Imugene (IMU) Investor Update summary

Market and share price update

• Acknowledged significant share price decline and investor frustration, attributing it to lack of major licensing deals, slower-than-expected data, high cash burn, and short positions impacting sentiment.

• Management and board are also shareholders and share concerns about valuation and market volatility.

• No clinical trial failures have occurred, and all programs are progressing.

• Capital raises are necessary due to high costs and long timelines in biotech, with future raises planned based on market conditions.

• Board regularly reviews potential Nasdaq listing and share consolidation.

Clinical pipeline and trial progress

• Azer-cel shows a 57% complete response rate in heavily pretreated blood cancer patients, with phase II strategy being finalized and costs expected to exceed $30 million USD.

• OnCARlytics is advancing in a phase I dose-escalation study for solid tumors, with early CD19 expression observed and combination strategies under exploration.

• VAXINIA (CF33) demonstrates durable complete remission in a biliary tract cancer patient and stable disease in 60% of participants, focusing on expanding the biliary cohort.

• Neo-POLEM phase II trial for PD1-Vaxx is preparing to open for enrollment in the UK and Australia.

• Fast-track FDA engagement is planned for azer-cel to accelerate registrational studies.

Business development and commercialization

• Out-licensing and pharma partnerships are prioritized over taking drugs through phase III independently.

• Active discussions are ongoing for HER-Vaxx and PD1-Vaxx licensing, with updates to be provided when material developments occur.

• Partnership agreements are sought that validate technology and provide capital, with a focus on retaining upside post-deal.