I went down a rabbit hole and stumbled on a 2009 post titled...

I went down a rabbit hole and stumbled on a 2009 post titled “Frustrating Really.” I had to laugh, and not the good kind, more the exhausted kind, because somehow, 15 years later, it still feels painfully accurate.The post was from someone already four years in, fed up with the lack of progress and ready to turn up at the AGM to agitate. Now the whole shareholder base is agitated too, just too worn out to show up with pitchforks.

Imugene’s real shift into cancer immunotherapy came around 2013, the beginning of what felt like a bold new chapter. The start of a dream that maybe, just maybe, they could finally make something truly breakthrough. But reading that old post, the frustration already felt the same. Different product, same story. Waiting for something with promise that never quite lands.

Yes, the pipeline looks full. Trials are running, announcements are coming, and the science does sound promising. And sure, Lesley has been saying “trust the science” since at least 2019, but after more than a decade in oncology, it’s not the science we’re questioning. It’s the ability to turn it into something real. Something that delivers.

It’s been 12 years since this journey into cancer began. For those who’ve held on through the noise, the resets, the endless “coming soon” moments, it’s not about being impatient. It’s about being worn down. Because no matter how polished the update, it’s getting harder to hear the same tune and keep clapping.

We all know biotech is a long game. Other biotech companies have waited too. Alnylam took 16 years before its first approval. Dendreon took nearly 20. But they got there and they brought something real to market.

We are still holding on, not because we are blindly loyal, but because deep down we want to believe they can still pull it off. But hope alone isn’t a strategy, and “trust the science” only goes so far when delivery keeps falling short.After all this time, trust in Lesley and PH isn’t a given. It’s earned. And for many of us, that patience is wearing thin.

So maybe it’s finally time we do what that post from 2009 talked about. Maybe we actually turn up to the AGM, not just to agitate, but to remind them we have been more than patient. Now it’s their turn to deliver.