hiya @theoc! Re your question; " ... how or why IMM is still...

hiya @theoc! Re your question;

" ... how or why IMM is still sitting at around 25% of the market cap [compared to IMU]?"

Both IMM and IMU are speculative stocks. What you are referring to is not the tangible MC based on asset or income, but based on speculation.

In fact the SH equity is $73mil for IMM and $65mil for IMU. Not that this means much either.

Now, it is one thing to say what the sock market speculates the value of a spec stock, but it is another to say what potential a company holds, based on also where it is in its product(s). I believe LAG-3 gives IMM the edge, and as has been said by others, IMM's trials, in terms of phase but more importantly in diversity (let alone other applications of LAG-3) are in just as leading position (if not better).

So, and going back to your question, it all depends when you want to count your chickens. For me and you, both being long term holders, lets count the chickens in say a year from here. I FIRMLY believe IMM is in a VERRY good position and MC will follow, in a tangible form (e.g. advanced trial phase data, loyalty payments etc) and not just a retail day-trader "man and his dog's" speculative take on the SP. Further, and on this, bear in mind that what you call a MC at this point in time, is nothing but the projection value from the trade price on the small floating portion of the shares.