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Thanks Alex,

Feel free to message me here or advf*, would be interested in your research.

As my post earlier today causing all the controversy has been removed, let me post it again.

The figures stand after responses from this chat. This time, we have imminent deal for P140, so the Lanstead deal has a good chance of earning significant cash and so timing last week is less of a problem for me.

All,

I’ve been overly pessimistic on the Landstead agreement, blinded by previous agreement and P140 lack of traction before patent application.

Let me explain….

I looked at last weeks Landstead agreement as the company diluting shareholders by ~20% for £6m. On thinking about this, I’m totally wrong to say that. The outlook is much better than this.

I’m going to explain by one scenario. Let’s say that we close the P140 deal this year and get upfront payment of £300m. It might be much more, it might be much less, but I’m just trying to explain the reason why I’m wrong.

1. Starting point and dilution

Assume:

• Pre‑Lanstead total shares: 500m

• Lanstead subscription: 100m new shares at 6p

• Post‑Lanstead total: 600m shares

1. Structure we’re using

• IMM pledges £6m to Lanstead.

• Baseline: 20 equal “installments” of £300k each, if Measured Price = 8p.

• Actual cash to IMM per month ≈ £300k × (Measured Price ÷ 8p).

Assume the share price is constant at 50p over the 20 months due to P140 licensing deal coming with £300m cash and share price stays at cash value.

For IMM and its existing shareholders, a sustained 50p share price under this structure is extraordinarily positive.

Using the simplified 2026 setup we’ve been working with:

• 100m new shares issued to Lanstead at 6p, taking the total from 500m to 600m.

• £6m is pledged into a 20‑month sharing agreement with an 8p benchmark and £300k “baseline” per month if the price is 8p.

Equity value at 50p

• Total market cap at 50p = 600m × 50p = £300m.

• “Old” shareholders’ 500m shares = 500m × 50p = £250m.

So even after the Lanstead dilution, existing holders collectively own around £250m of equity at 50p.

Sharing‑agreement cash at 50p

With the share price at 50p throughout the 20‑month term:

• Price ratio vs benchmark = 50p ÷ 8p = 6.25.

• Monthly cash to IMM = £300k × 6.25 = £1.875m.

• Over 20 months, IMM receives ≈ 20 × £1.875m = £37.5m from the Landstead sharing agreement.

Against the £6m originally pledged, IMM is effectively up about £31.5m on that contract alone.

What this means for IMM

Under my “P140 £300m upfront, 50p share price” scenario:

• Existing shareholders see their stake in IMM worth about £250m at 50p, versus a much smaller value pre‑deal.

• IMM’s treasury is boosted by around £37.5m of cash from the sharing agreement instead of just getting its £6m back.

• The combination of large upfront licensing cash, re‑rated equity, and levered sharing‑agreement inflows means IMM is more than fully funded and can pursue further R&D or deals without needing additional equity raises at low prices.

No worries Nopulus,

I threw out my research to get responses, it allowed me to check my thoughts so all ok.

Alexsnowden, thank you for your reply - so my scenario stands….it makes the timing last week less of an issue for me. Pity the company couldn’t have explained this a bit better.

So Nolupus,

You’re saying it’s 50/50, which is ok with me if true:

IMM = £27 million

Landstead = £27 million (including 12M free shares - £21m + 6m shares)

Pretty tidy symmetry — both end up level when factoring in those “value shares.”

Thank you, if that’s true I’m ok with that, worth it if we’re adding value with two drugs and then the loyalties/milestones on top.

Bottom line is it’s all to play for here.

Thank you spantrout,

So you’re complaining about the scenario rather than the figures within the scenario.

I’m not saying the scenario is going to happen, but it tells me another thing…..last weeks announcement doesn’t mean that P140 deal can’t be imminent.

Nice one.

Guys,

You can complain all you want, especially the non-shareholders, but the scenario painted with the figures is accurate.

I’m not caring about any opinions, only that the figures for such a scenario are factually accurate.

Your responses of trying to deviate from them makes me think they’re spot on.

So it effectively means that the fundraising last week is okish with me and IMM is effectively derisking (maybe not sure when a deal for P140 lands) and the upside *could* have minimal dilution, despite last weeks Landstead fundraise.

So the question remains…..is P140 the drug we all hope it is…..I think we still have all to play for and with that in mind I am going to continue to hold/add more if we stay at stupidly cheap prices.

All,

I’ve been overly pessimistic on the Landstead agreement, blinded by previous agreement and P140 lack of traction before patent application.

Let me explain….

I looked at last weeks Landstead agreement as the company diluting shareholders by ~20% for £6m. On thinking about this, I’m totally wrong to say that. The outlook is much better than this.

I’m going to explain by one scenario. Let’s say that we close the P140 deal this year and get upfront payment of £300m. It might be much more, it might be much less, but I’m just trying to explain the reason why I’m wrong.

1. Starting point and dilution

Assume:

• Pre‑Lanstead total shares: 500m

• Lanstead subscription: 100m new shares at 6p

• Post‑Lanstead total: 600m shares

1. Structure we’re using

• IMM pledges £6m to Lanstead.

• Baseline: 20 equal “installments” of £300k each, if Measured Price = 8p.

• Actual cash to IMM per month ≈ £300k × (Measured Price ÷ 8p).

Assume the share price is constant at 50p over the 20 months due to P140 licensing deal coming with £300m cash and share price stays at cash value.

For IMM and its existing shareholders, a sustained 50p share price under this structure is extraordinarily positive.

Using the simplified 2026 setup we’ve been working with:

• 100m new shares issued to Lanstead at 6p, taking the total from 500m to 600m.

• £6m is pledged into a 20‑month sharing agreement with an 8p benchmark and £300k “baseline” per month if the price is 8p.

Equity value at 50p

• Total market cap at 50p = 600m × 50p = £300m.

• “Old” shareholders’ 500m shares = 500m × 50p = £250m.

So even after the Lanstead dilution, existing holders collectively own around £250m of equity at 50p.

Sharing‑agreement cash at 50p

With the share price at 50p throughout the 20‑month term:

• Price ratio vs benchmark = 50p ÷ 8p = 6.25.

• Monthly cash to IMM = £300k × 6.25 = £1.875m.

• Over 20 months, IMM receives ≈ 20 × £1.875m = £37.5m from the Landstead sharing agreement.

Against the £6m originally pledged, IMM is effectively up about £31.5m on that contract alone.

What this means for IMM

Under my “P140 £300m upfront, 50p share price” scenario:

• Existing shareholders see their stake in IMM worth about £250m at 50p, versus a much smaller value pre‑deal.

• IMM’s treasury is boosted by around £37.5m of cash from the sharing agreement instead of just getting its £6m back.

• The combination of large upfront licensing cash, re‑rated equity, and levered sharing‑agreement inflows means IMM is more than fully funded and can pursue further R&D or deals without needing additional equity raises at low prices

The company can say all it wants about licensing deals, but the threat of a cheap takeover will always be lurking.

Why would a company do a licensing deal for upfront cash, ongoing milestone payments and long term royalties when the company could be taken over for say starting price of 20p?

These two drugs make us a straightforward shoe in for any company needing blockbuster candidates.

Can kicked down the road, but also up the road.

We obviously want the value of P140, and if it’s good enough, nothing stopping an outright takeover of the company.

But we have upfront cash to come from a P140 deal, and nearer ongoing news for the second drug Kapiglucagon.

Market cap according to Tim should be multiples of where we are, and no doubt at some stage it will do that jump.

Into the 5’s and looking dirt cheap

Price about to jump up

I’m more confident now too, they will add value from here with these two candidates.

Maybe this other drug gets them up to 50p trajectory on its own in the next 2 years.Definitely cheap at this price now

Market cap should be many multiples of share price…..there you go.

He said Avion would be part of the P140 partner discussions, they are part of all the discussions on licensing.

He’s just answered my question on Avion.

I like what they’ve said, will definitely be happy now to hold now.

I kind of like what they’re saying here, they seem honest on what they’re saying.

Maybe this new drug adds 50p over the next 2 years on its own.

No, IMM adds the value and then does deal later on. It’s $3b sales market.

They are saying all the right things so far, but I don’t think they get the issue of shares before P140 deal.

What’s important is that the funding uncertainty is out of the way and P140 is efficacious.

The incompetents running the ship hopefully will be overruled by the science.

Unfortunately, today they think they will blind us with this new drug….which they have been working on for the past number of years.

“ Whilst not profiled to the market and shareholders, there has been work done on Kapiglucagon by the scientific team over the last year or so, especially on gaining more pre-clinical data on the technology, with limited resources, hence why Kapiglucagon has been chosen to move forward ”