Marc clearly stated on today's interview that first line...

Marc clearly stated on today's interview that first line NSCLC is priority TACTI-003.

I think AIPAC phase 2/3 is the fall back position in the event Merck don't put a decent (definition - multi- billion dollars - $3+ bill) on the table for exclusive rights/buy-out of efti. Maybe off load 761? Other BP partnerships not produced anything of significance and value is now negligible (see also Cvac - no details here but if interested do some research).
Noting: new AIPAC phase 2 is 24 months to check dose escalation (30-90 ml) and optimisation.
Now, this is where I agree that management dropped the ball years ago and should have done the optimisation part of above pre P2 of AIPAC 01. If it proves to be successful I improving efficacy without added (or acceptable) toxicity- we have effectively by then lost 4 years and millions $$.
AIPAC 001 P2 was so close to achieving statistically better data than chemo SOC and in anticipation of success a small P2b registration trial was planned in USA/Europe.
Efti may have had FDA/EMA conditional approval soon after (6-12 months). I do hope 90ml works well but why the hell wasn't this done from the outset??!!

Cost of AIPAC P2 (30 patients) approx $50k per patient and 2 years
Cost of P3 (770 patients) $50k+ and 5 years to completion. Noting endpoint is overall survival (as opposed to AIPAC 01 which was PFS (another bad decision due to late responders and duration of responders).

So, in a nutshell if Merck doesn't come to the party after P2 NSCLC - first line data (assuming consistent with history) Immutep will be flying solo again (also question why not trying 90ml in this trial? Could be time/cost if 30ml does the job with Keytruda?).

Without BP cash a Capital raise certain by end 23 early 24 irrespective where SP sits imo.

Other BP may well be watching?
Dark horses - BMS and Pfizer.

BP hold all the ace cards right now and whilst some of their blockbuster drugs will hit patent cliff (Keytruda 2028) there is plenty of time for BP to play with the likes of Immutep for several years yet.