"I agree that CD19 is super competitive. But then how do you...

"I agree that CD19 is super competitive. But then how do you then explain IMU and ALA's valuations?"

IMU put aside due to B-cell and CF33 platform, but ALA's valuation is a riddle. They still haven't got their IND from the FDA, although expected for March. But the Merchant Fund is dominating the register and its clients aren't the typically 1 pip seller - hence the very stabilised sp and MC. But based on trial results ALA should be valued at 0.1c compared to CHM or CHM should be valued in the $$$ billions compared to ALA. They got some funds but will need some more Cap Raisings / Deals to get the trials done.

IMU claims to have the first possibly FDA approved CD19 allo CAR-T in development. Currently in ph 1b, one step before the rego trial or, if ph 1b is so compelling, very close to get approved. But even that is still at least 1 1/2 years away. ALA would need about 5-6 years to get to that stage if all goes their way. IMU's Azer-Cel trials started back in 2020 ( done by Precision Bio, USA ) and had a 2022 / 2023 ph1 read out that impressed all the CAR-T experts. Nobody knows why Precision's main SH, Novartis, was reluctant to spend a few USD to get it over the line and let IMU have it. Maybe it is the costs and complexity for the hospitals to offer it or, back in 2023, the fear of severe side effects that surrounded auto CAR-Ts back then. Like CHM, IMU is struggling to get serious player to fund what seems to be 3 extraordinary platforms. None of those has disappointed, several CR were achieved and fast tracks granted. And yet, valued at almost ALA's EV.

It could be that Hopper scared everyone away but it seems to be unlogical to refuse serious offers and to accept the ones from sharks like Lind or Capital Heights. At RAD at least, apart of the valuation, the funding is as it should be - "underwritten " by the biggest radiopharma player Lantheus.

If Dr Bec gets the funding secured for either one or more platforms then she comes close to a status of Biotech-Goddess. For all stake holders involved one can only hope she won't wear herself out before the light at the end of the tunnel can be seen - and I am not referring to the oncoming train.