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 levels.