Ann: Notice of Annual General Meeting/Proxy Form, page-55

4$ .. re your scenario 1 above .

Very simply if the HerVaxx trial was not producing meaningful results it would have been canned months ago. Why would LC waste valuable working capital on a loser when we have many other targets to pursue.? She's been in the game 20 years at Genentech and knows a lot more than all of us combined. Including when to cut a trial.
That didnt happen. Get over it. Its a good thing.

Re your Scenario 3 .
Go back and read this announcement that is available to everyone. 4thMay2020

https://www.imugene.com/s/Imugene-HER-Vaxx-Phase-2-IDMC-Update.pdf

"The market" must have liked that announcement and interpreted the positivity of the IDMC green light, as the sp then jumped from 2.6 to 3.2 the day after and up to 3.8 within 4 weeks. So please dont whinge about the market not having the same information.

Aside from that , the first lot of options she exercised had an earlier expiry date, so of course she had no choice but to exercise them. D'oh!

Please include all the relevant facts with your criticisms. People might start to think you have some kind of agenda going on here...