We are around the same SP as a year ago and all biotech stocks...

We are around the same SP as a year ago and all biotech stocks have been smashed since November 2021.
Big end of town exited stage left well before retailers knew full implications of what was coming.

Its also a great opportunity for a stealth play possibly BP representatives to accentuate SP movement downwards?
There is an ASX biotech precedent, where their SP was continually depressed for many months until a take-over bid was accepted from Merck. Incidentally, I doubt Merck would sit idly by in the event a play is made for Immutep by BMS (or other BP).

Its been discussed on this forum previously about a potential 'low ball' offer from a BP and how any low ball offer would be declined, especially as the top 20 shareholders own the majority of shares. However, what's the definition of low ball and how long might the attrition go for until a major SH has had enough of capital deterioration?

If we go it alone in AIPAC 3 then cash runway will be reduced quick smart and god forbid a cap raise is needed to complete all new trials within the next 12-18 months.

IMO. We need a partner(s), licensing deal or complete take-out in the not too distant future.
Clinical trials going well. SH value must catch-up at some stage.....