IMV : Corporate Presentation

Investor Presentation

(Nasdaq ; TSX: IMV)

August 14, 2020

Forward-looking Statements

• This presentation contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made.
• Such forward-looking statements include, but are not limited to, statements regarding the Company's intention to develop a DPX-based vaccine candidate against COVID-19, the Company's belief that the DPX-based platform creates the opportunity for accelerated development and rapid, large-scale production of a COVID-19 vaccine, the Company's belief in the potential efficacy of its DPX-based vaccine against COVID-19, the Company's belief in the benefits of the third-party research and studies in related coronavirus and SARS studies and third-party sequencing data and their applicability to the Company's DPX platform and a DPX platform related vaccine and the Company's anticipated results from its DPX cancer and infectious disease studies. no responsibility to update forward-looking statements in this presentation except as required by law. These forward-looking statements involve known and unknown risks. Such statements should not be regarded as a representation that any of the plans will be achieved.
• Actual results may differ materially from those set forth in this presentation due to risks and uncertainties affecting the Company and its products. The Company assumes no responsibility to update forward-looking statements in this presentation except as required by law. These forward-looking statements involve known and unknown risks and uncertainties and those risks and uncertainties include, but are not limited to the Company's ability to develop a DPX-based vaccine candidate against the COVID-19 through the successful and timely completion of clinical trials and studies, the receipt of all regulatory approvals by the Company to commence and then continue clinical studies, and, if successful, the commercialization of its proposed vaccine candidate related to COVID-19, the Company's ability to raise sufficient capital to fund such clinical trials and studies and the production of any COVID-19 vaccine, the ultimate applicability of any third-party research and studies in related coronavirus and SARS studies and sequencing, the Company's ability to enter into agreements with the proposed lead investigators to assist in the clinical development on its vaccine candidate related to COVID-19, the Company's ability to collaborate with governmental authorities with respect to such clinical development, the coverage and applicability of the Company's intellectual property rights to any vaccine candidate related to COVID-19, the ability of the Company to manufacture any vaccine candidate related to COVID-19 rapidly and at scale and other risks detailed from time to time in the Company's ongoing filings and in its annual information form filed with the Canadian regulatory authorities on SEDAR as www.sedar.comand with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
• Investors are cautioned not to rely on these forward-looking statements and are encouraged to read the Company's continuous disclosure documents which are available on SEDAR and on EDGAR.

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© 2020 IMV Inc. All rights reserved.

Investment Opportunity

First-in-class drug delivery platform DPX ™

Unique mechanism of action targeting the immune system and enabling precision immunotherapy

Clinically-demonstrated activity in both solid and hematologic cancers as well as infectious diseases

Excellent safety profile across all clinical studies phase 1 & 2 studies (N=350)

Clinical portfolio focused on unmet medical needs

Lead program with novel cancer target applicable to most tumor types and with great market potential

Positive results from first phase 2 studies in hard-to-treat cancers provide opportunity and de-risk fast path to market Growth opportunities by expanding DPX™ technology applications to other targets and indications (including COVID-19)

Strong corporate position

Upcoming phase 2 updates in oncology

Clinical phase 1 for DPX COVID-19 expected to start this summer, fully funded through Canadian governmental agencies Experienced leadership and recognized partners (Merck, Wistar)

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© 2020 IMV Inc. All rights reserved.

First-in-class drug delivery platform DPX™

Novel Delivery Platform with "NO-RELEASE" mechanism of action (DPX™)

No-release of at site of injection forcing active uptake of pharmaceutical ingredients by immune cells over greatly extended period of times (months)

Lipid nanoparticle technology

• Fully synthetic & easy to manufacture

• Lyophilized & reconstituted in lipids for injection

• Simple administration & extended shelf life

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© 2020 IMV Inc. All rights reserved.

Next-generation Precision Immunotherapy

MHC peptides as information molecules to precisely control immune responses

• DPX extended delivery into immune cells enables highly targeted T and B cell therapies against cancer cells or pathogens
• Opens way to a next generation of precision immunotherapy with potential for increased safety, efficacy and ease of care

Targeted immune response with

Improved duration and

Typical immune-response limited in time and potency

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© 2020 IMV Inc. All rights reserved.

Clinically Demonstrated Cancer Target

• IMV's lead clinical asset DPX-Survivac is a cancer T cell therapy targeting survivin MHC peptides presented by cancer cells
• Survivin is one of the most recognized and clinically demonstrated cancer specific target
• • Apoptotic checkpoint controlling cell death, overexpressed in most cancers1 and with a critical role in tumor resistance to chemotherapy and cell-death
  • Considered undruggable as a passenger protein without enzymatic activity
• DPX-Survivacis administered sub-cutaneous every 2 months with intermittent low-dose oral cyclophosphamide (CPA), as an immune- modulator to increase survivin-specific T cells2 without inducing significant cytotoxicity. Several studies have demonstrated beneficial effects for T cell therapies, including reduction of T regulatory cell numbers and increase in effector T cells.3

Cancers	Survivin %
Ovarian	90
Breast	90
Melanoma	90
Lung	53
Colorectal	54
Gastric	94
Kidney	23-82
Glioblastoma	80
ALL	70
CML	70
MDS	90
DLBCL	60

Expression level of survivin in cancer cells, by cancer type

1.Garg et al. Cancer Cell Int., 2016 2 Weir et al, AACR, 2016,

3 Hugues et al, Immunology. 2018.

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© 2020 IMV Inc. All rights reserved.

Clinical Pipeline

Top Line update in H2 2020

Top line update in H2 2020

Updated results to be presented in H2 2020

Clinical phase 1 to be initiated during summer 2020

/CPA: oral intermittent low-dose cyclophosphamide (CPA) as an immune modulator

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© 2020 IMV Inc. All rights reserved.

Recurrent Ovarian Cancer

• Fifth most common cause of cancer mortality in women
• • 239,000 cases and 152,000 deaths worldwide each year
• Almost all patients relapse and eventually become resistant to platinum-based therapy (70% of patients relapse within 3 years)
• Standard of care for recurrent ovarian cancer
• • Single-agentchemotherapy (doxorubicin, paclitaxel, or topotecan)
  • 12% objective response rate (ORR)
  • 3 to 4.4 months Progression Free Survival (PFS)
• High unmet medical need
• • Platinum resistant and non eligible to chemo, elderly population
  • No immunotherapy approved

K Moore et al., ESMO 2019; Pujade-Lauraine et al., SGO 2019; Gaillard et al., ESMO 2018; SmartAnalyst report 2019

Garon et al., Lancet 2014; Rittmeyer A, et al. Lancet. 2017; Borghaei H, et al. N Engl J Med. 2015; SmartAnalyst report 2019

© 2020 IMV Inc. All rights reserved.

High unmet medical need

12% ORR

3 to 4.4 months PFS

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Phase 2 - Ovarian Cancer - Monotherapy*

Confirmation of Clinical Activity (Treatment Arm 2, n=19)

26% ORR - PR on target lesions (5/19) (tumor regression > 30%)

37% Clinical benefits - PR or Stable Disease > 6 months (7/19) 79% Disease Control Rate (15/19)

53% Tumor regressions (10/19)

Best Response by Target Lesion (n=19)

Duration on Treatment (n=19)

PR and SD ˃ 6 months

PR & SD ˃ 6 months (7)

Subjects ongoing (4)

Partial Response

* DPX-Survivac with intermitent low-dose cyclophosphamide

© 2020 IMV Inc. All rights reserved.

• 21% (4/19) patients still on study
• No patient with clinical benefits was discontinued for progression on target lesions
• 3 stable diseases (SDs) with significant tumor regressions: -27%,-25%,-10% removed from study for other reasons than progression on target lesions

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Duration of Clinical Benefits

	# (best	Last Therapy	Time to Progression	+ months gained
	vs previous
	response)	Time to Progression	DeCidE1 Study
	treatment
1	1	(PR)	Platinum	37 months	+ 22 months
16 months
Arm
2	(PR)	Platinum	> 30 months	> + 20 months
	10 months
Treatment
4 (PR)	Progressed on	5 months	+ 3 months
			Topotecan
	3	(PR)	Progressed on	21 months	+ 17 months
			treatment: 5 months
			Platinum
			treatment: 2 months
	5	(PR)	Platinum	5 months
	33 months
	1	(PR)	Carboplatin/Paclitaxel	> 12 months	>TBD
	37 months
	2	(SD	PARPi
	Progressed on	> 11 months (ongoing)	> + 3 months
2	-12%)
treatment: 6 months
Arm
3	(SD	Carboplatin/PLD
Progressed on	> 11 months (ongoing)	> + 6 months
+9%)
Treatment	treatment: 5 months
4	(PR)	Bevacizumab	> 10 months (ongoing)	> + 1 month
	9 months
			Carboplatin
	6	(PR)	Progressed on	> 9 months (ongoing)	> + 8 months
			treatment: 1 months
	5	(PR)	Carboplatin/Paclitaxel	6 months
	13 months	(unconfirmed new lesion)
			PARPi	5 months
	7	(PR)	Progressed on	(died of unrelated
			treatment: 33 months	condition)

© 2020 IMV Inc. All rights reserved.

• Median duration not reached
• 71% (5/7) of patients with duration
• • 7 months (as of May 2, 2020)
• 67% (8/12) of patients responding to treatment have experienced longer benefits than on their previous treatment with chemotherapy +/- PARPi and bevacizumab

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Relapse Refractory DLBCL

• Diffuse Large B Cell Lymphoma (DLBCL) is the most common and aggressive form of Lymphoma
• • 27,000 new cases/year in the US ~ 30% of patients do not respond to treatment or experience a relapse
  • Patients who fail salvage regimens: median overall survival 4.4 months
• CAR T-cell therapies
• • 40-50%complete response (CR) rates with 29-37% being durable
  • High rates of severe cytokine release syndrome (13-22%) and severe neurotoxicity (12-28%) - Early onset and severity of toxicities requires intensive inpatient management
• Chemotherapy + Antibodies combinations: 40% CR rate
• Unmet medical need remains
• • CAR-Tmanufacturing, treatment and toxicity limit broad application
  • Patients for which CAR-T is not an option and before CAR-T
  • DPX-Survivac:differentiated MOA and efficacy/safety profile
  • Combinations possible (no added toxicity, survivin target - unique MOA)
  • Off-the-shelfmfg, no requirement for hospitalization, lymphodepletion or extensive safety monitoring

© 2020 IMV Inc. All rights reserved.

High unmet medical need for non-eligible to CAR-T/chemo elderly population

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Phase 2 r/r DLBCL - Combination with Keytruda

Investigator-sponsored, (n=up to 25), with 22 patients enrolled so far

• Primary endpoint met with 64% response rate (7/11 evaluable patients) PR and CR
• Top line data is expected to be presented at a conference later in 2020

Single agent activity in DLBCL Trials as published in 2019*

2020: Investigational therapies in r/r DLBCL*

DPX-Survivac/CPA

plus Keytruda

64% ORR

Green color bars denote agents (CAR-T therapies - Yescarta, Kymriah) that are approved by the FDA; Polatuzumab approved in combination with bendamustine and rituximab

© 2020 IMV Inc. All rights reserved.

Orange color bars denote agents that have been or will be submitted for FDA approval in 2020

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Favorable Comparison With CAR T Cells

IMV's T cell therapy has higher ORR in head-to-head comparison with cyclophosphamide (cy) only

		IMV T cell therapy	CAR-T cell
	T cell therapy	Survivin targeted T cells + pembrolizumab	CD-19 CAR T Cells
	Chemotherapy	• Intermittent oral low-dose Cy (50mg BID 1	• High dose lymphodepletion before CAR-T
		week on/1 week off)	infusion: Cyclophosphamide (Cy)
			(intravenous 1g/day/3 days) and Fludaribine
			(intravenous 60mg/day/3 days)
			• Bridging chemo allowed before
			lymphodepletion and CAR-T treatment
	Efficacy	• Not tested with Fludarabine	• ORR 50-80% CR 40-60% with high-dose Cy
		• ORR 56% - CR 33% with low-dose Cy	and Fludarabine
		(Data presented at ASH, Dec. 2019)	• ORR 30% - CR 10% with Cy only
	Safety	No related SAEs, most common reactions are	Serious adverse reactions (CRS and
		grade 1&2 injection site related	Neurotoxicity)
	Ease of care	Off-the-shelf treatment every 8-9 weeks and no	Personalized product, manufacturing time, cell
		hospitalization	transplant, hospitalization, high-cost
				13
		© 2020 IMV Inc. All rights reserved.

Phase 2 - Combination with Keytruda

Solid Tumor Basket Trial

• Phase 2 study in patients with select advanced & recurrent solid tumors (target n=184) and treated with DPX-Survivac /CPA in combination with pembrolizumab
• • As of August 3, 2020, a total of 100 patients were enrolled in recurrent ovarian cancer, hepatocellular, non-small cell lung cancer, bladder cancer and MSI-H cancers
  • 1st study scan on 23 patients shows tumor reduction in subjects with ovarian, non-small cell lung and bladder cancer, with partial responses observed in 2 subjects (data presented at ESMO in September 2019)
  • Treatments are well tolerated with no immune-related adverse events or grade 3-4 events reported (data presented at ESMO in September 2019)
  • T cell infiltration observed in subjects with tumor reduction

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© 2020 IMV Inc. All rights reserved.

Leveraging Our DPX Platform Against COVID-19

IMV's vaccine technology is unique and highly differentiated

• Precision immunology: synthetic peptides to generate targeted immune responses
• Focus and increase the potency of the immune response against epitopes with capacity to neutralize viral infections
• Eliminate non-functional component of the immune response (non- neutralizing epitopes)
• Potential for improved safety and efficacy and best-in-class in most at-risk populations (elderly, immuno-compromised and subjects with comorbidities)

Clinically proven and de-risked: clinical demonstration with another respiratory virus (RSV) provides blueprint for COVID-19

DPX vaccines are fully synthetic and lyophilized products

• Speed to cGMP production and clinic
• Easily scaled commercial production with billion doses capacity
• Stable product with long shelf-life facilitating stockpiling and distribution

© 2020 IMV Inc. All rights reserved.

Different approaches to develop a vaccine against COVID-19

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COVID-19 Program Overview

IMV

* Initiation of phase 2 clinical trial contingent on successful outcome of phase 1 clinical trial

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© 2020 IMV Inc. All rights reserved.

© 2018 IMV Inc. All rights reserved.

DPX-RSV as a Blueprint for DPX-COVID-19

Target Mechanism Of Action (MOA)

Antibodies binding to SH on the infected cell surface. stimulates phagocytosis by alveolar macrophages, limiting viral infection in the lung (deep-lung infection and hospitalization)

23 amino acid B cell epitope

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© 2020 IMV Inc. All rights reserved.

DPX-RSV as a Blueprint for DPX-COVID-19

DPX-RSV formulation and preclinical development

Clinical Results (n=40 older adults)

23 a.a. B cell epitope (

Lyophilized vaccine

content

10 to 25 µg peptide + Lipid nanoparticles

)

Diluent for

reconstitution

Mineral oil (ISA51 VG)

High antibody titers generated in 100% of subjects and can be maintained for more than one year

Anti RSV SH antibody titers

Antibodies bind target protein and are functional

50 µl intramuscular administration

Validation immunogenicity and functionality in preclinical (mouse and cotton rats) studies

© 2020 IMV Inc. All rights reserved.

Ab binding to target		Ab-dependent phagocytosis
	7		* * *	*
			P L A C E B O
i s	6	Placebo	* * *	* *	A L O H S h e
	RSV(A) Alum
s
t o	5	DPX-RSV(A)			I M V S h e
c y	4
o
p h a g	3
%					P B S
	2
	1
		d a y 0	d a y 8 4	d a y 4 2 1

Langley et al, J Infect Dis 2018

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DPX-COVID-19 Vaccine Design

Mechanism of Action (MOA)

Coronavirus-neutralizing antibodies primarily target the trimeric spike

(S) on the coronavirus surface that mediate entry into host cells.

S1 subunit, mediates attachment to the host cell and the S2 domain mediates fusion and entry

MOA based on a combination of neutralizing epitope targeting non- overlapping functional areas acting synergistically to increase protective efficacy and avoid risk of immune escape

MOA1 (receptor binding domain)

Human receptor Blocking attachment to human cells

MOA2 (S1/S2 Cleavage)

Spike ProteinBlocking S1/S2 conformational change

SARS COV-2 Virus

MOA3 (Fusion peptide) Blocking entry into human cells

Epitope Mapping

Hundreds peptide epitopes identified

23 targets

selected for

animal studies

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© 2020 IMV Inc. All rights reserved.

Rapid Progress since March 18, 2020

• Predicted and identified several hundred epitopes of SARS-COv-2 based on virus sequences and immunoinformatics of which 23 were selected for validation in preclinical studies based on their biological relevance to the virus and potential to generate neutralizing antibodies against SARS-CoV-2
• All 23 peptide epitopes formulated with the DPX platform were evaluated in preclinical animal models. Majority of peptides generated high targeted antibody responses after the 1st and 2nd dose, without an adjuvant
• DPX-COVID-19is an optimal combination of four complementary peptides with high immunogenicity and ability to bind non-overlapping areas on the virus spike and impact its infective function
• • Located outside of the 614 mutation which according to recent research has been demonstrated to increase the virus' ability to infect cells in vitro and suggested to potentially reduce vaccine-induced immunity
  • Areas on the virus spike identified as potentially responsible for vaccine-enhanced disease have been excluded from our target selection to minimize safety risk
• Confirmatory preclinical studies have demonstrated the capacity of DPX-COVID-19 to induce strong immunogenicity including the binding on target to the spike protein and viral neutralization
• Agreement from Health Canada on Phase 1 clinical study design protocol including older patients of > 56 years
• Completed cGMP formulation and manufacturing process development for clinical trials
• Fully funded with nearly CDN 5 M$ obtained from various Canadian governmental agencies

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© 2020 IMV Inc. All rights reserved.

DPX-COVID-19 Phase 1 Trial Design agreed with Health Canada

• Randomized controlled study, assessing the safety and immunogenicity of DPX-COVID-19
• 84 healthy adults across two age cohorts:
• • (1) adults between 18-55 years old inclusive
  • (2) 56 years old and above
• Two dose levels of DPX-COVID-19 will be tested (25μg or 50μg)

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© 2020 IMV Inc. All rights reserved.

DPX-COVID-19 Upcoming Milestones

Summer 2020

• Publication of pre-clinical studies in a peer-reviewed scientific journal
• Initiation of phase 1 clinical study

Fall 2020

• Preliminary results of phase 1 clinical study
• Initiation of phase 2 clinical study assuming positive phase 1 results

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© 2020 IMV Inc. All rights reserved.

COVID-19 : Our track record in infectious diseases

• Our platform has the ability to generate strong B and T cell immune responses in older adults including immunocompromised patients
• We have been working with partners for years to develop a clinical asset pipeline outside of oncology

Disease	Target	Results	Partners	Reference(s)
RSV	SHe	N=40; well tolerated; robust antigen	VIB	Langley et al, 2019, JID
	B cell epitope	specific immune responses at both	CCfV
		dose levels in all subjects
Anthrax	rPA	Induced protective immune	NIAID	Weir et al, npj vaccines,
		responses to challenge in both		2019
		rabbits and NHPs (N= 6-8)
Malaria	CSP, RCR	RCR complex; murine studies	Leidos	Healer et al, ASTMH
	complex,	downslected DPX as the most		abstract 2019
	VLPs	potent of three candidate
		formulations
Ebola	Rabies vector	DPX formulation 100% protective in	NIAID	unpublished
	with GP	NHP challenge study (N=4)
Influenza	rHA/inact	Demonstrated cross strain	CCfV/	unpublished
	virus/VLP	protection in mouse challenge	Medicago
		studies (inactived virus)

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© 2020 IMV Inc. All rights reserved.

Key Upcoming Clinical Milestones

Milestones	Key dates
Initiation of Phase 1 clinical trial with DPX-COVID-19	Summer 2020
Interim data from Phase 1 clinical trial with DPX COVID-19	Fall 2020
Top line Phase 2 clinical results update in the DLBCL combination trial	H2 2020
Updated Phase 2 clinical results for basket trial	H2 2020
Top line Phase 2 clinical results from the ovarian monotherapy trial	H2 2020
		22
© 2020 IMV Inc. All rights reserved.

Experienced Leadership

MANAGEMENT	NON-EXECUTIVE DIRECTORS
Frederic Ors, MSc, MBA	Andrew Sheldon, BSc
Chief Executive Officer	Chairman of the Board
Medicago, Univ. Paris 7	Former President & CEO at Medicago
Pierre Labbé, CPA	Julia P. Gregory, BA, MBA
Chief Financial Officer	Director of the Board, CEO at Isometry Advisors
Medicago, Leddartech	Former CEO and Board Member at ContraFect,
	FivePrime Therapeutics,
Joanne Schindler, DVM, MD
Chief Medical Officer	Markus Warmuth, MD
H3, Constellation, SynDevRx, ImmunoGen, Novartis	Director of the Board, Venture Partner at Versant
	Ventures and CEO at Monte Rosa Therapeutics,
Marianne Stanford, PhD	Former CEO of H3 Biomedicine
Vice-President, Research & Development
Jennerex Biotherapeutics, Beatrice Hunter Cancer	Wayne Pisano, BSc, MBA
Research	Director of the Board, former President & CEO at
	Sanofi Pasteur
Stephan Fiset, MSc, MBA
Vice-President, Research & Development	Shermaine Tilley, PhD, MBA
Medicago, GlaxoSmithKline, CHUL	Director of the Board, Managing Partner at CTI
	Life Sciences Fund, Former Senior Vice-
Annie Tanguay, BSc	President at Drug Royalty Corporation
Senior Vice President, Quality and Regulatory
Abbott Laboratories, Telesta	James Hall, CPA, CA
	Director of the Board, President of James Hall
Tariq Massad, PhD, PMP	Advisors, Former Vice-President at Callidus
Vice President, Process Dev and Manufacturing	Capital Corporation.
Sanofi Pasteur, Apotex, Therapure
	Michael P. Bailey, MBA
Marie-Eve Charrois, MA	CEO and Director of Aveo Oncology.
Vice President, Regulatory Affairs	Formerly at ImClone Systems (now Eli Lilly),
GSK, Medicago	Genentech, Synta Pharmaceuticals, and
	Smithkline Beecham.
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	© 2020 IMV Inc. All rights reserved.

Stock Information (August 11, 2020)

Ticker: IMV (Nasdaq & TSX)

Market cap: ~ $US 263M / ~ $CAD 352M

Outstanding shares (May 14, 2020)

Basic : 66.5M

Fully diluted : 71.5M

52 Week Trading Range - Nasdaq: $US 1.35 - $US 6.82

52 Week Trading Range - TSX: $CAD 1.98 - $CAD 9.25 Average daily volume (US & Canada) ~2.93M shares

(as at 07/15/2020, last 30 trading days, includes alternative exchanges in Canada)

Board and Management Ownership (fully diluted basis) : ~ 3.5%

© 2020 IMV Inc. All rights reserved.

Analyst Coverage (9)

USA

B. Riley FBR

BTIG

HC Wainwright

Raymond James

Wells Fargo

Canada

Echelon Partners

Industrial Alliance Securities

Mackie Research

National Bank of Canada

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Nasdaq & TSX: IMV

© 2020 IMV Inc. All rights reserved.