From a pure investment perspective 1. No $ positive returns -...

From a pure investment perspective

1. No $ positive returns - most long term SH's negative return. Many bought in the heady days of Cvac (SP maxed around 30c = $3.00 b/e equivalent today). Some who stayed the course have averaged down over the years but may need SP to be many multiples to break even (excluding opportunity cost).
2. Immutep acquired by Prima Biomed in 2014 (so nearly a decade of efti development). Not decades - but certainly feels that way at time like these.
3. One consolidation (more than enough) at 10:1 consolidation - 2019
4. current SP - pre consolidated = 2.6c

From a personal long term holder perspective.
Have given up expecting a return from Immutep.
Not that I don't think efti will have good utility in combinations with potentially many other treatments.
However, the glacial pace and no doubt (imo) additional capital raising(s) to take efti into phase 3 registration trials is too long pre-monitisation/commercialisation.
Most biotech development companies look at P2/2b before out licensing ($upfront) or buy-out.
Whilst we hear about competitive tension, clearly there is insufficient between BP's for an offer/deal with real $ on the table. Providing drugs in combo trials does not cut the mustard. It's actually an easy/lazy way for BP to assess many (dozens) of possibilities at lowest cost.