The SP has actually followed the science (with some extra...

The SP has actually followed the science (with some extra non-science negativity from management's actions).

Two years ago, we were led to believe that HER-Vaxx was a raging scientific success and that IMU had effectively completed a Phase II trial and was on the verge of some form of commercialisation. The HER-Vaxx "success" scientifically validated the b-cell platform including PD1-Vaxx. Added to this was the scientific promise of CHECKVacc and Vaxinia.

Now (regardless of whether the fan-club wants to split hairs about mono therapies or combination therapies etc ..), HER-Vaxx has not proven scientifically worthy of commercialisation and as a result, IMU is back near the start of Phase II trials. If HER-Vaxx success was some form of scientific validation of PD1-Vaxx, then its lack of progress might be considered scientific invalidation of PD1-Vaxx. And while its still early days for CHECKVacc and Vaxinia, there have been no meaningful indications of efficacy (I know, I know, they are dose escalation / safety trials, but if you want to claim a cure for cancer, then some strong efficacy indications even at this stage wouldn't go astray).

So following the science is actually a logical explanation of the SP. A company at the end of a successful Phase II trial two years ago, is now a company plowing money into Phase II trials of a product that has not proven attractive to BP and is early / mid Phase 1 for its other products.

To this we need to add, management selling, management not buying, equity issues that have transferred wealth from existing shareholders to the Chairman's mates, existing shareholders being told to p*** off if they don't like the speed of progress, huge salaries attracting a remuneration strike, inbility to garner any form of BP interest since listing 10 years ago, three of the Directors being involved in CHM (which is a risk of going under just over two years after listing, along with potential disclosure issues that could land those Directors in hot water) ... so plenty of non-scientific fundamental weight on the SP to add to the science.