Immutep Limited

No revenue, EPS, gross margin, or year-over-year financial figures were reported in this Q&A-only call. On guidance, management said the upcoming ICS assessment will evaluate all 63 patients from baseline through dosing and then look at durability of response, while CANVAS is targeting up to 120 sites in the protocol, about 80 clinical centers, and roughly 50 targeted centers. They also said recruitment can vary materially by center and country, with some sites expected to enroll from about half a patient to about one patient per clinical center per month.

Matthew Lehman framed the recent increase in U.S. trading activity as a sign that the company’s story is getting broader attention, especially as immune therapy has gained traction in both the scientific and financial communities. He emphasized that Prima is spending more time in the U.S. introducing itself to investors and sees growing interest on both the Australian and U.S. exchanges. On communications, he said the company wants to get its message out, but not overdo it; they prefer to release news through the proper channels and stay balanced.

Marc Voigt said the company holds significant euro and U.S. dollar balances, which provide a buffer against Australian dollar weakness. He added that Prima uses hedging contracts based on projected ongoing operations and believes that approach is reasonable given FX risk. He also noted that most clinical operations run in Europe and the United States, so the currency mix leaves the company in a comparatively good position.

The main clinical question was what the ICS test results might show versus last year’s limited snapshot. Sharron Gargosky answered that this time the company is focusing on baseline-to-dosing changes across all 63 patients, with durability of response as a secondary question. Another question asked why NASDAQ trading volume had increased; Lehman attributed it to more U.S. outreach, a stronger biotech backdrop, and rising attention on immune therapy. Investors also asked about media strategy and recruitment capacity, and management said it would stay conservative on publicity while targeting large, high-referral centers for the CANVAS trial.