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I’ve never seen a biotech make such a statement! Which is why I’m now in with substantial holding. There’s no walking back from that statement

Company is saying

Massive interest - deal delay is GOOD news (per interview )

No further dilution via placing (per last RNS)

Name me another biotech with this level of confidence

The Company reaffirms it has no intention to raise further funds and will look to further strengthen its cash position as a result of deals with potential commercial partners.

This is not interview optimism.

This is formal corporate guidance – binding, deliberate, and very rare in AIM biotech.

In short: No dilution — value incoming via partnerships.

You don’t make that statement unless you’re confident.

Show me another biotech with that statement in an RNS!

Roger

Interview language = directional guidance and intent

RNS language = binding corporate position

So when the CEO repeatedly spoke about deals progressing and “targeting year-end” in interviews, that was signalling momentum and internal confidence — but without making it legally binding.

Now, in the latest RNS, the company has formally committed to “no more fund raising” — and crucially — they linked that position directly to strengthening cash through commercial partnerships.

That’s the key shift.

Roger - was that stated in RNS?

The Company reaffirms it has no intention to raise further funds and will look to further strengthen its cash position as a result of deals with potential commercial partners.

To leave the door open, they would have used words like “no current plans”, “no near-term intention”, “retain flexibility”, “consider only value-accretive funding”, or linked potential funding to strategic partnerships.

Instead, they said:

“has no intention to raise further funds”

Which is unusually definitive — almost a lock-out phrase.

They have given up optionality, which companies rarely do unless very confident.

True — a partner could take shares as part of a deal, but that’s not the same as dilution for survival.

There’s a huge difference between:

-Discount placings to keep the lights on (value-destructive, weak position)

-Strategic equity issued as part of a commercial deal (value-creating, usually at a premium, backed by upfront cash, milestones, IP validation, and long-term funding)

If a commercial partner wants equity, it’s because the science is valuable — not because IMM is desperate.

That’s exactly what the company is signalling:

Future funding = commercial value, not shareholder dilution.

They would never make that kind of statement — publicly, in writing, in an RNS — unless they were already highly confident they would not need to raise via dilution.

Great opportunity to build a position as I’m 100% deals are in motion.

A company doesn’t go on record saying it has no intention to raise more funds unless it is virtually certain that commercial funding is coming. You wouldn’t make that statement even if the risk of needing to raise was only 1% — because once you say it, there is no going back.

That’s not cautious language. That’s not hopeful language. That’s the language of a company that already knows what’s coming. It signals that dilution is not just unlikely — it’s off the table, because another funding route is already in motion.

In AIM biotech, you only burn the dilution bridge when you’re already standing on the other side of it.

“The Company reaffirms it has no intention to raise further funds and will look to further strengthen its cash position as a result of deals with potential commercial partners.”

This is more than just reassurance — it signals a major shift in stance:

• No further dilution – extremely rare for an AIM-listed pre-revenue biotech.

• Commercial partners (not placings) now seen as the capital source – suggests serious engagement, likely with term sheets on the table.

• If the company is openly stating that partnership deals will increase cash, that strongly implies upfront/licensing income — not trivial research collaborations.

• That statement simply wouldn’t be released unless the board was confident that P140 is commercially valuable and external parties see it too.

The market cap remains stubbornly low and completely disconnected from the scale of the opportunity that P140 presents. This is a first-in-class, disease-modifying autoimmune therapy with a validated mechanism, strong clinical signals, and a clean safety profile — yet IMM is still priced like a speculative microcap with no assets.

The reality is that P140 has platform potential across multiple autoimmune indications, positioning it far beyond a single-shot drug. Even a conservative market penetration in one major indication would justify a valuation many multiples above today’s level.

Right now, the market cap reflects uncertainty — not the science.

The science points to a radically higher valuation.

Roger - why would you come back at 4p when you are saying you don’t believe the ceo?

Are engaged here - as per the RNS. That’s quite significant!!

The market has missed the detail in the RNS, instead focusing on deal slippage.

And not surprised to see this start to flip.

Overreaction due to delay - but all to play for

Rns reads positively - not sure why share has dropped. Opportunity?

The deal at 30p is likely to complete Q126.

The current delta is an opportunity.

Interesting one. Even at 25p, if given the chance to load up, it’s a nice R/R gain (guaranteed) over 3-4 months? For that reason could be higher .

Perhaps 28p more likely ?

Why would shorts close above 30p.

Don’t be silly