or nervous nellies possibly came in on the premise of the more traditional model of a baby bio developing up the research to a point of being taken out by a big pharma. The risk though substantial, was basically limited to the science achieving solid phase II outcomes, resulting in a big ticket sale if successful. IMM have somewhat flirted with that and there has been a substantial amount of chatter relating to that model however, we now appear to be in a "further development" model (yes, MV has argued this for some time however, that could reasonably be taken as positioning for negotiations) that requires the science to be taken through pretty much to commercialization prior to partnering or supplying/ wholesaling to big pharma. Obviously such a strategy negates any big and early pay day and while solid re-introduces or at least somewhat amplifies the risk reward recipe. i.e not only does the science remain at some degree of risk (compared with sale at phase II) another risk, lets call it the "commercial" risk of successfully partnering plus the risk of leapfrogging by other science.
Personally I still like where IMM is at and for me the fundamentals have not changed so the journey continues unabated however, I do accept that it is probably less likely that the IMM SP will "rocket" up any time soon without those words "big pharma acquires or partners" leading an announcement.