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Immunicum: Redeye: Immunicum - Maturing Outlook

Redeye believes Immunicum is making important progress to position
ilixadencel as a relevant combination with standard of care
treatments in several solid cancers. We expect readouts from ongoing
clinical trials to provide a positive news flow in the coming twelve
months. In that timeframe, ilixadencel could be made ready for
partnering. While Covid-19-related disruptions to the ongoing Phase
Ib ILIAD trial is a risk, a minor delay would be manageable, in our
view. With the shares currently trading just north of all-time lows
despite 1) good progress in clinical development and 2) funding for
some 18 months forward, we see a favorable risk-reward at current

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