"PH has stated that he sees any deal/TO as occurring post P2."...

"PH has stated that he sees any deal/TO as occurring post P2."

Not sure where you are getting that from.

In that long talk, posted on HC a few weeks ago, he stated phase 2 but also after phase 1. Big pharma like to see some evidence of efficacy, and there is some here.

Game changing therapies can do deals very early, even pre clinical.
None game changers (like vla's drug was) need some good efficacy (phase 2) data.

In my opinion imu's drug is a game changer, on its safety (and cost) profile alone. But we already have some evidence of efficacy too. There will be more evidence coming too from the phase 1b.

So we cover both camps, a game changer with efficacy (albeit not loads).

But the real beauty of B cells is what happens now to our patients, because in theory they will keep producing antibodies and keep fighting the cancer, long after they have left the clinic. This doesn't happen with T cells.