It is great for the Chairman to write such an informative letter and frankly and honestly tell shareholders what is happening in the company. I think the letter come out as a result of one of our influential and respected posters @Watmighthavben well-balanced opinions dated on 26 December 2022 and email sent by @Steini on 27 December 2022. At least, it proves that a well-balanced and comprehensive opinions in HC would be recognised and replied by the Board.
Through reading the letter, I have the following observations:
1. In Clinical Progress section, I noted that 5 clinical trials currently ongoing. One of them is IMPRINTER (PD1-Vaxx, non-small cell lung cancer) in combination with tencentriq(Roche). I would expect that the dose for the first patient will start shortly. What I have a bit confusion is that in the next paragrahp, 4 new trials are scheduled for the NEXT YEAR. Given the letter is dated on 6 January 2023, would it mean that those 4 trials to be started after 1 January 2024. If that is the case, that would be another 12 months waiting time. Hope I am incorrect.
2. Regarding Clinical Progress, I noted that there are 2 items which I think (I may be wrong) are new to shareholders. One is neoPOLEM IST (PD1-Vaxx, colorectal cancer) and the other is onCARlytics (CF33-CD19 in combination with Amgen’s CD19 bispecificblinatumomab). What I intepret is trials for onCARlytics with either Celularity or Eureka will not start or less likely to start in 2023 calendar year. In Clinical Collabortions section, it also indicates this.
For Celuarity, Celularity is in the process of filing their IND to start dosing CYCART-19. Am I correct to say, if without dosing and safety data from CYCART-19, IMU will not do anything with Celularity product.
For Eurka, Clinical work with onCARlytics and CD19-Redirected ARTEMIS® T Cells combinationwill be planned for end of 2023. What I expect is it would probably start for 2024. Should Eureka follow the same as Celuarity, starting their own trial first and then receiving safety data before any combination with other products.
For Amgen, given that there is still a bit long waiting time for combination with Celuarity and Eurka, that is why IMU starts a combination trial with Amgen’s CD19 bispecificblinatumomab, which is a approved drug.
Given the above uncertainties, I guess that is why there is no further advancement for the original stratgic collaboration with Celuarity and Eureka. I personally expect or bravely hope that our BD Dr Monil Shah would try his best to find another supply agreement with one of the 4 approved CAR-T therapies producer (Kymriah, Yescarta, Tecartus or Breyanzi). This is just my personal wishful thinking.
3. In Business Development section, I noted that Paul said "at the moment we do not have anything bad or good to report and are focusing on generating data of interest to potential partners" and "pursuing a number of paths in highly competitive circumstances, which is the nature of out-licensing“. I would say, in short term (6-12 months), it is less likely to see a deal happening. One should not wish a T/O would come out in short term.
4. In Financial section, I noted that Paul said "Whilst I would like to let you know who invested , it was a condition that their identity remain confidential unless their holding exceeds 5%, and accordingly we have respected that condition and will continue to do so". This should have been advised to shareholders at the time of the CR. It would release a bit of shareholders' concerns at that time. I think the management would improve their communication to the shareholders after the concerns resulting from cancellation of supply agreement with MSD and latest CR in 2022.
The above is just my personal observation. I could be incorrect and please let me know if I miss anything. As a long term holder, I still have a strong faith that IMU will succeed in coming future.
IMU Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
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