Ann: Three Complete Responses in Azer-Cel Phase 1b Trial, page-253

I’m just going through some old Bell Potter research

According to them, the DLBCL market in the US and Europe is 11,000 cases annually.

Assuming 2,000 patients annually for Azer-cell at $400,000 per patient, the peak sales estimate ranges from $700 million to $900 million annually.


Now, if we apply the average P/E ratio for a US biotech (60x), that gives IMU a market cap of approximately $60 billion, or roughly $12 per share.

Of course, this is a best-case scenario, and many things could go wrong. But hey. it is what it is.