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It depends. The big hope is that the imaging business starts to turn a profit that supports further investment in software development (of the IB imaging suite, including Nimble).

IMHO, It's unrealistic to expect IQAI to fund a phase 2 trial and I dont think the figure quoted in previous RNS is realistic. The cost would likely be around $8m, given other Glioblastoma ph2 trials costs that are in the public domain. Funding come from NIH (or other) grants or from a US company who liked the ph1 results. IQAI is likely to have to give away a significant chunk of its rights in any commercial deal, but beggars can't be choosers. They would probably retain a free carry through the remainder if the development while offloading risk. Obviously, the current emvironment makes it difficult to know whether either is possible.

I doubt that any announcements about phase 2 will come to fruition in the next month. They have only just released interim headline ph1 data. There are still 3 candidates at the RP2 dose to treat. These will need to be followed for at least 6 months, according to the ph1 protocol published on clinicaltrials.gov.

Partners are likely to want to review all the raw data before making funding commitments.

I would imagine that the clinical team will tease out more from the full data set, looking for any patterns that might indicate a particular subset of patients were super responders. This can then be used to refine the ph2 design, and of course, can improve the business case going forward.

This trial will garner much more attention one the full results are published in a reputable medical journal. The clinical team have published extensively, and have won academic awards for their work.

Completion is taking an age but they are clearly now on the home stretch. For LTH, some good news could be over the horizon.

You also have to take into account that IB is primarily grant funded. For example, in 2020 the NIH awarded a $2.57m grant over 5 years. This is effectively free funding of IQAI, as the parent co.

Https://virtualtrials.org/newsarticle.cfm?item=8734

I would expect further data to be released as more detailed analysis is done. They PR states that another 3 patients are due to undergo treatment. There will also be the later trialists, all of whom took 2500mg, who may not yet show in the data. It's a sad thought, but overall survival can only be measured upon expiry

You have to remember that IB is a US based organisation. The team running the clinical trial is based in Wisconsin.

It's a small study so we have to be cautious. However, I would say that the increase in overall survival from 20 months to 32 months is very encouraging. It suggests that GaM slows progree of the disease. We also have to consider that this was a dose escalation study. Presumably, the data includes patients on all doses. If treatment is dose dependant, it would suggest that those treated in the final 2500mg cohort should have done even better.

I also anticipate that there may be further news on GaMs potential use prior to radiation therapy given work being undertaken in the lab.

Hopefully, this will stimulate interest from big pharma. Funding further trials would be chickenfeed for them.

FDA approval is probably one event that really would shift the share price in a positive direction

China is restricting the export of certain materials in response to US tariffs. Gadolinium is on the list. This is used in imaging contrast agents. You will recall that IB has published a fair amount of research into minimizing use of such agents. IB zero uses AI to enhance images, eliminating the need alltogether.

Are you sure it wasn't submiited on the 10th and posted on the 25th? Admittedly, its longer than normal to QA,.

Yes. Both Optune and radiation were mentioned.

I just watched the Musella foundation webinar on the EAP. They had a patient who seemes to be undergoing radiation therapy AND taking GaM. This is very interesting if combination tberapy is being used because it mirrors the pre-clinical work that was done in the animal model that showed huge survival benefit. The EAP has the potential to yield far better results of the animal model results using combination treatment are confirmed in latest tests disclosed on the other recent webinar. Al Musella also commented that there will.be a follow-up webinar in May by IB when he expected further results to be announced.

Sentimemt is extremely negative at the moment but this is not uncommin for small pharma. However, this could change very quickly if promising trial results are announced or there is some progress on commercial aspects. Look at IMM after their announcement of the pre-clinical work for p140 in the US. This was onky in animals - IB is working in humans which is a considerable step up.

I think there will be news from the pre-clinical team that comes ahead if the ph1 efficacy measurea. If you watched the recent webinar on Gallium Maltolate then you will probably have picked uo on the testing that showed pre-treatmemt with GaM followed by radiation led to a dramatic increase in tumor damage. Dr. Mona Al Gazawi had just finished testing and it was only a single animal. She disclosed that they were going to repeat the tests "in the spring" to confirm the effect. According to the webcast, 17 rat days is approximately equivalent to 1 humam year. This meams that the additional tests can be done in a relatively shory time. If similar results are obtained then I imagine those on the EAP would likely elect to try the GaM pre-treatment. This would tie in nicely with the phase 1 resuts showing low/no toxicity.

Primary outxome measure is Maximum-tolerated dose.

Secondary outxome measures are (1) progression-free survival and (2) overall survival - both measured at 6 months.

36 patients treated, a fair.number of which will have been on a reasonably high dose. I would expect them to at least be able to detect if it had an affect on at least some patients.

My guess is that they will try to find a US firm to take over the development, while retaining a small nterest in the program as part of any deal. Developing drugs is an extremely expensive business that is fraught with risk. Specialist software development not so much. If they have the "world class" expertise they claim, it should be quite possible to build a niche imaging business.

The answer to that question is contained in note 33 of the 2023 snnual report.

"The rules governing these schemes provide an unconditional right to a refund assuming the gradual settlement of the scheme’s liabilities over time until all members have left the schemes."

According to the 2023 accounts, the defined benefits pension schemes had circa £300m surplus. I assume the company gets access to at least some of that once agreed by the scheme trustees.

At 31 December 2023, the UK definedbenefit pension plan had a surplus of $391.9 million (2022:$432.4 million) and other schemes had deficits totalling $80.1million (2022: $73.2 million

I assume they have agreed a rebate with scheme trustees. On the trading update call, the CEO stated that the clawback has been deferred until after the independent report is completed.

Seems the FT challenged the CFOs qualifications.

TTF' therapy sadly doesn't offer much in the way of survival benefit - maybe a few extra months. Compliance can also be an issue as the device has to be worn almost continuously. It just shows how few treatment options there are for glioblastoma.

Thanks for sharing. I took away a number of points from the video. Firstly, it was mentioned that they have seen evidence of survival rates in excess of historical norms in the phase 1. They have been careful not to mention efficacy in the past but they must be becoming more confident in the treatment effect. Secondly, diet may play a role in the effect of GaM - and they are proposing to examine the effect of a low iron diet in combination with GaM. Thirdly, the animal model has demonstrated that GaM pre-treatment enhances DNA damage to cancer cells in combination with radiation therapy. The animal treated in combination had a quadrupled survival effect. Finally, there is a possibility that this treatment regime could be undertaken in humans in the expanded access cohort.

GaM use in other cancers is also likely to be tested in 2025, subject to grant funding.

Overall, a very positive update.