Member Info for oscar22

---WHAT THE DEAL WILL LOOK LIKE

“A licence deal… licence/access fee, milestones (development and sales) and royalties on sales.”

Classic big-pharma structure: upfront cash (upfront fee), chunky milestones, and a royalty tail tied to multi-billion-disease markets.

Bottom line: Multiple top-tier pharmas are now deep in the weeds because P140 is genuinely different and broad. Management has chosen not to rush, to secure the right partner and the right shape of deal. The destination hasn’t changed — only the date.

Not financial advice. Do your own research. Good luck to all LTHs.

- MASSIVE-PHARMA INTEREST IS REAL

“Very pleasantly surprised at the level of interest…”

“…including being some top 10 global pharma companies, household names that we all know.”

Multiple blue-chip pharmas are engaged — real validation that boosts negotiating power and supports premium terms.

- THE TECH IS THE MAGNET

“It always will come back to the technology… They’re looking for something different and we have something different. It’s as simple as that.”

Demand is for the science/data itself — the setup that attracts top-tier partners and bigger upfronts/milestones.

- PLATFORM, NOT ONE-AND-DONE

“A groundbreaking technology… broadening out across all autoimmune areas, not just one specific.”

This spans “up to 50” diseases (lupus, RA, MS, IBD, etc.). Each major indication is a multi-billion-per-year market — one deal can open many revenue lines.

- WHY THE DATE MOVED: QUALITY DEMAND

“We just underestimated the amount of interest… it multiplies the interactions…”

“It is good news because the reason we’re not going to complete a deal by year-end is… such a high level of interest.”

Timing slipped because many serious parties are diligencing, more thatn originally expected— momentum intact; more bidders means better value and more money for shareholders.

- DON’T RUSH A GREAT DEAL BUT LET'S GET IT DONE "AS SOON AS PRACTICABLE"

“If we’d pushed to try and get it done next month… we probably wouldn’t have got the best shape of deal.”

“Not a good place to be when others sense you’re under pressure to hit a date.”

Removing deadline pressure increases leverage — better terms, stronger partner, more money.

- DEEP, SERIOUS DILIGENCE UNDERWAY

“Discussions… very involved… very complicated science…”

“They get the new mechanism… they get that it’s broad.”

Scientific and commercial deep-dives are active — the right phase before term sheets and pricing. Great things are coming soon.

- PICKING A PARTNER WHO CAN SCALE THIS

“It’s like going into a marriage… you choose your partner very carefully… culture… what’s in their portfolio already.”

Selecting for execution muscle to roll out across multiple diseases — supports larger milestones and sustained royalties.

- MORE THAN ONE PATH TO SIGNING

“Could be a couple of partners with different focus… could be one partner to do the whole lot.”

Single global or multi-partner routes — optionality increases competition and pricing power and this will benefit us.

- CONFIDENCE ON GETTING A DEAL

“Very confident. This is not about confidence of getting a deal; it’s about the timing.”

Direction unchanged — timing reflects volume and corporate processes, there is an enormous amount of interest.

- WHAT THE DEAL WILL LOOK LIKE

“A licence deal… licence/access fee, milestones (development and sales) and royalties on sales.”

Classic bi

Multiple major pharmas (including several top-10s) are actively engaged under confidentiality, digging into the science, technology and commercial terms. The Company has pushed completion into 2026 to secure the best partner and best deal for shareholders, not the fastest signature.

- Why the date moved (and why that’s bullish)

When several blue-chip pharmas engage at once, each runs full internal reviews (science committees, legal/IP, commercial modelling, governance. complex corporate protocols). A short delay now means a bigger cheque to shareholders.

The Company is choosing the best fit and economics over haste—seeking a partner that will scale P140 properly, not just sign quickly.

This isn’t a reset of ambition; it’s a mush bigger queue at the door than first expected so that is amazing news. Building competition increases pricing power and shareholder value.

-Massive multi billion opportunity

P140 aims to “normalize” the immune system and comes with a matching blood test to identify patients most likely to respond. That pairing can make trials faster and markets more efficient.

This is a platform, not a one-off. Major autoimmune diseases—lupus, rheumatoid arthritis, multiple sclerosis, inflammatory bowel disease, thyroid eye disease, etc "up to 50"—are each multi-billion-dollar markets per year on their own. In aggregate, the addressable opportunity runs into the hundreds of billions over time.

- Deal(s) shape

Expect a partner(s) to take the P140 plus the companion blood test, with up-front payment, milestones and royalties, and options to expand into additional diseases over time.

Whether that’s one global partner or a structured split by region or disease will come down to who offers the best execution and value.

- Cash and bargaining power

Cash runway well into Q4-2026 (helped by tax credits, warrant exercises, and higher-than-planned receipts under the completed sharing agreement).

The Company does not intend to raise funds, so it can negotiate from strength rather than need.

-Does the current low market cap hurt the deal?

No. Large pharmas price a partnership off the asset and the precious data we have, not today’s AIM market cap. This is not an acquisition of the whole company; it’s a deal (s) on the program. The share price doesn’t set the value of the science/data.

-Avion (U.S. lupus rights)

My understanding: Avion is actively engaged and supportive. We’re in regular dialogue and they’re cooperating to align U.S. lupus rights with the broader P140 platform so a new partner has clean freedom to operate. No hindrance expected—constructive partner.

-Patience will pay

More top-tier interest = more internal reviews = longer calendar. That is what’s pushing completion into “as soon as practicable in 2026.”

WB: "The stock market is a device for transferring money from the impatient to the patient".

Not financial advice. Do your own research!!

Monteacute, I believe you’re way off. Here’s the reality check for you:

– “Secret room” = data room under a CDA. That’s exactly how real partner talks run. You don’t publish until your IP is staked out and diligence is underway. Normal. Professional.

– No TR-1 doesn’t mean no interest. TR-1s only show when someone crosses a shareholder threshold, for example 3%. Potential partners don’t need to buy equity to negotiate a deal. Lack of a TR-1 tells you nothing.

– The patent is filed (1 Sep 2025). Filing locks the priority date now. Prosecution can be accelerated. Big pharma signs deals on filed patents all the time. Management has said they’re very confident on grant, and the application covers both the P140 “Immunormalizer” approach and the Type-M companion test—long runway guided to 2045.

– This isn’t “back to square one.” P140 carries human safety history including late-stage lupus trials. Management has said they’re not restarting at Phase 1. The new angle is precision immunology: Type-M test to pre-select responders and deploy P140 across multiple autoimmune indications.

– Your sarcasm isn’t analysis. The entire market cycle right now is about precision immunology with strong IP life. That’s exactly how ImmuPharma has positioned P140 and the market is worth billions.

Bottom line: confidentiality plus a filed patent and no TR-1 are exactly what you’d expect during active negotiations—not red flags. Nothing in your post addresses the fundamentals or the path to a deal or deals.

Not financial advice— please always do your own research. Good luck to all long-term holders! Time for a glass of Châteauneuf-du-Pape, cheers!🍷

Lanstead below 3%: why this is good news now — and why the setup, in my opinion, looks bullish for IMM

1. What changed today

* The TR-1 shows Lanstead is now below 3%.

* In plain terms: the main visible supplier of stock has stepped back ahead of potential partner news.

2. Why that will help the share price

* Less selling pressure into positive RNS (Deals) = the price can move more freely on buys.

* Cleaner order book (fewer “who’s dumping?” moments).

* Better optics for big-pharma negotiations (a tidier register of SHs).

3. Cash from Lanstead is nearly fully received (and better than the base case)

Contract

-Monthly cash = £267,857.14 × (Measured Price ÷ 5.0p)

(final month uses £267,857.16)

Estimated monthly receipts (2025 Sharing Agreement)

May (≈2.7p) → £144,642.86

Jun (≈3.2p) → £171,428.57

Jul (≈3.0p) → £160,714.28

Aug (≈1.6p) → £85,714.28

Sep (≈7.0p) → £375,000.00

Oct (≈12.0p) → £642,857.14

Nov (≈12.5p) → £669,642.90 (approx)

Total (May–Nov): ≈ £2,250,000

Check against “par”

Par at the 5.0p benchmark = 6 × £267,857.14 + £267,857.16 = £1,875,000

Lanstead pays more when IMM’s 20-day average share price is above 5p. Early months were below 5p (less cash), but Sep–Nov were well above 5p (extra cash), more than offsetting. Net: ~£2.25m vs £1.875m base — about £375k (+20%) more.

4. Why the broader setup is bullish to me, factual points

* P140 has been reframed as a platform: “first-in-class Immunormalizer” plus a rapid Type-M test to pre-select super-responders; company states potential across up to 50 autoimmune diseases and patent life toward ~2045 (new patent filed Sept-2025).

* Avion’s 2019 U.S. lupus/Lupuzor™ deal relates to the old setup. The “future joint IP will be shared” line does not grant automatic rights over ImmuPharma’s new P140 patent. If Avion wants the upgraded approach, that invites fresh terms — leverage for ImmuPharma.

* Development: build on prior Phase 1/2/3 safety rather than restart at Phase 1.

* Partnering: expect one or more deals by year-end; they report very positive interest.

* Publication timing: Type-M/MoA data are intended for journals in due course; for now, detail is shown to partners under CDA in the data room — standard during live negotiations.

5. Why it’s better Lanstead sold now, not later

* If they had waited to sell into a partner RNS, that supply could have capped the breakout.

* Dropping below 3% beforehand reduces the overhang just as catalysts approach.

* The facility already did its job (about £2.25m in, ~20% above par); with supply lighter, a rerate has a clearer runway.

Bottom line

Overhang reduced, cash is nearly fully banked above plan, and P140 now positioned as a patent-protected, precision autoimmune platform. If a partnership lands, there’s more room for the price to move without Lanstead selling into it.

Not financial advice. This is

1/2

Over 2023–2025, the largest pharma companies have been actively buying or partnering for new medicines because several of their biggest sellers are losing patent protection this decade. As low-cost competitors arrive, those revenues fall away. The answer for Big Pharma is simple: secure new, patent-protected assets now that can power growth well into the 2030s. Autoimmunity has become one of the most in-demand areas — and ImmuPharma’s P140 “Immunormalizer” + Type-M diagnostic squares neatly with what acquirers are paying for.

1) Why the majors are buying now

*Large revenue at risk from patent expiries. As exclusivities end, blockbuster drugs face rapid sales erosion. To keep top-line growth, the majors must backfill with fresh IP that lasts into the 2030s–2040s.

*Plenty of firepower. Big Pharma sits on significant cash and debt capacity — and has explicitly signaled it will deploy that capital on external innovation rather than build everything in-house.

*Strategy in plain view. CEOs have tied recent acquisitions directly to sustaining growth beyond their expiring drugs — not in five years, but now.

2) Why autoimmunity is the shopping aisle of choice

*Chronic, high-need conditions: lupus, IBD (Crohn’s/UC), rheumatoid-style diseases, immune-mediated kidney disorders, and more.

*Multi-indication potential: successful mechanisms often expand across diseases.

*Massive spend: a $100B+ global market for autoimmune therapeutics today, with a multi-billion companion-diagnostic opportunity.

*See below some samples of recent deal flow (2023–2025):

- Merck → Prometheus (IBD platform, Phase 2): $10.8B — precision immunology to drive growth into the 2030s.

- Sanofi → Provention Bio (Type 1 diabetes immune-modulation): ~$2.9B — immune-tolerance franchise with adjacent lupus/celiac biology.

- Amgen → Horizon (autoimmune/immune-mediated products): ~$27.8B — immediate revenue + longer-dated assets.

- Eli Lilly → DICE (oral IL-17 for psoriasis/I&I): ~$2.4B — differentiated oral mechanism.

- Vertex → Alpine Immune Sciences (lupus/autoimmune nephritis): ~$4.9B — instant autoimmune portfolio.

- Eli Lilly → Morphic (oral α4β7 for IBD): ~$3.2B — oral “biologic-like” strategy in UC/CD.

- Biogen → HI-Bio (immune-mediated kidney disease): up to ~$1.8B — targeted rare autoimmunity.

- AbbVie → Capstan (in-vivo CD19 CAR-T concept for autoimmunity): up to ~$2.1B — next-gen immune reset.

What these buyers prioritised:

*Differentiated biology (not “me-too” steroids or broad immunosuppression).

*Precision (biomarkers to select the right patients).

*Multi-indication reach (platforms that travel across diseases).

*Long patent runway (assets that can anchor growth past 2030).

This is not financial advice. Always do your own research.

2/2

3. What ImmuPharma just added to the negotiation

* P140 = “first-in-class Immunormalizer.” The company describes it as restoring immune homeostasis (balance) instead of bluntly suppressing immunity.

* Type-M diagnostic. A simple and rapid test to pre-select “super-responders” — the patients P140 is designed to help most.

* Massive upside. P140 isn’t just Lupuzor™ — it’s the patented platform that includes Lupuzor™ (lupus) and could extend to ~50 autoimmune diseases. Lupuzor™ is only the opening chapter; the real story is just beginning.

* IP runway. A new patent filed Sept-2025 (covering therapeutic + diagnostic) that the company says protects the program to ~2045.

* Safety history. P140 has been through multiple clinical trials (including Phase 3 in lupus) with a safety profile the company consistently underscores.

This is the platform + precision + long-IP profile that has drawn multi-billion price tags in recent autoimmune deals.

4. The Avion agreement — what it does and doesn’t cover

Avion’s 2019 deal gives it exclusive U.S. lupus rights to the old Lupuzor™ setup. The RNS language — “All existing clinical data and any future joint Intellectual Property will be shared…” — refers to joint IP, not every new ImmuPharma patent. The new Sept-2025 patent (P140 Immunormalizer + Type-M diagnostic) was filed by ImmuPharma and is not automatically included. Net: this creates leverage for ImmuPharma to renegotiate if Avion wants access to the upgraded platform.

5. What typical deal terms could look like (based on market norms)

* Upfront license payment.

* Development milestones (e.g., first-patient-in, readouts, filings, approvals).

* Sales milestones at revenue thresholds.

* Tiered royalties on net sales by territory.

* Partner covers clinical development costs.

Recent comps show $1–3B for high-quality clinical-stage autoimmune platforms and $4–11B for Phase 2/3 portfolios with breadth, with $20B+ for full revenue franchises. Final pricing depends on data, indication breadth, IP strength, and competitive interest — all areas P140’s new positioning is designed to address.

6. Why this is just the beginning

* The patent elevates P140 from a single-indication drug to a precision platform that includes Lupuzor™ and could reach ~50 autoimmune diseases.

* Pairing a responder-selection test with a non-suppressive mechanism aligns with what big buyers are prioritizing.

* With long IP life claimed to ~2045 and prior safety exposure, the asset is set up for partner-led late-stage development across multiple indications.

This is not financial advice. Do your own research. (Tech issue so first post is repeated)

1/2

Over 2023–2025, the largest pharma companies have been actively buying or partnering for new medicines because several of their biggest sellers are losing patent protection this decade. As low-cost competitors arrive, those revenues fall away. The answer for Big Pharma is simple: secure new, patent-protected assets now that can power growth well into the 2030s. Autoimmunity has become one of the most in-demand areas — and ImmuPharma’s P140 “Immunormalizer” + Type-M diagnostic squares neatly with what acquirers are paying for.

1) Why the majors are buying now

*Large revenue at risk from patent expiries. As exclusivities end, blockbuster drugs face rapid sales erosion. To keep top-line growth, the majors must backfill with fresh IP that lasts into the 2030s–2040s.

*Plenty of firepower. Big Pharma sits on significant cash and debt capacity — and has explicitly signaled it will deploy that capital on external innovation rather than build everything in-house.

*Strategy in plain view. CEOs have tied recent acquisitions directly to sustaining growth beyond their expiring drugs — not in five years, but now.

2) Why autoimmunity is the shopping aisle of choice

*Chronic, high-need conditions: lupus, IBD (Crohn’s/UC), rheumatoid-style diseases, immune-mediated kidney disorders, and more.

*Multi-indication potential: successful mechanisms often expand across diseases.

*Massive spend: a $100B+ global market for autoimmune therapeutics today, with a multi-billion companion-diagnostic opportunity.

*See below some samples of recent deal flow (2023–2025):

- Merck → Prometheus (IBD platform, Phase 2): $10.8B — precision immunology to drive growth into the 2030s.

- Sanofi → Provention Bio (Type 1 diabetes immune-modulation): ~$2.9B — immune-tolerance franchise with adjacent lupus/celiac biology.

- Amgen → Horizon (autoimmune/immune-mediated products): ~$27.8B — immediate revenue + longer-dated assets.

- Eli Lilly → DICE (oral IL-17 for psoriasis/I&I): ~$2.4B — differentiated oral mechanism.

- Vertex → Alpine Immune Sciences (lupus/autoimmune nephritis): ~$4.9B — instant autoimmune portfolio.

- Eli Lilly → Morphic (oral α4β7 for IBD): ~$3.2B — oral “biologic-like” strategy in UC/CD.

- Biogen → HI-Bio (immune-mediated kidney disease): up to ~$1.8B — targeted rare autoimmunity.

- AbbVie → Capstan (in-vivo CD19 CAR-T concept for autoimmunity): up to ~$2.1B — next-gen immune reset.

What these buyers prioritised:

*Differentiated biology (not “me-too” steroids or broad immunosuppression).

*Precision (biomarkers to select the right patients).

*Multi-indication reach (platforms that travel across diseases).

*Long patent runway (assets that can anchor growth past 2030).

*Massive upside: P140 isn’t just Lupuzor™—it’s the patented platform that includes Lupuzor and could extend to ~50 autoimmune diseases. In other words, Lupuzor is

1/2

A. Avion’s position (per the 28 Nov 2019 RNS)

ImmuPharma signed a Licence and Development Agreement with Avion Pharmaceuticals in November 2019.

The RNS states:

“Avion Pharmaceuticals has licensed the exclusive rights to co-develop, with ImmuPharma, Lupuzor™ and the molecule forigerimod, to allow registration for marketing in the US, Europe and elsewhere and for Avion to commercialise Lupuzor™ for US territories.”

The RNS also states:

“ImmuPharma retains all the rights to commercialise Lupuzor™, outside of the US, either through distribution partnerships or directly by ImmuPharma.”

Avion agreed to fund development:

“Avion will fund the full expected costs of the new Phase III trial up to $25 million.”

ImmuPharma secured economics:

“ImmuPharma will receive milestone payments of up to $70 million… [and] tiered double-digit royalties up to 17 percent according to pre-specified annual US sales targets.”

Scope in the U.S.:

“Avion will commercialise Lupuzor™ exclusively for the US.”

and

“Avion will also have the right to explore clinical development for other auto-immune indications within US territories.”

Critically, the RNS says:

“All existing clinical data and any future JOINT Intellectual Property will be shared between the two parties for their respective regions.”

That wording is specific. It refers to IP that is created JOINTLY between ImmuPharma and Avion in the co-development programme. It does NOT say Avion AUTOMATICALLY owns any and all future IP that ImmuPharma develops independently.

B. ImmuPharma’s new 2025 patent position

ImmuPharma has since publicly described a new patent (filed September 2025) covering P140 as:

“a first-in-class ‘Immunormalizer’ for precision diagnosis and treatment of autoimmune diseases,”

which “could potentially be used to treat up to 50 different autoimmune diseases,”

paired with a precision diagnostic that identifies “Type M”, described as “a new immune endotype that is present across most autoimmune diseases,”

where “Type M prevalence is estimated at up to 80% depending on the indication, with an average of 50% across most prevalent diseases,”

where “a simple and rapid test allows for the identification of this patient group,”

and “Type M patients are ‘super-responders’ to P140,”

under patent protection stated to run “until 2045,”

supported by “7 clinical trials completed demonstrating safety.”

Management has also publicly framed the commercial scale as:

autoimmune diseases affecting hundreds of millions of patients globally,

an autoimmune therapeutics market the company characterises as in the tens of billions to $100B+ PER YEAR,

plus a multi-billion-dollar companion diagnostics opportunity.

This is how ImmuPharma is now positioning P140: not just as a lupus drug, but as a broad autoimmune platform with its own precision diagnostic, responder-selec

2/2

C. Does Avion automatically get that new 2025 patent/platform?

NO!

Avion’s licence is for Lupuzor™ in the U.S. (and related follow-on autoimmune indications in the U.S.), with Avion funding the lupus Phase III up to $25m, and then paying milestones and royalties.

The 2019 RNS clause is very clear:

“All existing clinical data and any future JOINT Intellectual Property will be shared between the two parties for their respective regions.”

This covers IP created JOINTLY in the co-development programme.

ImmuPharma is now saying that, after further internal R&D work, it has filed a new patent around P140 as a first-in-class “Immunormalizer,” linked to the “Type M” diagnostic and “super-responder” concept, with potential use “across up to 50 different autoimmune diseases,” and patent life “until 2045.”

That new patent position is described as ImmuPharma’s OWN INVENTION. It is not automatically assigned to Avion.

For Avion to gain rights to that broader “Immunormalizer + Type M + 50 diseases + 2045 patent” platform in the U.S., Avion would have to negotiate a new agreement with ImmuPharma. That would be a material event and would require a new market announcement, a RNS.

D. Conclusion

Avion has exclusive rights to commercialise Lupuzor™ in the U.S., and agreed to fund the lupus Phase III up to $25m, with milestones and royalties back to ImmuPharma. ImmuPharma retains all Lupuzor™ commercial rights ex-U.S.

The 2019 RNS says: “All existing clinical data and any future joint Intellectual Property will be shared between the two parties for their respective regions.” That refers to IP co-created under the joint Lupuzor™ programme.

In 2025, ImmuPharma says it has filed a new patent covering P140 as “a first-in-class ‘Immunormalizer’” with a precision diagnostic for “Type M” “super-responders,” potentially across “up to 50 different autoimmune diseases,” with patent protection “until 2045,” and “7 clinical trials completed demonstrating safety.”

That new patent/platform is described by ImmuPharma as its own invention. Avion does not automatically own it. Any extension of Avion’s rights to cover that new platform would require a new negotiated deal and a new RNS.

(This is not financial advice. The above is my interpretation of information the company has publicly stated in RNS announcements and interviews. Always do your own research)

1/4

P140 vs Lupuzor™ explained with Formula One 🏁🏎️🏎️ (AS I EXPLAINED TO MY DAD. HOPEFULLY EASY TO UNDERSTAND 😄)

1. P140 = THE WHOLE FORMULA ONE CHAMPIONSHIP 🌍🏆👑💼🎟️

Think of P140 (the new patented version ImmuPharma just filed in Sept 2025) as the entire Formula One championship 🏁🏁.

That means: all the tracks, all the races, all the rules, all the timing systems, all the VIP access 🎟️🅿️💼. Everything. 🧠

ImmuPharma is saying this new P140 platform:

is a “first-in-class ‘Immunormalizer’ for precision diagnosis and treatment of autoimmune diseases,” ⭐🏎️

“could potentially be used to treat up to 50 different autoimmune diseases,” 🌍🔁

is linked to a test that finds “Type M, a new immune endotype that is present across most autoimmune diseases,” 🧬🕵️

where “Type M prevalence is estimated at up to 80% depending on the indication, with an average of 50% across most prevalent diseases,” 📊📈

with “a simple and rapid test” to pick those patients, 🧪⚡

and “Type M patients are ‘super-responders’ to P140,” 🚀🔥

with patent protection stated to last “until 2045,” 🔒📜⏳

and “7 clinical trials completed demonstrating safety.” ✅🏥🔍

That is HUGE. ImmuPharma is literally saying: “We’ve built a system that can be rolled out across a lot of different autoimmune diseases — not just lupus, potentially dozens more (think lupus, rheumatoid-style arthritis-type disease, CIDP-type nerve inflammation, etc.).” 🌡️🧠💪

And they’re talking about markets worth tens of billions of dollars per year 💸💸💸, hundreds of millions of patients worldwide 🌍👥👥👥, plus a multi-billion companion diagnostic market. 💰🧪📊

📌 So: P140 (new patent) = the whole F1 world championship with up to 50 races. 🏁🌍🏎️🏎️🏎️

2. “Type M” = YOUR ELITE DRIVER CLASS 🏎️🔥🥇👨‍✈️👩‍✈️

ImmuPharma says it has discovered “Type M,” “a new immune endotype that is present across most autoimmune diseases.” 🧬🌡️

They say:

“Type M prevalence is estimated at up to 80% depending on the indication, with an average of 50% across most prevalent diseases.” 📊📈

“A simple and rapid test allows for the identification of this patient group.” 🧪⚡🎯

“Type M patients are ‘super-responders’ to P140.” 🚀🔥🏆

In Formula One terms:

“Type M” are your best drivers. The ones who are guaranteed to win. 🥇🏎️💨👑

ImmuPharma is saying: we can TEST patients first 🧪✅, FIND the best responders (“super-responders”) 🎯🔥, and ONLY put those into the race. 🏎️🏎️🏎️

That means faster trials ⏱️, cleaner data 📄✨, higher chance of success ✅💯

and a huge commercial edge because you’re only treating the people who respond best. 💼💰🎯

No o

2/4

3. Lupuzor™ in U.S. lupus = ONE SINGLE GRAND PRIX 🇺🇸🎫🏎️💵

Back in 2019, ImmuPharma signed a deal with Avion Pharmaceuticals. The RNS says:

“Avion Pharmaceuticals has licensed the exclusive rights to co-develop, with ImmuPharma, Lupuzor™… and for Avion to commercialise Lupuzor™ for US territories.” 🇺🇸🤝

🏁 F1 translation:

Avion didn’t buy Formula One. Avion got the right to run/promote ONE race: the U.S. Grand Prix 🇺🇸🏎️ — which = Lupuzor™ for lupus in the United States only.

They also agreed to PAY for that race:

“Avion will fund the full expected costs of the new Phase III trial up to $25 million.” 💸💸💸

So Avion is basically paying to run the U.S. Grand Prix (the U.S. lupus Phase III) 🏦⛽.

What happens if that race is successful and the car wins (drug is approved in the U.S.)? 🏆

The RNS says:

“ImmuPharma will receive milestone payments of up to $70 million… and tiered double-digit royalties up to 17 percent.” 💰📈🎯

So:

* Avion sells Lupuzor™ in the U.S. 🏪🇺🇸

* ImmuPharma still gets PAID on that (milestones + up to 17% royalties) 💵💵💵

Very important line in the same RNS:

“ImmuPharma retains all the rights to commercialise Lupuzor™, outside of the US, either through distribution partnerships or directly by ImmuPharma.” 🌍🔐

👉 That means:

Outside the USA = still ImmuPharma’s show 🌍🎤

Inside the USA = Avion runs the lupus race 🇺🇸🏁

📌 So super simple:

Avion controls ONE Grand Prix = U.S. lupus race only 🇺🇸🏎️

P140 (new patent, 2025) is the WHOLE CHAMPIONSHIP = up to 50 races worldwide 🌍🏆🔥

Avion does NOT automatically get every other race, every other track, every other country, or all future upgrades just because they have that U.S. lupus race. They got one VIP paddock pass 🎟️ — not ownership of Formula One 🏆🌍.

(This is not financial advice. The above is my interpretation of information the company has publicly stated in RNS announcements and interviews. Always do your own research)

3/4

4. OLD TRACK vs NEW TRACK 🏟️🔁🏎️💥

This is key, and this is where people on the boards keep getting confused. ⚠️😅

The Avion deal in 2019 was agreed on the old track:

• Lupuzor™ in lupus 🧬

• old Phase III design 📝

• before the new patent 📄

• before the “Type M” super-responder test 🧪

• before the “Immunormalizer” story 🛠️

• before the 2045 patent life position 📆🔒

Since then, ImmuPharma says it has upgraded the entire platform:

• now calling P140 a “first-in-class ‘Immunormalizer’,” 🏆

• saying it “could potentially be used to treat up to 50 different autoimmune diseases,” 🌍

• bringing in the “Type M” test to pre-select “super-responders,” 🧪🚀

• and stating patent protection “until 2045.” ⏳🔐

💡 Formula One analogy 🏁:

• The old track = the original U.S. lupus race plan Avion licensed in 2019 🇺🇸🏎️

• The new track = the upgraded 2025 version:

* resurfaced 🛠️

* faster ⚡

* safer 🩺

* way more sponsor value 💸

* global rights across potentially up to 50 autoimmune races 🌍🏆

* long-term rights to 2045 📆🔒

* and with a built-in system to ONLY let the best drivers on the grid (“Type M” = “super-responders”) 🥇🏎️🔥

🔥 Important point:

If Avion wants to STOP racing on the old track and instead race on the NEW upgraded track — the one ImmuPharma now says could apply across “up to 50 different autoimmune diseases,” with “a simple and rapid test,” “super-responders,” patent life “until 2045,” etc. — that is NOT automatic. 🚫❌

Why? Because the 2019 RNS says:

“All existing clinical data and any future JOINT Intellectual Property will be shared between the two parties for their respective regions.” 📄🤝

That wording is about future joint Intellectual Property 🧠🖊️.

It does NOT say Avion automatically gets every new patent ImmuPharma files on its own later. 🚫📜

ImmuPharma is openly saying this new patent is their breakthrough 💡🚀.

That means: new track = new terms 💼💰.

So if Avion now wants to run the new improved U.S. lupus Grand Prix 🇺🇸🏁 on the new track (better odds of success in Phase III because you pick “super-responders,” better safety profile, potentially much higher long-term value)… they’d have to come back to the table and agree upgraded commercial terms with ImmuPharma. 📝🤝💷

That’s a fresh deal. That kind of deal would need to be RNS’d 📢.

In plain English:

Avion: “We paid to run Miami GP 🇺🇸 back in 2019 in the OLD TRACK.”

ImmuPharma in 2025: “Cool 😎. Formula One has changed 🏁. We rebuilt the track 🛠️, we found elite drivers 🥇, we locked the rights to 2045 ⏳🔒, and now this championship could be 50 races across autoimmunity 🌍🔥, not just lupus. If you want THIS version, you MUST PAY like

4/4

5. Why this is bullish for SHAREHOLDERS 📈💰💰

• ImmuPharma is not acting like a one-drug minnow. They are now talking about:

- a patented platform 🧠📜

- a responder-selection diagnostic (“a simple and rapid test”) 🧪⚡

- “Type M” “super-responders” 🏎️🥇

- “up to 50 different autoimmune diseases” 🌍🩺

- “7 clinical trials completed demonstrating safety” ✅🧬

- patent protection “until 2045” ⏳🔒

- in markets they describe as tens of billions per year in autoimmune therapy spend 💸🌍 plus a multi-billion diagnostics opportunity 🧪💰

• Avion does NOT automatically own that global championship. ❌🌍

They only have rights to run the U.S. lupus race 🇺🇸🏁 (Lupuzor™ in lupus in the U.S.) under the 2019 terms.

• If they want the upgraded P140 championship (the new track, new timing system, better odds, more money) — they come back and negotiate 🤝💼.

That would be a new deal (One of the "deals")

New deal = new value 💷💰💷💰💷💰💷💰💷💰.

💥 IN CONCLUSION:

P140 today is being sold by ImmuPharma as the whole Formula One championship 🏁🏆 — a patented “Immunormalizer” + “Type M” super-responder test, potentially across up to 50 autoimmune diseases 🌍🩺, with patent life to 2045 ⏳🔐, and “7 clinical trials completed demonstrating safety” ✅ — in markets worth tens of billions per year 💸🌍 plus a multi-billion companion diagnostic opportunity 🧪💰.

Avion only has the right to run one race 🇺🇸 (U.S. lupus = Lupuzor™) under the old 2019 deal 📝.

If Avion now wants to upgrade and race on the new, safer, faster, more valuable track — the 2025 P140 platform 🏎️💨 — they’ll need to sit back down with ImmuPharma and pay for it 💼💸🔥💰💰💰💰💰💰💰💰.

Why hasn’t Avion started (or pushed ahead with) the old Phase III yet? Simple: why would they spend $25M to run the old U.S. lupus race on the 2019 track 🏁 when ImmuPharma has now rebuilt the circuit in 2025 (they must have known it was being rebuilt) — faster, safer, “Type M” super-responders only, patent to 2045, potentially tens of billions per year market 🌍💰 — which massively improves the odds of approval and long-term sales? You don’t pour money into the outdated track when the new track all but guarantees a better win 🏎️💨✅.

(This is not financial advice. The above is my interpretation of information the company has publicly stated in RNS announcements and interviews. Always do your own research)

1/3

ImmuPharma has confirmed that the CEO (Tim McCarthy), COO (Dr Tim Franklin) and CSO (Dr Sebastien Goudreau) will attend BIO-Europe in Vienna, 3–5 November 2025. The RNS describes BIO-Europe Vienna 2025 as “the 31st annual premier biopharma partnering event,” bringing together “over 5,700 life science professionals from more than 3,000 companies across 60+ countries,” and “facilitating more than 30,000 one-to-one meetings.” This is the number one European forum for biotech–pharma licensing meetings.

This is not a signal of delay. This is a positioning move to maximise valuation, competitive tension, and speed on deal execution.

1. This step fits exactly with what the company has already told investors

From ImmuPharma’s own website:

“It remains our stated objective of completing a deal by the end of 2025.”

“We are engaging with a number of potential partners across the pharmaceutical industry and receive strong interest in our P140 platform.”

“Significant positive sentiment has been received from prospective partners following the filing of our new patent.”

“The Company has a cash runway into H2 2026.”

“The Board has no intention to raise further funds.”

So the official position is:

Cash runway into H2 2026.

“No intention to raise further funds.”

Active engagement with “a number of potential partners.”

A stated objective to “complete a deal by the end of 2025.”

Sending all three senior figures (CEO / COO / CSO) to BIO-Europe is perfectly aligned with that timeline. You don’t send the CEO, COO and CSO unless you are in serious commercial discussions and intend to drive them forward face to face.

NO FINANCIAL ADVICE. DO YOUR OWN RESEARCH — ESPECIALLY IF YOU’RE IGNORANT OF THE FACTS AND JUST KEEP POSTING NONSENSE NOISE.

2/3

2. What they are selling in those rooms

The company is taking to Vienna a high-value story that is already written, on record, and protected:

* P140 is described as “a first-in-class ‘Immunormalizer’ for precision diagnosis and treatment of autoimmune diseases.”

* The same technology “could potentially be used to treat up to 50 different autoimmune diseases.”

* P140 is paired with a precision diagnostic that identifies “Type M”, “a new immune endotype that is present across most autoimmune diseases.”

* “Type M prevalence is estimated at up to 80% depending on the indication, with an average of 50% across most prevalent diseases.”

* “A simple and rapid test allows for the identification of this patient group.”

* “Type M patients are ‘super-responders’ to P140.”

* Patent protection on this platform is stated as running “until 2045.”

* “7 clinical trials completed demonstrating safety.”

That is: a protected, late-stage-ready therapeutic + diagnostic platform, with very broad reach.

The website also frames the market scale directly:

* Autoimmune disease is described as a massive global space, with around 400 million patients.

* The total autoimmune treatment market is described in the interviews as being worth on the order of hundreds of billions of dollars per year.

* The companion diagnostics market alongside it is described as being worth billions of dollars per year on its own.

A precision platform that can select the right patients (“super-responders”), across many autoimmune diseases, in a market measured in the hundreds of billions per year for therapy and billions for diagnostics, with patent life to 2045, is exactly the sort of profile large pharma pays up for.

And ImmuPharma is not walking in with only one asset. The site highlights:

* BioAMB (antifungal), positioned against life-threatening invasive fungal infections where standard amphotericin B is limited by toxicity.

* BioCIN (antibacterial), a next-generation IV antibiotic designed for serious resistant infections, with a simplified 30-minute infusion profile.

In other words, ImmuPharma is not just saying “partner our lupus drug.” They are saying: we have a patented autoimmune platform that can be deployed across potentially up to 50 autoimmune diseases in a market worth hundreds of billions per year, plus a diagnostic play worth billions per year, plus two anti-infective programs in areas of urgent global medical and commercial demand. This is the profile of a future multi-asset licensing company, not a one-product microcap.

NO FINANCIAL ADVICE. DO YOUR OWN RESEARCH — READ AND STOP EMBARRASSING YOURSELF.

3/3

3. Why this strengthens negotiating leverage

ImmuPharma goes into BIO-Europe with four very strong public levers already stated on its own site:

“It remains our stated objective of completing a deal by the end of 2025.”

→ They are clearly signalling a near-term transaction window.

“Significant positive sentiment has been received from prospective partners following the filing of our new patent.”

→ They are telling the market that serious partners are already interested now that the patent has been filed.

“The Company has a cash runway into H2 2026.”

→ They are not a forced seller. They can negotiate.

“The Board has no intention to raise further funds.”

→ They are signalling to potential partners: access to P140 and the Type M diagnostic will not be given away cheaply because we are not under funding pressure.

Now put that in the BIO-Europe setting, which the RNS calls “the leading life science partnering forum in Europe,” with “more than 30,000 one-to-one meetings.” This is where senior pharma business development teams go shopping for the next billion-class assets. ImmuPharma will be sitting across the table with:

A first-in-class “Immunormalizer.”

A newly defined patient class (“Type M”) where “Type M prevalence is estimated at up to 80% depending on the indication, with an average of 50% across most prevalent diseases.”

A rapid test for identifying the “super-responders.”

A patent estate “until 2045.”

“7 clinical trials completed demonstrating safety.”

A pipeline beyond P140 (BioAMB, BioCIN).

That is the profile of a future blockbuster franchise, not a typical AIM biotech. And it is being shown to the entire global buyer universe, not just one suitor.

4. The positioning analogy

You have already had serious interest from multiple high-value potential partners. You’ve both said privately, “this could work.”

Now you step — on your own — into the biggest industry event of the year, with every other serious buyer in the same building, and you present yourself as:

protected to 2045,

first-in-class “Immunormalizer,”

potentially applicable in “up to 50 different autoimmune diseases,”

with a diagnostic that can identify “super-responders” who can be treated precisely,

plus additional anti-infective assets,

plus “a cash runway into H2 2026,”

plus “no intention to raise further funds,”

plus a stated goal: “It remains our stated objective of completing a deal by the end of 2025.”

That is a clever strategy.

Instead of hiding in one exclusive negotiation and letting one counterparty dictate terms, ImmuPharma is walking onto the main stage where every major pharma and biotech dealmaker is already in the room, and making sure they all understand what is on offer: a patented autoimmune platform with mass-market scale and diagnostic-driven precision. That increases competitive tension,

I just rewatched the video previously circulated by immupharma to shareholders: https://www.youtube.com/watch?v=FQj_DNQEBeo

THE CHART VIEW (JUSTIN – BREAKOUT CAPITAL VENTURES)

Big patent-news spike → normal pullback → buyers returning.

KEY TRIGGER = A CLEAN BREAK ABOVE 17–18P.

First target zone after that: 26.6–31.6p.

On his alternative mapping, if momentum and news align, a stretch to ~56.4p and potentially ~70–80p is on the table.

THE FUNDAMENTALS (ALAN GREEN)

P140 + DIAGNOSTIC = PRECISION MEDICINE. P140 is positioned as the first “immuno-normalizer,” with a test to select Type-M responders.

PATENT FILED (EARLY SEPTEMBER) — standard c.20-year commercial life once approved; strengthens partnering leverage.

APPLICABLE ACROSS MANY AUTOIMMUNE DISEASES (discussed as up to ~50). The autoimmune market is ~$100 BILLION PER YEAR.

Team strengthened (new CSO and Head of R&D).

MANAGEMENT HAVE SAID THEY’RE NOT RAISING; focus is on partnering / potential M&A if execution continues.

SIMILAR STORIES ON NASDAQ OFTEN TRADE AT THREE TO FOUR TIMES U.K. VALUATIONS.

WHY TODAY’S MOVE FITS THE BULL CASE

Patent + precision-diagnostic story gives real negotiating power with partners.

Price strength into the 17–18p resistance is consistent with a pre-break build.

At todays valuation, the market value is still well under £100m versus a $100 BILLION (PER YEAR) end-market and fresh IP.

WHAT COULD UNLOCK THE NEXT LEG

Decisive break and hold above 17–18p (technical trigger).

Partnering RNS with upfront and milestones (Including Heads/Term Sheet signed)

Trial design that embeds the Type-M diagnostic, reinforcing the precision thesis.

BOTTOM LINE

At today's price, we still have a small-cap price against a patent-backed precision opportunity in a very large market. If 17–18p breaks and a partner lands, the podcast’s higher targets become realistic (over 70–80p).

This is not financial advice. Please do your own research, watch the video, and draw your own conclusions. Wishing a positive weekend to all positive LTHs.

Who he is?

* Career: Ex-J.P. Morgan; global Pharma & Healthcare analyst at Insight; 20+ years at EdenTree running UK & global equity income funds with consistent upper-quartile performance.

* Credentials: CFA Charterholder; MSc (LSE), MSc (KCL), BA (QMUL).

* Role: Independent Non-Executive Director (NED), appointed with immediate effect.

* Why IMM says they hired him: “Ketan’s appointment… brings a unique perspective to the Board, as we concentrate on future strategic partnerships and commercial deals…” In addition, “his investment management experience will greatly assist us in expanding our institutional shareholder base.”

* Patel on joining: “After nearly three decades of investing in mid and small cap UK companies with a focus on healthcare and life science, I am delighted to be joining… at this pivotal stage ... to contributing to the future success of the business.”

Why he matters now?

* Institutional access → stronger register. A seasoned buy-side professional who knows how institutions evaluate emerging biopharma; helps broaden/upgrade the shareholder base ahead of partnering or strategic outcomes.

* Valuation credibility. Brings probability-adjusted NPV, comps, and scarcity-value frameworks that support truer price discovery for IMM’s patent + diagnostic + partnering option value.

* Deal discipline. Improves Board firepower on upfronts/milestones/royalties, co-dev cost sharing, and field-of-use carve-outs, keeping the process competitive if multiple suitors are active.

* Partner optics. Strengthens governance and execution perception for large-cap counterparties.

Direct alignment with management’s focus (quotes from recent interviews)

* Deal timing: “Shareholders should certainly expect a deal or deals in the plural between now and year end. And frankly, those deals could happen at any time between now and year end.”

* Patent as catalyst: “This is the trigger… On filing, they came back to the table to dive deeply into this.”

* Inbound interest: “I’ve been pleasantly surprised by the very, very positive response and reactions…”

* No placing: “The cash… is not an issue… We do not need to worry about cash right through into the second half of next year.” / “The ongoing requirement for cash will be met through commercial deals (upfronts/milestones/royalties).”

Why this should help the share price?

* Stabilises the SH register (more patient capital from institutional investors, tighter spreads, less noise).

* Supports fair value discovery on a $100B+ autoimmune drugs market plus multi-billion diagnostics optionality.

* Strengthens negotiation leverage (better terms, parallel tracks).

* Signals maturity to prospective partners and institutions.

Bottom line

Patel’s appointment is on-strategy and on-time: deep City credibility, institutional know-how, and deal discipline—exactly what you want as IMM leans into “deals between now and year end”

Further to my previous post regarding the recent interview, Tim also highlighted some additional key technical aspects of ImmuPharma's lead clinical asset, P140, which are poised to transform the treatment landscape for autoimmune diseases:

6. Groundbreaking Immune System Balance:

P140 uniquely restores balance to the immune system, avoiding the common side effects of suppression found in other autoimmune therapies. This approach not only treats symptoms but addresses the underlying immune imbalance, which differentiates it from current treatments.

7. Ease of Manufacture and Cost-Effectiveness:

As a peptide-based therapy, P140 is simpler and cheaper to manufacture than its competitors. It is administered through subcutaneous injections, simplifying the treatment process and reducing costs, which maximises potential profits for ImmuPharma.

8. Potential for High Commercial Value:

P140’s innovative mechanism, coupled with the development of corresponding diagnostic tools, presents a comprehensive treatment package. This could potentially tap into a multi-billion dollar market, especially with the planned new patents to secure a 20-year commercial protection.

9. Specific Immune System Targeting:

The precise targeting mechanism of P140 reduces unnecessary immune suppression, with no side effects and focusing on immune balance restoration. This specificity in action is poised to set a new standard in autoimmune treatment efficacy.

10. Commercial Longevity Through Patents:

Securing new patents based on the latest groundbreaking findings will ensure commercial exclusivity, protecting ImmuPharma’s innovations and extending market competitiveness.

11. Expanding Diagnostic Capabilities:

ImmuPharma is pioneering the development of diagnostic tools that will dramatically improve the identification and management of autoimmune diseases. These tools aim to revolutionise diagnostics in the field, providing earlier and more accurate diagnoses which can guide more effective treatment plans.

12. Innovative Diagnostic Tools:

The new diagnostic advancements ImmuPharma is working on are expected to set new medical standards, as there are currently no definitive tools for diagnosing autoimmune diseases. This development could significantly enhance the precision of medical diagnoses across the board.

13. Enhanced Patient Management:

With improved diagnostic capabilities, physicians can better determine and tailor treatments to the specific autoimmune conditions of their patients, improving the overall efficacy of therapies and patient health outcomes.

This information is provided for general informational purposes only and should not be considered as investment advice.