Two excerpts from a January 22 Newsletter from PH Share price...

Two excerpts from a January 22 Newsletter from PH Share price was down 60% from ath. We are way further along the track now but still being played wonder if the 80M placement holder is playing games? we will never no unless they go over 5%
1)
We closed 2022 in a very strong financial position with ~$160million in the bank after an $80million institutional placement in September 2022. This provides a funding runway to progress the clinical programs that we have ongoing and places us in a strong position in the current market environment. At the time we were conscious of uncertain listed market conditions and took action to ensure the Company was well financed to generate the data
that is key to our success regardless of financial market conditions. While it was not an easy decision, we believe that it was a good one, given today's financial markets.
As a result, I believe this to be one of the largest cash reserves of any ASX listed biotech. Whilst I would like to let you know who invested , it was a condition that their identity remain confidential unless their holding exceeds 5%, and accordingly we have respected
that condition and will continue to do so.
2)
Our management team and Board members, who are all shareholders and option holders, see the decline in the value of their own equity and feel the concerns personally. I assure you they are strongly motivated to see a restoration of the share price as soon as possible. I have previously responded that IMU is in better shape than it was 12 months ago, yet the share price is down ~60%. Financially, we are much more robust, as measured by cash at
the bank. Clinically, we are further advanced than we have ever been, with some exciting trials ahead this year. Our management team is going from strength to strength. I don't have the answers to why we have been dealt with so harshly by the market. Still I would urge shareholders to be careful to distinguish between temporary and fundamental issues affecting IMU’s share price. Unfortunately the market often prices a company, it doesn’t value it, so I would encourage investors not to approach IMU as short term speculators but as long-term shareholders.

so the excecutive has no idea either, well no idea in Jan 23