What Is IMU Really Worth?, page-36

Took the time to transcribe the full YouTube interview so chatGPT could break it down — here’s a summary of the key takeaways, both the good and the not-so-good.

Positives:

✅ Strong Clinical Leadership – Dr. John Beyond brings serious experience from big names like Genentech, Juno Therapeutics, and BMS. His background in both hematology and oncology adds credibility to the direction Imugene is heading.

✅ Promising Response with Azer-cel – They're seeing not just responses but durable responses in patients who failed previous CAR-T therapies. That’s significant if the data holds up.

✅ PD1-Vaxx Momentum – The Neopol trial is underway in Australia and the UK. It’s investigator-sponsored, meaning low cost to Imugene while still owning the data. Smart move to advance the asset without burning capital.

✅ CF33 and onCARlytics Advancing – These programs are moving towards recommended Phase 2 doses, and the team seems enthusiastic about potential combinations and partnerships, especially targeting both hematologic and solid tumors.

✅ Out-licensing Strategy – Continued focus on partnering out B-cell immunotherapy programs to generate value and non-dilutive funding.

Concerns / Negatives:

⚠️ Buzzwords Over Data – There’s a lot of high-level talk (e.g. “brilliance,” “potential,” “exciting”) but not much hard data shared. Investors still have to take a lot on faith.

⚠️ Durability Claims Without Detail – While they mention “profound and durable” responses, there are no specifics on number of patients, timelines, or comparative benchmarks.

⚠️ Heavy Focus on Future Plans – Much of the discussion centers around what might happen in the back half of 2025. For long-term holders, this may sound like yet another round of “just around the corner.”

⚠️ No Update on Commercialization or Revenues – Still very much in the clinical-stage space with no products on the market. That’s fine for biotech, but expectations need to be managed.

Final Thought:

It’s clear the company is trying to build a strong scientific and leadership foundation, and the strategic use of investigator-led trials is smart. However, without real clinical data and clearer timelines, the burden is still on management to deliver, not just promise. For many long-term investors, the story sounds familiar — progress, but patience is still required.