Biotech company Imugene reported its half-year results yesterday. It’s still loss-making, but sharply cutting costs and seeing what appear to be genuinely encouraging clinical results.

Its lead cancer therapy, azer-cel, is showing strong response rates in difficult lymphoma cases, with some patients cancer-free for nearly two years - and the FDA has given positive feedback on the company’s strategy.

But at the same time, the company’s share price is down around 80pc over the last year.

Sean Aylmer speaks to Leslie Chong, CEO and Managing Director of Imugene, about what it takes to run a long-cycle biotech business, trying to develop life-changing treatments while keeping investors engaged.