I think the answer is in your question - "Hopper is discounting...

I think the answer is in your question - "Hopper is discounting IMU for probably the cure for solid cancer and tells us there is no money out there."

There are very few people who still believe or believe in Hopper. It's turned out that VLA was a fluke - just a mistake by Merck. All of his other ventures have failed so far - every one trading at just a fraction of their listing price and many hundreds of millions of dollars burnt. And any comment he makes about capital adequacy can't be trusted, just as his comments about) his always-anonymous institutional investors being beneficial for the company (or even being long-term holders) can't be trusted.

The cash backing of a company is irrelevant if investors have no faith that any of the money will make its way back to them.

As for a "cure for solid cancer", only IMU Board and Management use those words, and they seem to do it more and more desperately and less and less responsibly. I know that IMU trials are always in "dose-escalation / safety mode", but if you are truly on the path to cure cancer, there would be far more early-stage indications of efficacy.

Here's a couple of extracts from another Australian biotech's report on Phase 1, dose escalation trials. Like IMU's these are trials aimed at proving safety and establishing an optimal dose, but note the efficacy indications:

"Cohort 4 is the highest dose level cohort in the dose escalation phase of the CL04 trial. The aim of the dose escalationphase is to determine the optimal dose of 67Cu SARTATE that can be safely administered. Once the optimal dose isestablished, the trial will progress to the dose expansion phase where an additional 10 participants will receive at least2 administrations of 67Cu SARTATE. Participants who demonstrate therapeutic benefit may be offered up to 4 therapycycles of 67Cu SARTATE in total. Some participants in the earlier cohorts have received additional therapy cycles of 67Cu SARTATE in addition to thesingle therapy cycle administered under the dose escalation phase of the CL04 trial. These subsequent therapy cyclesare strictly contingent on the investigators’ assessment that the participant is demonstrating therapeutic benefit afterthe first dose.

And on a different trial:

"Cohort 3 explores the effects of the highest dose of 12GBq on the SECuRE trial participants following a singleadministration of 67Cu SAR-bisPSMA. The third cohort will be the last to assess single doses of 67Cu SAR-bisPSMA andwill be followed by a multi-dose cohort, pending safety evaluation. The first two cohorts in the dose escalation phase of the trial were successfully completed with no DLTs reported inany of the participants dosed. The 3 participants in cohort 2, who were administered a single dose of 8GBq of 67Cu SAR-bisPSMA, have been monitored by their physicians for safety and treatment response as per the trial protocol. All 3participants in cohort 2 remain on the trial following their administration of 8GBq of 67Cu SAR-bisPSMA, with all 3participants exhibiting a greater than 50% reduction in PSA, which is one of the primary endpoints of the SECuRE trialand a commonly used surrogate endpoint for efficacy in this patient population. PSA levels continue to fall in all patients,with the first 2 participants showing reductions of greater than 95% and the last participant showing a drop ofapproximately 70% so far.

And it turns out the market acts rationally. One company's management team has so far proved transparent and efficient and its phase 1 trials have not just proven safe, but have shown early signs of efficacy. The other is IMU.