Member Info for Wigwammer

So the cash burn figure is more like £1.3m pa, not the £3m you stated. And you were encouraging holders to sell Imm at 0.9p earlier this year and it has consequently doubled.. Thanks for confirming.

Were you using your head when you encouraged imm holders to sell at 0.9p earlier this year?

From 2023 accounts : Net cash used in op activities £1.36m, and I believe this figure included the cost of the PK study, which will not repeat this year.

Got a feeling one of our larger PI’s bit the bullet yesterday and sold… Good luck with whatever you do with the receipts.. :)

It is a stocking order. We cannot know how many units will be sold on an ongoing basis by Watson, because not a single unit has been sold in their outlets yet. We also do not know how many other products Watson introduces each year, and how much attention this one is going to get relative to the others. I very much hope that incanthera is successful and the value of Immupharmas warrants rise, providing a growing and liquid asset should Immupharma require further cash. But how you combine spectacular performance at incanthera with heavy dilution at immupharma is probably a logic only you can follow..

Imm have a decent cash runway now, particularly when one adds in the ongoing inflows from the Lanstead agreement plus the £1.4m from imcanthera. I do hope they can offload the rest of the incanthera exposure around the current levels though, raising another £1m+. The incenthera numbers touted sound impressive, but there is a big difference between a one off stocking order, and ongoing sales, and I suspect most incathera pi’s don’t quite understand that yet. Fingers crossed the incanthera price doesn’t get pummelled in the process..

“kinda”.. lol.. yes it is kinda telling that posts which criticise tim and the company are more popular at the minute, even if they are bat**** stupid… atb :)

Dallo - I kind of see your point, but I also agree with Poker - it wasn’t that long ago that the results were published with the suggestion that the trial and funding is continuing as previously suggested. As stated before, for whatever reason - the apparent lull in news activity appears typical for this stage in the trial process - see 2015/16 for proof. ATB

“not gonna waste any more time arguing the point”… yes please don’t. i’m quite sure you’ll get the same two tick ups from the same two dullards each time, which really says jack ****e about the sense of your point. in the event tim does find some good news to tell, we can revisit whether he was likely motivated by general devotion to shareholders, or because he has 16.1m share options in the bag.. atb

Dallo - we did also get the nice RNS about realising cash from the sale of the incanthera stake in early June. Forgot that one! ATB

Hmm. And how do you think the typical institutional investor gets onboard a £10m market valued company? Open market purchases perhaps?! …The typical institutional investor cannot buy a meaningful position in a such a small company because there simply isn’t the liquidity. It is possible they could buy a block off Lanstead, but given the company isn’t currently looking for cash there is little reason to believe institutions are even aware of the story. All the more opportunity for PI’s… The most likely route longer term would typically be to buy a block in a cash raise, but as stated - immupharma doesn’t currently need funds so this can happen at a time and price that suits the company. Given the entire management team have material skin in the game via attractive options packages, I imagine material dilution is something they will try to avoid, at least until the shares have materially recovered. ATB

In fairness Pokerchips, there hasn’t been a funding issue. They have achieved funding through the pre existing Lanstead deal and the non dilutive sale of assets.

Nolupus - Yes, I imagine no institutional investors have declared an investment in immupharma because no institutional investors have a notifiable interest in immupharma. Having worked in the industry, it doesn’t bother me in the least. Hope that helps.

Dallo - agree it would be great to see more regular updates. But there is a precedent - around 10 months silence post Orion being given the first phase 3 contract in 2015/16, and around 18 months silence prior to Tim announcing the AS Watson partnership at incanthera. In both cases, it was worth the wait… If Lanstead were not mechanically selling and putting pressure on the price, I wonder if people would be so concerned about the lack of updates. We had an RNS in December, March, April, the results in June… it hasn’t been radio silence… Perhaps the better way to look at the Lanstead selling and general news impatience is as an opportunity - the shares wouldn’t be at 2p without it… ATB

Nolupus - no idea what are you are talking about, but interesting that you believe it is about you - not everything is….. And in the main, the stock market has been very good to me. This is the main reason i retired in my 30’s after working as a senior FM for two of the largest City institutions. I learnt there are some people in life who make decisions and show conviction, and others who just talk a lot… ATB

Dallo - a large part of the weakness is likely to be Lanstead mechanically offloading shares to help fund the immupharma agreement. With no disrespect to them, this is objectively dumb money. Some will follow the dumb money out because they believe it is telling them something… Others will look at the valuation of immupharma, estimate the probability of positive newsflow across multiple fronts, and make a market with it… ATB

“but what you are basically looking at, and Avion are doing the same ..is deciding what the probability of success is…” … at this stage you are looking at the probability of multiple triggers that could drive the shares, prior to looking at the probability of trial success.. 1) the probability of Orion reporting and initiating the trial plan.. 2) confirmation of Avion funding.. 3) partnership announcement confirming the funding of the CIDP trial 4) partnership announcement relating to row marketing rights for lupuzor, and so on… Positive news on any of these fronts could lead to a multiplication of the shares from this level, as we saw during the first phase 3 where the shares nearly ten bagged off the lows prior to the result being announced. But there will be some here who simply repeat the mistake they made last time - wait for confirmation of the more predictable things mentioned above, purchase the shares at a much higher level than now, and play the biggest risk of all - trial success. I know of one big time cynic here who did exactly that and bought at 150p, now sitting on a 98%+ loss, and by the sounds of it will do similar this time. Little wonder he doesn’t like talking about his trades.. :)

Lolly - The options are part of Tim’s remuneration package, which has been put at risk dependent on the performance of the shares. With 16.1m share options he evidently has highly material “skin in the game”… This really is bleedin’ obvious, but there is a contingent of total absurdity on this board that won’t see it (at least until after the shares have recovered…) ATB

Lolly - 16.1m options is certainly skin in the game, contrary to what nolupus suggested. If you want to have a separate notion of “real skin in the game” that involves buying the shares with your own cash, then that’s nice but it doesn’t help nolupus much. ATB

Nolupus,

You stated that Tim does not have much skin in the game. But the fact is he has 16.1m options in immupharma. Whether or not you made the error because you didn’t know about the 16.1m options or because you are simply absurd is neither here nor there. Your point is simply highly misleading…. As for “grey areas being clarified” - the whole driver of profitable investment is making correct decisions under conditions of uncertainty. By the time your grey areas are clarified the shares will already have multiplied… Dont you remember - this is exactly why you bought the shares at 150p last time round? Whoops… :)

Tim evidently has highly material “skin in the game” when it comes to immupharma. He has over 16m options representing nearly 4% of the equity. It is simply daft and misleading to suggest otherwise. The accurate part of the suggestion was that people with “skin in the game” are motivated to make the company more valuable, and that is true whether the company is called incanthera or immupharma… ATB