Looking at the 'NCI' (National Cancer Institute) web site for...

Looking at the 'NCI' (National Cancer Institute) web site for trials including 'Pembrolizumab' (Keytruda) and it contains over 500 trials in progress. Without digging any further, one could assume there are a lot of combo trials with Keytruda with existing approved drugs and new, novel drugs, yet to be approved.

Immutep is one of many other biotechs looking to partner with Merck and despite efti/Keytruda combo data looking good/great in HNSCC/NSCLC we are but one. Merck can afford time to fully assess other combo candidates for as long as they see fit, despite Keytruda patent ending circa 2028.

'Completive tension' has not really eventuated and Merck know they are in the box seat if/when they want to license/buy efti/Immutep as there are no other BP in the game (imo). All other BP partnerships have been quiet for several years now, cant remember the last update from any.

I recall Viralytics being acquired by Merck a few years ago for approx $500 million and when discussed with ex chairman (Paul Hopper) recently, he said that Merck made them an offer and 'we immediately offered to other BP's to counter, but there was no interest' and therefore board recommended Merck's buy-out offer.
There are similarities with IMM - single product and one BP partner in several indications. SP driven down over many months. Shareholders (retail) disillusioned with SP and market cap.

Our capital reserves will also be seriously depleted and quickly once AIPAC P3 starts (after initial P2b run-in on higher 90mg dose).

I am not the sharpest knife and I can see what's happening, so the bigger players definitely know and are likely playing the short game too.

Thats why I believe Marc has now instigated AIPAC 3 despite 'being committed to 'HNSCC/NSCLC' as a priority.
AIPAC 3 taken to final destination FDA approval is many years away unless given fast track designation (which it may get now having added triple negative BC).

So, bottom line is there is a likely long time between possibility of Merck's move to acquire efti and any other pivotal left field event. 761 will not start human trials until 2024.

Please correct me as I do hope loyal shareholders (personally bought every cap raise) are well rewarded. But acknowledging that many (including yours truly) remain well under water and have been for a decade....