Ann: Release of Shares from Voluntary Escrow, page-19

Worst case if IMU release results that don't meet expectation for the first time for all their IP, the MC will drop to $200M with cash of $100M (there's plenty of much much much much shit ASX listed stock with a MC of $50-100M and only a few million in cash if that and no revenue). Its definitely worth the risk given the pps is so undervalue right now, I'm still very surprise the pps actually dropped below 10c after the excellent clinical update last released 9 months ago but sometimes no news is very good news given the kind of clinical trials IMU are conducting. And arguably, the worth of HER-Vaxx which has completed end of Ph2 is worth $200M alone.