Ann: Issuance of Convertible Notes & Warrants for up to $46m, page-131

Excellent for the patient, not so much for shareholders.

If IMU's market opportunities are limited to Cholangiocarcinoma and DLBCL, then it's a lot of risk for not much upside. These are highly competitive markets. CF33 and Azer-Cel will have to demonstrate a marked improvement to efficacy for any chance of commercial success.

Cholangiocarcinoma

Numerous drugs approved for this indication. https://www.cancer.org/cancer/types/bile-duct-cancer/treating/targeted-therapy.html

DLBCL


https://www.lymphoma.org/understanding-lymphoma/aboutlymphoma/nhl/dlbcl/dlbcltreatment/

And these are the DLBCL drugs currently undergoing P2-3 trials:



https://lymphoma.org/wp-content/uploads/2023/06/LRF_DLBCL_Fact_sheet.pdf?_gl=1*7ifrh3*_gcl_au*MTY3MDc4ODkwMi4xNzM2NDc5NzA4