A late-stage immuno-oncology micro-cap where value is mostly a binary clinical outcome plus the cost of capital. Upside is real if execution stays on timeline and dilution is contained.

A micro-cap, Phase 3 “checkpoint-resistance” lever: if IFx-2.0 clears its SPA-aligned ORR bar and TuHURA avoids value-destructive dilution, it can step-function from survival financing to a partnerable combo asset by 2030.

Modest beneficiary: AI compresses clinical ops, biomarker iteration, and BD velocity, but value remains dominated by biology/regulatory outcomes, not compute.

The stock is priced like a financing-risk discount, not like a Phase 3 oncology asset with an explicit accelerated-approval endpoint. If TuHURA completes enrollment on schedule, delivers clean ORR/PFS, and converts that into either an approval or a partner-led expansion plan, the market can move from “going concern + dilution” framing to “commercial/royalty asset” framing. The non-linear upside comes from riding existing checkpoint inhibitor distribution (combo-on-top), plus second-asset optionality (VISTA) that can attract non-dilutive capital if early signals are credible. The main limiter is share count inflation: clinical success without a disciplined financing plan can still underdeliver per share.

The dominant risks are (1) binary Phase 3 efficacy/safety in a randomized setting, (2) financing dilution and warrant/shelf overhang, and (3) operational execution (enrollment velocity, data quality, and CMC readiness) that determines whether any positive signal can translate into approval/partnering economics.

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