IMU: Big Dreams, Tough Lessons and Yep… Another Thread No One Asked For

Looking back at the last decade with Imugene feels like running a marathon blindfolded. You hear cheers, take wrong turns and sometimes wonder if the finish line even exists.

In the early years from 2015 to 2017 Imugene was a forgotten penny stock trading under one cent. The appointment of Leslie Chong with her Genentech background gave early believers a rare spark of credibility. Back then it was all about faith and patience. Fast forward to 2025 and we somehow find ourselves right back around one cent or after the 34-for-1 consolidation sitting at about 40 cents. Same same but different.

Between 2017 and 2019 optimism started to build. HER-Vaxx moved into clinical trials and Imugene expanded its pipeline with PD1-Vaxx and the oncolytic virus CF33. The company transformed from a single-project punt to a broader cancer immunotherapy story. Sentiment turned cautiously optimistic though everyone knew biotech is a brutal long game.

Then came 2020 and 2021, the euphoric years. The share price surged from a few cents to over 60 cents, market cap ballooned past 3 billion dollars and Imugene even joined the ASX-200. Many of us started calculating retirement dates and shopping for sports cars we never bought. HotCopper was flooded with posts calling it a once-in-a-lifetime rocket. Husbands were confidently telling their wives to start picking out beachside mansions and choose which Birkin bag they wanted first. Wives nodded along with a polite smile quietly thinking “Sure let’s see if it even pays for dinner first.” It was the golden age of wild dinner table promises and for a moment we all felt like paper millionaires planning our next big splash if only in our heads.

And of course who could forget Paul Hopper. The biotech dealmaker behind so many ASX life sciences ventures. Some of his companies rode short-term hype waves and made headlines. Others quietly faded away leaving investors holding heavy bags and even heavier lessons. Hopper has a gift for assembling big stories and getting them off the ground but follow-through has always been the real test. Imugene became one of his highest-profile rollercoasters full of huge promises dramatic peaks and just as dramatic plunges. It’s part of the reason so many of us stayed hooked. If this was the one that finally broke through we didn’t want to miss it. But as many have learned biotech dreams can turn to dust just as quickly as they appear.

Reality hit hard from 2022. The global biotech sell-off rising interest rates endless capital raises and slow trial timelines crushed the share price. By late 2023 it was back in single digits. Sentiment flipped from wild optimism to sharp frustration. Some blamed management for dilution and endless cash burn others blamed themselves for not taking profits at the peak.

Despite the pain Imugene kept pushing forward. HER-Vaxx showed a survival benefit although not statistically perfect. The off-the-shelf CAR-T therapy azer-cel arrived as a new bright spot showing promising early results and earning FDA Fast Track designation in 2025. The oncolytic virus programs kept moving though progress was slow.

Then came the 34-for-1 share consolidation. Intended to clean up the bloated share register and appeal more to institutions it felt like a fresh slap to many retail holders. Watching your share count shrink overnight even if the value technically stays the same is a psychological gut punch. It reminded all of us once again that biotech investing is not for the faint-hearted.

Today in 2025 Imugene stands at a fork in the road. Some see a comeback story waiting to happen if azer-cel or the virus programs deliver strong clinical wins. Others see more dilution more delays and more disappointment. The company has cash to get it through this year but will need more funding soon which could mean another painful raise.

Personally, I am stuck somewhere between cautious optimism and the dread of opening my portfolio, clinging to belief in the science while debating if my patience or my wallet will run out first.

So to the faithful holders, the quick sellers and everyone in between

• Are you still on this ride or did you bail before the consolidation?

• What moment kept you holding on or finally pushed you to hit sell?

• Do you believe Imugene still has a shot at redemption or is this destined to be a cautionary tale?

• And the big question: would you buckle in for this rollercoaster again if you knew what you know now?

In the end, we may have not gotten the beachfront properties like Paul or the dream cars, but we’ll have epic stories reminding us that humility belongs in every portfolio and that making smart decisions on when to buy, sell or hold matters just as much as dreaming big.