Member Info for Wigwammer

Hi Dallo, good posts thanks. The nucant cancer programme has quite a long history going back over 10 years. This update is from 2016. Note that N6L is just another name for immupharma’s cancer compound IPP 204106… www.immupharma.co.uk/1420-2/

“Do you think they’ll pay c.6.5% tax every year in future?… because I certainly don’t”… they operate in a low tax jurisdiction. So yes - very possible it stays low indefinitely. Capex is low because they own the assets, and these assets effectively depreciate over a 40+ year time horizon. They don’t need to keep buying new rigs. You also state it will take years and years to pay the debt down - take a look at how much of the debt has been organically paid down over just the last 2 years.. ps I’ve also owned these shares from the 3-4p region and have a decent understanding what is going on

??? Lorenzo - they are targeting usd104m EBITDA at the mid point for 2025. I suspect interest charge may conservatively be in the circa usd20m range. Capex + tax conservatively usd10m. Leaves around usd74m free cash flow. Or on a fully diluted free cash yield of around 30%. On what planet is that not ridiculously good value?

Agree montmuzard. You’re quite a way ahead of me with £1 a share, but I’d obviously be over the moon if that did happen. ATB

It is interesting how no one is really questioning the potential value of the assets, or the science, or the multi billion market potential. ..The funding requirement is tiny - if it exists… £1.3m is around 5% of the current fully diluted market cap of the company. Let that sink in for a second. gLa

Well said pokerchips. It’s amazing how forthright these people are who evidently have very little knowledge. Ho hum - there rests the opportunity. GLA

I have put sharebel on filter. The two company placings he mentions today were done at a 10% and 20% discount respectively. So not “absurdly” low as he states. But it does demonstrate that he talks poorly researched nonsense with the intention of misleading people. GLA

Good post, maidit. Yes running winners is tough - almost as tough as going against the crowd in the first place and buying something unloved… If IMM was a typical start up bleeding £20m per annum to keep things going, I would agree with all the scepticism. But IMM probably need less than £2m to secure a decent runway - that really isn’t much - and they have multiple potential levers to get there which don’t require fresh dilution. GLA

So we can all see the cash burn is very low. £1.3m. But it is also interesting to note that £740k of that £1.3m is director remuneration. These directors have large option packages. From memory, TM has 16 million. So if I were these directors, aware of the potential imminence of a material deal that will result in their large option packages moving into the money, then I would support taking a temporary reduction in income. I would also be pushing heavily for use of alternative means of finance - warrants, upfronts, etc. That’s kind of why these options packages exist - align shareholder and director interests. When you are a small company like immupharma with very low cash burn, and management incentivised to get the shares up through ownership, these things are all on the table. ATB

Nolupus - the cash burn is low because immupharma is effectively an IP company with very few overheads. It has no intention of paying for the work in the clinic, which is why they are looking for partnerships to fund this side of things. For example the partnership with Avion. Will they take up the incanthera warrants? Well at the time of the bridging payment they were well in the money, but not now. I suspect TM will want to do it, but it’s discretionary at this point.

Dear oh dear. What a racket. So many frustrated derampers who can’t understand why the share isn’t dumping. Imm has multiple funding options and very low cash burn. Circa £1.3m pa. If you don’t use a lot of cash, you don’t need a lot of cash. Hope that helps :)

The shares are proving remarkably resilient… market trying to tell the cynics something :)

Easyp - you are also on record here saying you dumped the lot near the lows over Christmas. I respect your ability to make a decision, but…

I think the results were a load of dung, missing their own free cash target by about £60m. The only blessing is the shares had been weak going into the result. As the economics pan out over medium/long term I expect to see a strong recovery, especially from this valuation. But these results were nasty imo

One thing that Tim is probably focusing on is encouraging the warrant holders to consider exercising the warrants sooner rather than later, to everybody’s benefit. The warrant holders would currently have a circa 200% cushion over the 2p exercise price, and importantly, it would avoid the need for any further raise which would dilute the value of their warrants. While they may sell some of their incoming shares, the increased cash in hand would firmly remove any question of imminent raise, and we can see from recent volumes that even a 15%+ position can be absorbed pretty quickly given market interest. But absolutely key - we are only talking about a couple of million quid here. Thats all they need. GLA

One of the most interesting things about Immupharma is the very low cash burn. £1.3m pa. If you do not use a lot of cash, you do not need a lot of cash. Please allow a short moment to allow this important point to sink in. They additionally have potential cash inflows from warrants which would provide another 15-18months runway assuming the price stays above 4p for a few more days, plus increased inflows from the sharing agreement. GLA

Well, it appears to have taken you 20 years to ponder whether dosage is important. I suspect most primary kids could suggest one or two reasons. Deep dive stuff

“There has to be evidence that this is a sure thing..” Hmm. At which point the shares will be at 35p+. The idea is to make the decision while there is still uncertainty built into the price, otherwise you might just as well go and buy some nice 5% gilts

Well done trade Dan. Also, higher dose = longer half life. The longer it’s in the body the greater the chance of effect. Needless to say the sceptics will just repeatedly find another half baked negative to throw at you. Ho him

Why is Peter ignoring the point that the warrants would resolve immupharmas funding runway for another 18 months? Surely he knows that.