Why IMU is NOT a MULTI Bagger is a BAGGIES company, page-63

SHock horror, another bio-tech with very promising science gets pumped to the moon. Your arguments no less valid when IMU was trading at $0.60. In fact much diminished having now occurred and been priced accordingly. IMU now more realistically funded for its forthcoming cash use that has diluted and depressed existing shareholdings and wasn't reflected in earlier pricing.

Personally I've been watching IMU for an entry point (having briefly range traded a few times) and whilst your points valid, the were more pressing concerns that more savvy investors might have looked at against the pump that dominated these forums in 2021/22 - I came on here a couple of times to politely warn of likely funding issues on the share price in the past and was lynched.

But that was then and this is now. The share mkt is forward looking and the risks you discuss WERE very real, but backward looking. IMU is now very reasonably priced for its potential against those well known risks priced in:

"Following a successful capital raising through a placement and Share Purchase Plan, the Group’s net assets increased to$194,831,156(30 June 2023: $189,626,002). As at 31 December 2023, the Group had cash reserves of $139,392,025 (30 June 2023: $153,150,662)."

Whilst I'd not defend insider performance awards and wages, many of them are options. Accountants still cant do options (mkt wide):

"cash amounts and represent valuations using the Black-Scholes"

Black & Scholes (& Merton) pricing models assume risk-free arbitrage. B&S pricing of employee call stock options are therefore generally too high and rarely realised expenses with time - they decay away with little opportunity for insiders (or often outside holders in illiquid mkts) to avail themselves of the huge extrinsic value options exhibit (and B&S and therefore the accounts include) unlike traders of exchange traded options for example who may avail themselve by selling.

IMU managmeent needs to do a better job of forecasting its cash use, likely flow of funds and funding requirements - that is fair criticism.

IMU will no doubt do anther raising(s), despite/after money it will accrue from options likely exercised (also diluting shareholders further of course) but a few positive announcements on the progression of its trials and it will likely be in 2025 at $0.20-30, and higher again if some partnerships announced of course - a big IF.