Imugene (IMU) Investor Update summary

Market and share price update

• Significant share price decline attributed to lack of licensing deals, slower-than-expected data, high cash burn, and short positions, despite no clinical trial failures and ongoing program progress.

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

• Capital needs remain high due to three active programs and the nature of biotech R&D.

• Additional capital raises are planned, with timing and pricing dependent on market conditions.

• No material impact expected from recent market or tariff volatility on clinical trial runway.

Clinical pipeline and trial progress

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

• OnCARlytics and VAXINIA are progressing in solid tumor studies, with early signs of clinical activity and ongoing dose escalation.

• VAXINIA has a biliary tract cancer patient in complete remission for over two years and two melanoma patients with partial responses.

• Focus is on expanding the biliary tract cancer cohort and advancing programs with the strongest clinical signals.

• No clinical trial failures reported across any programs.

Business development and partnerships

• Active discussions underway for out-licensing and partnerships, especially for HER-Vaxx and PD1-Vaxx.

• Commercialization strategy centers on generating compelling data and partnering with larger pharma rather than self-commercialization.

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

• No plans to sell azer-cel; focus remains on advancing and partnering assets.