That's where I see the commercial valuation for Azer-Cel, if...

That's where I see the commercial valuation for Azer-Cel, if Azer-Cel was combined with other treatments then there's less value for the IP. There's very low risk Azer-Cel won't replace SoC given how the clinical trial is designed as the more treatments patient received before Azer-Cel then the more their health degrade to not give them best chance to achieve CR (had those PR and SD only failed one previous treatment or none instead 4-5 then would they also achieve CR???) as evident by the mortalities seen in both clinical trial conducted by IMU and Precision.

You seem very rigid in your investment for IMU? Yes, VAXINIA is only in Ph1 clinical trial but it's actually more advance than you think given the efficacy usually seen toward end of Ph2 clinical trial as OBD is determined for Ph3 clinical trial and you see Azer-Cel as in only Ph1b clinical trial but there's a path to registrational clinical trial so the IP development is really near the end of Ph2 clinical trial. Investing in biotech start-up is based on looking at the bigger picture based on their current stage of development.