Bell Potter update Couple of snips "Efti continuing trials...

Bell Potter update

Couple of snips

"Efti continuing trials across 5 oncology indications.
By the end of CY2024, Immutep are expected to be conducting a global Phase 3 trial
in non-small cell lung cancer (NSCLC) following the highly impressive data that was
published from Phase 2 trials in 2023. This indication continues to be the key focus for
IMM and will likely be the largest use of funds over the next ~2 years (currently $104m
cash at bank).
The next major readout catalyst for IMM is first data from the Phase 2b trial in head
and neck cancer (TACTI-003, n=171). We expect data will be announced in Q2 CY24.
This will be the first time the efti + Keytruda combo will be evaluated head-to-head
against Keytruda in a two-arm trial. The primary endpoint is response rate (ORR), with
typical secondary efficacy endpoints such as overall survival (mOS), progression-free
survival (mPFS) and duration of response (DoR).
Additional Phase 1 and Phase 2 trials are ongoing with efti in breast cancer, soft tissue
sarcoma, and urothelial carcinoma. Beyond efti, IMP761, the LAG-3 agonist for
autoimmune diseases, will begin its first Phase 1 clinical trial in mid-CY24."

"Investment view: Buy (speculative), Valuation $0.65.
We have rolled forward our DCF model for time creep and made no other changes to
our valuation assumptions, which is based on risk-adjusted licensing income from efti
in NSCLC, head & neck cancer, and metastatic breast cancer indications. As a result,
our valuation is increased to $0.65 per share (from $0.55) and we maintain our BUY
(speculative) recommendation."