Today's anns is another brick in the big wall to be erected by IMU. Without that one the wall will not be able to be completed. But the market interprets that brick as " just another brick in the wall ", just meaningless, irrelevant.
Why? Because the time to complete the wall will has been extended over and over again. IMU's fault? Maybe to some extent if the trial design wasn't done the most effective way or new problems / knowledge / recruiting / Trump suggested some trial design amendments.
But compared to other bios the delays are within what can and must be expected.
Sp down why? The verbal reassurance given by LC and YF given over the past 3-4 years hasn't attracted neither big pharma nor investors. Too early for them to decide? I don't think so as RAD has attracted the biggest radiopharma Lantheus with 2 + 2 pre-clinical data. So, that myth, never be partnered or taken over before end ph2 is busted.
Concerns that IMU runs out of money? Very relevant as RAD, before the RAD CEO pulled the Lantheus-Emergency break, and CHM have shown. Fact is, Hopper doesn't care about at what level he raises funds and from whom, actually it seems like the lower the better ( see today's CHM anns and anns from May'24 onwards ).
Management has definitely lost the market trust and credibility in managing the financial side, the clinical side which should determine the financials isn't considered anymore, despite actually progressing well - if the delays can be excused.
In hindsight, what could have been done better?
IMO, Azer-Cel was the wrong decision. Yes, it was so tempting to have their own allo CAR-T to use it for onCARlytics. And the ph1 data were so compelling. The only thing that wasn't considered was that not one big pharma, not even Precisions biggest sh, Novartis, was interested. Maybe they were blinded and fell in love with the idea. Back then I was in favour, just not in favour of the raising's Ts & Cs. So far, only Precision got a lot of cash while IMU is running out of it. The better way would have been to stick just with CF33 and do onCARlytics the way it's done right now. If it fails then at least they wouldn't end up with an allo CAR-T that maybe comes too late to market or maybe won't work.
At this stage Azer-Cel seems to work but will the data be compelling enough to finally attract the $$$$? Will the bile duct pathway be the breakthrough or was it really just a 2 patient-miracle ( I know, YF ruled that out ). Will B-cell be discovered at second sight and can CF33 perform all the expected miracles?
4 platforms, all with huge potential but a board / chair who gives a rat's arse about the sh who he needs to provide the funds. For years he kicked the ones who feed him, how long can he keep his position?
I can't make any suggestions about the clinical team as I got no idea. But when it comes to the financial / business side I dare to demand for the chair and the entire board to step down and let those who know how to take drugs to the market to take over.
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