................"To me it’s a failure of management not to have...

................"To me it’s a failure of management not to have created more competitive tension years ago. "......................

Like Joe, can see your point (seems to have been a long ride to nowhere so far) however can only suggest a refresher session on the background skills of the IMM team, top down including the external advisors and then another look at the development of the science in question. Would not put my armchair up against their aircraft seats but do understand the frustration.
Apart from the whole mess over the past few years (yep that is more than a couple thanks covid) culminating in bio sector falling largely out of favour, seems to me, the game with big pharma has become increasingly complicated. IMM is not the only one chasing very positive outcomes in fighting cancer. Sure Merck (and other BP's) seemingly have to do some deals but the acquisition team leaders are also very mindful what they buy has to work. The cost of failure does not sit well on a resume so perhaps apart from waiting for more certain trial results they are also more inclined to let competing new solutions play out in the hope they end up with the best of the best.
As small time shareholders we have a simple choice - walk or wait !