Next placing1 Apr 2026 10:59
I’ve been thinking about this alot. After clarifying to everyone that a placing would definitely come before any possible deal on P140, I’m looking ahead again with some concern.
So we should assume 100% transparency from IMM and their recent announcement, specifically regarding the purpose of the new funds. Let’s recap …
Pre fund raise and pre inline drug being pulled out the drawer for development, IMM had enough can to survive until Q4. Let’s assume October, so 6 months to live.
They are now hopeful, much more hopeful than me, that they will do a deal in 2026. That suggests by December so they will likely run out of cash.
The new deal is exclusively to fund the new drug, allegedly. One would assume that the fund raise is therefore aligned to the investment required. Based on the current price, and likely trajectory, that £6m fund raise could conceivably produce only £1-3m.
So, in the event that there is no P140 deal soon and the new raise could leave a huge funding hole, what are the options ? I think the new finance guy must be very busy trying to develop plan C (or are we further up the alphabetic ladder). I fear that the next raise, should there be one, will all but wipe out shareholders.
Of course there could be positive updates but the company doesn’t have a particularly strong record of meeting stated objectives.
No advice intended, just my opinion based on the facts that are out in the market. It is certainly food for thought.
OTM - keeping things real