I can't say I am particularly happy with the clinical trial...

I can't say I am particularly happy with the clinical trial updates. A material number of the trials have be deprioritized (parked, not taking any further recruitment and probably no data readouts, ever). A good example of this is IMPRINTER - which looked so exciting in Sept 23 then disappeared early in 24 - from amazing to nil in a few months. Not happy.

The reality seems the B-Cell trials are pretty much dead. That does not mean they have no value, some of the (beautiful) data may be useful and who knows, one day there may be a commercial outcome. But not looking good. Given so much of our money and time have been spent on these trial, I find it hard to believe anyone is happy with B-Cell trial updates.

Moving to our OV, it seems to be OK. Not great, but OK. Trial results suggest it is safe and I think the data produced to date indicates more efficacy in patients with robust (or diverse?) immune systems , so IMU can probably tweak their patient selection criteria to achieve stronger responses (which I'm sure they will do in Oncarlytics). So trial results on our OV are acceptable but seem to reinforce the history of OV's ... not quite living up to the hype.

Which leaves us with OnCarlytics. No trial results yet but hopefully later this year.

So whilst there has been no safety issues to date, trial results have disappointed me. But each to their own.

Having said that, Oncarlytics is new, totally new. My hope is that our OV has just enough firepower to shuttle up the CD-19 flag. That's all. If it can do that then I think Oncarlytics has a commercial future - the question then becomes how big. So I am with the "American investors", Oncarlytics is going to make or break this company. The rest of the trials are water under the bridge ... as per the re-prioritization program. So we wait until late this year (which probably means first quarter next year) for our first trial update on OnCarlytics.

And AzerCell, well we only paid about $20m for it so we either got the deal of the century or it is not as valuable as some believe. The history of IMU makes me think it is not as valuable as some people think. Could be wrong, obviously.

Final comment. I remember at an investor presentation, Dupont had just joined and spoke about his experience & expertise. He said very clearly, he got involved with IMU because of OnCarlytics. That was his expertise and this asset obviously caught his attention. So it is possible the B-Cell platform is not a total dud and has been pushed aside because the real prize is OnCarlytics (and you can't do it all). So whilst the past looks pretty mediocre, the game is certainly not over.