Ann: Phase 1 onCARlytics Trial Doses First Intravenous Patient, page-68

At the risk of further abuse, I'll proffer a reason.

In 2020, IMU announced positive interim results of a Phase II trial of its flagship product - HER-Vaxx. This was exciting. So effective was it, and so clear the results, IMU was instructed / decided to cut short the trial by 50% of planned participants. Shareholders thought that some form of commercialisation deal with imminent - either a BP takeover or at least BP licensing of HER-Vaxx. Comments by the CEO and Chair, only served to further this belief.

It was seven years after listing and four years after the first patient was dosed that the trial was stopped at 34 patients.

Over three years on, no commercial outcome was achieved, and this flagship product has been de-prioritied.

Today's announcement relates to the enrollment of the 2nd patient in a Phase I trial for which the enrollment of 50 patients is planned. The first patient was enrolled in October. Enrollments typically speed up though the course of a trial, but it should be apparent that people will draw a conclusion that completing this trial may take many years.

Even if the Phase 1 trial is successful, shareholders know from the HER-Vaxx experience that this doesn't mean it will progress. They also know that capital will need to be raised before results of this trial are available, and even some of IMU's most ardent supporters are not happy with the way Hopper has gone about this in the past.

So not all "reasonable shareholders" will view this as a positive. Some will take it as a reminder that IMU is further away from commercialisation than it was in 2020.

Ironically (and I provide this as a comparison, not an attempt at cross promotion - if you look at the SP action you'll realise that no promotion is necessary), a comparable aussie biotech - CU6 - also released a price sensitive announcement today. This price sensitive announcement related to a Phase 1 trial too - only it was the results of the trial, the results were positive, the efficacy was greater than expected and confirmation was given that the next step is a registrational trial. It also lent further support to the company's overall product platform. Its seen a 4% SP increase (on the back of a 150% SP increase in the past 6 months).

There can be huge variations between "positive" announcements and if you can look past the fog of conspiracy theories about manipulation it might become apparent that often the price action is logical.