Immutep Limited

No revenue, EPS, gross margin, or other hard financial results were reported in this Q&A-only transcript. Management did discuss cash-related foreign exchange exposure: Marc Voigt said the company holds significant euro and U.S. dollar balances, and reported a foreign exchange gain of about $1.4 million to $1.5 million in the report. On guidance, management said the ICS work is now focused on baseline-through-dosing immune profiles across all 63 patients, and CANVAS is being planned with up to 120 patients, about 80 targeted centers, and roughly 50 core clinical centers; recruitment may range from half a patient to one patient per center per month depending on the site.

Matthew Lehman’s tone was upbeat but measured. He emphasized that the company is spending more time in the U.S. educating investors, that the story around immune therapy is resonating, and that the recent increase in trading activity is a positive sign of growing interest on both the Australian and U.S. exchanges. On publicity and messaging, he said Prima wants to get its story out, but also does not want to over-communicate or get ahead of the clinical data.

Marc Voigt addressed foreign exchange and liquidity positioning. He said Prima holds significant euro and U.S. dollar balances, which helps buffer the weaker Australian dollar, and that the company has hedging contracts based on projected ongoing operations. He also said this currency mix is favorable because most clinical operations run in Europe and the United States, reducing exposure to Australian-dollar weakness.

The main clinical question was about the upcoming ICS test results and whether they would match last year’s release. Sharron Gargosky said this year’s analysis is broader and more informative because it includes longitudinal data from baseline through the dosing period across all 63 patients, rather than last year’s small snapshot of five CVac patients and a couple of standard-of-care patients. Another question focused on the recent increase in Prima shares trading on NASDAQ; Lehman said he did not know of a specific catalyst and attributed it mainly to increased U.S. outreach, a stronger biotech market, and rising scientific and financial interest in immune therapy.