IMV Inc. | IMV-TSX, IMV-NASDAQ Update

May 13, 2021

IMV-TSX, IMV-NASDAQ No Surprises in FQ121 Data – Robust DPX Clinical Rating: Speculative BUY Pipeline Still Led By DPX-Survivac Phase I/II Activities – Target: US$8.25 (was C$10.50) Spec BUY Price: US$2.66 NS-based immune therapy developer IMV reported FQ121 financial data for the Return: 210% March-end quarter that was in line with our expectations, as was the update on all Valuation: NPV, 20x EPS, 12.5x clinical activities related to the firm’s portfolio of immune therapies based on its EBITDA (F2026; 25% disc) proprietary lipid-based, water-free antigen formulation platform DepoVax. This is still Market Data led by its cancer-focused survivin-based DPX-Survivin on which much of its Phase Basic Shares O/S (M) 67.1 I/II clinical programs are based. Market capitalization (US$M) 119.7 Enterprise Value (US$M) 96.4 Summary & valuation. We maintain our positive view on DPX and its multiple Pro forma cash (US$M) 30.5 Total debt (US$M, most rec Q) 7.1 immunologically-relevant markets for which IMV and its partners are already funding 52 Week Range $2.18-$6.82 clinical programs, with abundant clinical milestones specific to DPX-Survivac on the Avg. Daily Volume (M) 1.0296 horizon. Accordingly, we are maintaining our Speculative BUY rating, while revising Fiscal Year End Dec-31 our PT to US$8.25 from C$10.50 predominantly from adapting our F2021-to-F2030 Milestone Watch financial forecasts to USD, with IMV now revising its reporting currency to USD in Commence Phase IIb DLBCL trial FQ 221 parallel. Our financial forecasts are now revised as summarized in Exhibits 1 & 8/9, (DPX-Survivac) but with virtually no change in relative magnitude of our DPX-based royalty revenue/ Phase II update, DeCiDE1 trial FQ 221 EBITDA projections throughout our forecast period. Our valuation is still based on Commence Phase II breast cancer FQ 321 NPV (25% discount rate) and multiples of our F2026 EBITDA/EPS forecasts trial (HER2[-]/HR[+] disease) (US$72.5M/US$0.79, were C$93.5M/C$1.03 previously). At current levels, our PT Phase II Basket trial update FQ 421 corresponds to a one-year return of 210%. Financial Metrics In US$000 2024E 2025E 2026E Markets will undoubtedly focus on IMV’s capitalization until resolved. IMV exited Total Revenue ($000) 5,000 11,181 94,864 FQ121 with US$30.5M, a cash level that while certainly substantial in absolute terms, EBITDA ($000) (21,673) (13,632) 72,528 does imply that IMV has about five quarters of cash at its FQ121 operating cash loss Adj net inc ($000) (22,929) (14,888) 57,018 run-rate (loss was [US$6.0M] in the quarter, excluding transient working capital EPS (basic) ($0.34) ($0.22) $0.84 deficit of [US$1.8M]). And quarterly cash losses should, if anything, intensify in future EPS (FD) ($0.32) ($0.21) $0.79 quarters once the newly-announced 150-patient Phase II diffuse large B-cell P/E NA NA 5.6x lymphoma (DLBCL) DPX-Survivac-Keytruda combination therapy trial commences EV/EBITDA NA NA 1.3x later this year. IMV is a clinical stage biotechnology firm whose main Depovax lipid-based water-free antigen delivery technology is focused IMV does still have its US$50M ATM financing vehicle in place as announced back initially on oncology & infectious disease. Lead candidates DPX- Survivac & DPX-RSV advancing well in Phase I/II testing. in early FQ420, which partially mitigates near-term financial risk to ongoing DPX- Survivac clinical activities. But we expect capital markets to assimilate sustained $7.00 4.0 revisions to capital structure into IMV’s profile at least until it is known with certainty 3.5 $6.00 that all ongoing DPX-Survivac clinical trials (DeCiDE1/ovarian cancer, $5.00 3.0 2.5 SPiReL/DLBCL, Basket/solid tumor) and contemplated clinical trials (bladder cancer $4.00 2.0 with the University of Laval, the new DLBCL trial with Merck/Keytruda, and a separate $3.00 1.5 18-patient Phase II trial in HER2-negative/hormone receptor-positive metastatic $2.00 1.0 breast cancer, as described in our last note, see Exhibits 5-7) are funded to data $1.00 0.5 (which to us means into F2023). Our expectation would be for IMV to actively solicit $0.00 0.0

partnership interest in its DPX oncology portfolio, with the obvious lead candidate to

Jul-20

Jan-21

Jun-20 Oct-20

Apr-21 express such interest being Keytruda developer Merck (MRK-NY, NR) with which

Sep-20 Feb-21

Dec-20

Aug-20

Nov-20

Mar-21 May-20 DPX-Survivac is already combined in multiple Phase II studies. Source: Refinitiv, Leede Jones Gable

We do not yet ascribe formal value to DPX-COVID-19, but development continues and preclinical testing targeting viral variants could conclude before end-of-year. But on that theme, we were encouraged to see in IMV’s MD&A that it could qualify for

Please see end of report for important disclosures.

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

about US$10M in non-dilutive R&D capital for its DPX-COVID-19 program, which includes US$5.4M in milestone payments that we assume will be based on downstream clinical activities. The formulation, as other vaccines do, is targeting the surface spike protein of the virus, since it seems most relevant to how the virus attaches to the ACE2 receptor in lung epithelium, and is separately the most mutagenic region of the virus’s RNA genome.

Exhibit 1. Income Statement and Financial Forecasts for IMV

Year-end December 31 (US$000, except EPS) 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Licensing and milestone 0 0 0 0 0 0 0 0 0 0 0 paymentsRevenue - DPX-Survivac 0 0 0 0 0 6,181 59,147 106,628 160,391 203,553 246,716 royaltiesRevenue - DPX-RSV royalties 0 0 0 0 0 0 30,649 66,799 102,203 138,996 177,220 Other revenue 301 500 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 (partnership/milestone)Total revenue $301 $500 $5,000 $5,000 $5,000 $11,181 $94,796 $178,427 $267,594 $347,550 $428,936 Revenue growth (%) NA NA NA 0% 0% 124% 748% 88% 50% 30% 23% Operational expenses 33,630 26,291 26,996 28,630 26,579 24,725 22,254 20,142 18,334 16,785 15,457 EBITDA ($33,329) ($25,791) ($21,996) ($23,630) ($21,579) ($13,544) $72,542 $158,285 $249,260 $330,764 $413,479 EBITDA growth (%) NA NA NA NA NA NA NA 118% 57% 33% 25% EBITDA margin (%) NA NA NA NA NA NA 76.5% 88.7% 93.1% 95.2% 96.4% Non-operating expenses $1,520 $1,253 $1,253 $1,253 $1,253 $1,253 $1,253 $1,253 $1,253 $1,253 $1,253 Net interest expense (income) $0 ($1) ($1) ($1) ($1) ($1) ($1) ($1) ($1) ($1) ($1) Net income, fully-taxed ($34,849) ($27,044) ($23,248) ($24,882) ($22,831) ($14,796) $57,031 $125,626 $198,406 $263,610 $329,781 Fully-taxed EPS (basic) ($0.52) ($0.40) ($0.34) ($0.37) ($0.34) ($0.22) $0.84 $1.86 $2.93 $3.89 $4.87 Fully-taxed EPS (fd) ($0.49) ($0.37) ($0.32) ($0.34) ($0.32) ($0.20) $0.79 $1.74 $2.75 $3.65 $4.56 P/E (basic) NA NA NA NA NA NA 5.6x 2.5x 1.6x 1.2x 1.0x EV/EBITDA NA NA NA NA NA NA 1.1x 0.5x 0.3x 0.2x 0.2x S/O (basic; 000) 67,094 67,711 67,711 67,711 67,711 67,711 67,711 67,711 67,711 67,711 67,711 S/) (fully-diluted; 000) 71,187 72,279 72,279 72,279 72,279 72,279 72,279 72,279 72,279 72,279 72,279

Source: Historical Data – IMV; Forecasts/Estimates – Leede Jones Gable

We continue to closely monitor DPX-COVID-19 development even though we do not overtly incorporate the immune therapy in our model, multiple vaccine formulations are already available and widely deployed worldwide. We know for example that DPX performed well as an antigen-presenting depot formulation for another respiratory RNA virus, respiratory syncytial virus (RSV) in Phase II testing completed long ago, and we know from the MD&A that IMV has generated some encouraging antigen-specific immune responses and reductions in viral load in animal models of disease. We endorse IMV’s decision to focus more intently on DPX-COVID-19 formulations that target new variants, if only to document DPX’s utility in forming the basis for future vaccine formulations that target other variants that emerge down the road.

DPX pipeline is unchanged from our prior update, with multiple clinical updates expected specifically for DPX-Survivac before end-of-year. As before, our model continues to ascribe predominant value to IMV’s survivin peptide antigen-based DPX formulation DPX-Survivac, which is the most advanced and most comprehensively tested DPX asset in IMV’s clinical portfolio. Our model assumes that IMV will provide another interim update on its 22-patient Phase II advanced ovarian cancer trial (the DeCiDE1 trail) in the next month or two, and then meet with US regulators later in FH221 on how to draft future Phase II/Phase III studies in this indication.

Shifting to B-cell lymphoma, for which IMV continues to fund its 25-patient Phase II SPiReL trial and for which we expect sporadic updates during F2021, we expect the firm to commence enrollment in the aforementioned 150-patient Phase II DPX- Survivac/Keytruda DLBCL trial probably by end-of-FQ221. We will watch for periodic updates on patient enrollment for this trial and for interim data to be available from initially-enrolled subjects by mid-F2022. The primary endpoints for this trial are as yet not in the public domain, but we expect them to be SPiReL-like and thus to be based on objective response rate, though using updated criteria for assessing ORR (the Lugano criteria instead of the Cheson criteria as used in SPiReL).

We are highly focused on the Phase II Basket trial for its potential in identifying new target indications that IMV can advance into disease-specific Phase II testing. Multiple other Phase II DPX trials are also ongoing or are about to start later this year. Of the trials that are already enrolling subjects, these include the 184-patient Phase II Basket trial, for which 116-patients were enrolled by end-of-FQ121 and for which target indications will now be liver and bladder cancer, along with microsatellite-unstable solid tumor forms (probably with a bias toward colorectal cancer, for which microsatellite instability is common). Lung and ovarian

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 2

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

cancer were two other initial indications for which IMV and partner Merck will no longer be enrolling subjects, as we described before.

Exhibit 2. Valuation Scenarios for IMV

NPV, discount rate 10% 20% 25% 30% 35% 40% Implied value per share $41.92 $19.56 $10.42 $9.46 $6.60 $4.58 Price/earnings multiple, F2026 10x 15x 20x 25x 30x 40x Implied share price 1 $4.04 $6.06 $8.08 $10.10 $5.81 $4.00 EV/EBITDA multiple, F2026 5x 10x 12.5x 20x 25x 30x Implied share price 1,2 $2.57 $5.14 $6.42 $10.28 $12.85 $15.42 One-year IMV target price (US$) 1 $8.31 1 Based on NPV, F2026 fully-taxed EPS forecast of US$0.79, EBITDA forecast of US$72.5M, discounted at 25%; fd S/O of 72.3M 2 EV incorporates FQ121 cash of US$30.5M, total debt of US$7.1M

Source: Historical Data – IMV; Forecasts/Estimates – Leede Jones Gable

Our model does not at present incorporate any solid tumors that are being tested in Basket, but we will reflect on this assumption when next IMV provides updated tumor response data, probably in FQ421. Shifting to breast cancer, we expect IMV to begin its 18-patient Phase II HER2(-)/HR(+) breast cancer trial during FQ321. This breast cancer subtype does have a few effective FDA-approved therapies already establishing standard-of-care, led by cyclin-dependent kinase inhibitor drugs like Eli Lilly’s (LLY- NY, NR) Ibrance and Novartis’ (NOVN-SW, NR) Kisquali, to name two (Exhibits 5-7), but we see no reason why DPX-Survivin could not provide supplemental benefit to those agents or to checkpoint inhibitors like Keytruda, as is being actively tested in the pending Phase II trial. For now, we will wait for Phase II data before ascribing tangible market value to this indication.

Exhibit 3. Clinical Pipeline for IMV’s DepoVax/DPX Platform, Led by DPX-Survivac but with Multiple DPX Antigen Formulations in Preclinical-to-Phase II Testing

Clinical Stage Asset Collaborators Indication Preclinical I II III Updates

DPX-Survivac NA Ovarian cancer Topline data reported on Dec. 3 2020

DPX-Survivac Merck, Sunnybrook Hospital DLBCL2 with pembrolizumab/Keytruda Phase II data updated on Dec. 6 2020

DPX-Survivac Merck DLBCL2 with pembrolizumab/Keytruda 150-patient Phase II, commence in 2021

DPX-Survivac Merck Multiple/Basket Trial3 with pembrolizumab/Keytruda Phase II update by Q121

DPX-SurMAGE/CPA CHU de Québec-Université Laval Bladder Phase I to begin in 2021

DPX-BRAF/CPA The Wistar Institute Multiple Indications Preclinical testing ongoing

DPX-RSV CIRN1 Respiratory Syncytial Virus (RSV) Phase II completed, partnership pending

DPX-COVID-19 CIRN1 COVID-19 Preclinical testing on novel variants

1 CIRN: Canadian Immunization Research Network 2 DLBCL: Diffuse large B-cell lymphoma 3 Basket Trial Indications: Lung, Bladder, Liver, Ovarian, and tumours positive for the microsatellite instability high biomarker Source: IMV, Leede Jones Gable

Multiple partnered programs are also ongoing and could provide supplemental validation of DPX’s immune-supporting activity. On other pipeline activities, IMV has several oncology-focused DPX formulations that still includes its University of Connecticut- partnered Phase I DPX-NEO program and its Dana Farber Cancer Institute-partnered DPX-E7 formulations that are targeting neoepitope-specific solid tumors and HPV-related cancers, respectively and for which we expect updated Phase I data from the respective partners in the next few quarters. IMV only vaguely alluded to these programs in its MD&A, but we see value in both programs and with a specific bias toward DPX-NEO’s medical prospects as the utility of patient-specific neoepitope immune therapies gain broader awareness.

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 3

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

Exhibit 4. Advanced Clinical Studies in Diffuse Large B-Cell Lymphoma by IMV’s Peers

Co-administered Primary Therapy Mechanism Innovator therapies Indication Phase Patients Endpt. Data by Commentary Phase III Experimental Therapies Epcoritamab CD3 and CD20-targeting Genmab Investigator's Relapsed/refractory III 480 OS May/24 Data from Phase I//II trial relapsed/ refractory non- IgG1 bispecific antibody (partnered with choice of DLBCL and Hodgkin lymphoma was published in 2020, with AbbVie) chemotherapy failed/ineligible for an ORR of 56% from 9 DLBCL/NHL patients regimen autologous stem cell experiencing; 44% with CR and 11% with PR transplant (ASCT) Loncastuximab Antibody drug conjugate; ADC Rituximab, Relapsed/refractory III 350 PFS Dec/24 Results from Phase I trial in relapsed/ refractory B- Tesirine anti-CD19 mAb and a Therapeutics Gemcitabine, DLBCL cell Non-Hodgkin Lymphoma published in 2020; (ADCT0402/Lonca) PBD-dimer toxin Oxaliplatin hematologic treatment-emergent adverse events (SG3199) most common; ORR 45.6% (ORR in DLBCL patients were 42.3%), CR 26.7%

Enzastaurin Protein kinase C beta Denovo Rituximab, Cyclo- High-risk DLBCL with a III 235 OS Oct/22 Drug was acquired from Lilly, with a goal of data Hydrochloride (PKC-β) inhibitor; Biopharma phosphamide, Dox- genomic biomarker readout by mid-2022; firm is also exploring utility suppresses the orub, Vincrist, Pred- DGM1 of the drug in pulmonary arterial hypertension phosphoinositide 3-kinase nisone (R-CHOP) (rights acq. from Stanford University) and GBM (PI3K)/AKT pathway Phase II Experimental Therapies Mosunetuzumab CD20 and CD3-bispecific Roche Polatuzumab DLBCL I/II 178 Adverse Sep/25 Data presented in 2020 on elderly/unfit patients antibody Vedotin, events with DLBCL showed 45% CR after four cycles of Tocilizumab therapy, and with almost two-thirds of patients responding to treatment AUTO3 CD19 and CD22-targ- Autolus - Relapsed/refractory I/II 171 Safety/ Mar/21 Firm announced in Jan/21 that it will prioritize eting CAR T cell therapy DLBCL ORR AUTO1 over AUTO3, and will seek a partner to with Anti PD1 antibody advance the program KRT-232 Oral MDM2 inhibitor Kartos Acalabrutinib Relapsed/refractory I/II 84 CR Mar/24 Drug was originally developed by Amgen; last Therapeutics DLBCL or relap- received the fast-track designation from the FDA sed/refractory Chronic for myelofibrosis relapsed after or refractory to Lymphocytic Leukemia JAK inhibitor therapy CX-2029 Anti-CD 71 PROBODY CytomX - Metastatic or locally I/II 150 Dose- Dec/22 Early findings from a 2019 solid tumour trial drug conjugate ogf MMAE Therapeutics advanced unresectable limiting published in the Journal of Clinical Oncology (microtubule inhibitor) solid tumors, DLBCL toxicity found 1 pt with confirmed partial response, and 9 pts with stable disease Parsaclisib Phosphatidylinositol 3- Incyte - DLBCL II 60 ORR Feb/21 Results published in Feb/21; monotherapy in kinase-δ inhibitor (PI3K) Corporation patients who were BTK inhibitor naïve experienced ORR of 25.5%, median duration of response of 25.5%; in patients who were BTK inhibitor experienced, ORR was 20% LOXO-305 BTK inhibitor Loxo Oncology CLL, Waldenstrom I/II 860 Maxiumum Phase I/II data published in The Lancet in Mar/21; (Pirtobrutinib) (now part of Lilly) Macroglobulinemia, tolerated previously-treated BTK inhibitor patients with Mantle Cell Lymphoma, dose, safety chronic lymphocytic leukaemia (CLL) or small Marginal Zone lymphocytic lymphoma (SLL) demonstrated Lymphoma, B-cell similar ORR rates of 62% Lymphoma, SLL MAK683 Embryonic ectoderm Novartis - Advanced malignancies I/II 203 Dose- Aug/22 Allosteric inhibitor of polycomb repressive development protein (DLBCL included) limiting complex 2 (PRC2) (EED) inhibitor toxicity Phase III Drug Developers - Targeting DLBCL with Approved Therapies in Other Indications (Indication Expansion) Acalabrutinib (ACP- BTK inhbitor Acerta Pharma R-CHOP Previously Untreated III 600 PFS Aug/26 Estimated filing and acceptance in the US in 196/Calquence) (partnered with Non-Germinal Center 2022; Calquence is already approved for chronic AstraZeneca) DLBCL lymphocytic leukaemia Tucidinostat Oral subtype-selective Chipscreen R-CHOP Newly Diagnosed III 418 Event-free Mar/25 Drug approved for recurrent/refractory peripheral histone deacetylase Biosciences MYC/BCL2 Double- survival T cell lymphoma and later in HR positive /HER2- inhibitor Expressor DLBCL negative breast cancer (2019) in China Brentuximab vedotin Anti-CD30 monoclonal Seagen Rituximab, Relapsed/refractory III 400 PFS Dec/25 Already FDA approved for other conditions (Adcetris) antibody conjugated with (partnered with Lenalidomide DLBCL including CD30-expressing peripheral T-cell monomethyl auristatin E Takeda) lymphomas, previously untreated Stage III or IV (MMAE) classical Hodgkin lymphoma Ublituximab CD20-directed mAb TG Therapeutics Bendamustine and Previously Treated Non- II/III 900 ORR Jul/25 Firm is currently seeking approval of the drug in Umbralisib (PI3K- Hodgkin's Lymphoma chronic lymphocytic leukemia via a rolling BLA delta/CK1-epsilon inhibitor) Abexinostat Oral hydroxamate. Xynomic - Relapsed/refractory II 170 ORR May/23 Already approved in 2019 for relapsed/ refractory histone deacetylase Pharmaceuticals DLBCL follicular lymphoma (HDAC) inhibitor Source: US National Institutes of Health clinical database

IMV did not provide any new details on its alliances in malaria vaccine development with Leidos (LDOS-NY, NR) or in cattle vaccine development with Zoetis (ZTS-NY, NR) either, but our most recent feedback suggests that both programs are advancing though at a level that IMV still characterizes as exploratory. Neither program is embedded in our valuation as yet. IMV’s new alliance with the University of Laval for testing a novel DPX formulation based on survivin and a novel antigen called MAGE-A9 could advance into formal Phase II testing before end-of-year as well, interestingly in bladder cancer which is one of the flagship Basket solid tumor indications. We do not expect any relevant tumor response data from this DPX construct, DPX-SurMAGE, before FH123.

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 4

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

Exhibit 5. Experimental Therapies in Advanced Clinical Testing for HER2(-)/HR(+) Metastatic Breast Cancer

Mechanism of Sponsor/ Co-admin Patient Primary Start Data Therapy Action Phase Innovator therapies number Endpoint(s) Date by Comments/Clinical History HR+ HER2- Breast Cancer - Experimental Therapies BGB-290 poly (ADP-ribose) II Beigene Monotherapy 75 ORR (out to 2 Jun-18 Dec-20 Data from 15-pt Phase I trial testing BGB-290 in ovarian cancer or (Pamiparib) polymerases years) triple negative breast cancer presented at AACR, well-tolerated in (PARP1/PARP2) Chinese population. Separately testing BGB-290 with checkpoint inhibitor inhibitor tislelizumab/ BGB-A317 in Phase Ib solid tumor trial

BKM120 Phosphatidyl- III Novartis (NOVN-Fulvestrant 432 PFS (up to 5.5 Oct-12 Dec-17 BELLE-3 trial. Testing HR+, HER2- metastatic breast cancer pts (Buparlisib) Inositol-3 Kinase SW, NR); now mo); BELLE-3 who progressed after mTOR inhibitor therapy. Results in Lancet (PI3K) Inhibitor Adlai Nortye Oncology (2017) showed median PFS in BKM120/fulvestrant arm (Private) vs fulvestrant alone of 3.9 mo vs 1.8 mo, but with 22% of pts with elevated serum liver enzymes [AAT])

BKM120 Phosphatidyl- III Adlai Nortye Fulvestrant/ 1,149 PFS (Up to 8.3 Aug-12 Apr-19 BELLE-2 trial. Also published in Lancet Oncology (2017) . Rights (Buparlisib) Inositol-3 Kinase (Private) Faslodex mo); BELLE-2 acquired by Oncolytics partner Adlai Nortye in 2018; median PFS (PI3K) Inhibitor of 6.9 mo vs 5.0 mo, but with elevated ATT levels in 25% of pts. PI3K inhibitor + endocrine therapy deemed effective in post- menopausal women, but with lingering toxicity concerns BKM120 Phosphatidyl- III Adlai Nortye Paclitaxel 416 PFS (up to 12 Aug-12 Jun-15 BELLE-4 trial. No PFS benefit at final analysis (8.0 mo vs 9.2 mo (Buparlisib) Inositol-3 Kinase (Private) mo); BELLE-4 for placebo). BELLE-4 data published in 2017 in Annals of (PI3K) Inhibitor Oncology Capecitabine Pentanoic acid III Sun Yat-sen Aromatase inhi- 240 PFS/ORR (out to Jul-17 May-23 Trial is exploring utility of low-dose (metronomic) Xeloda for (Xeloda, low- derivative of 5- University bitors (letrozole, 20 mo); OS (out maintaining disease control. Study proposes that time-to- dose) FU; nucleoside anastrozole, to 48 mo) progression on aromatase inhibitor therapy alone is about 9 mo in analog exemestane) this population

Copanlisib PI3K inhibitor I/II Bayer (BAYN- Letrozole, 102 Change in Ki-67 Aug-17 Aug-21 Drug first approved for relapsed follicular lymphoma in Sep/17; (Aliqopa) (targets PI3K-α Q, NR) Palbociclib expression, therapy now tested in Stage I-IV HR+, HER2- breast cancer; and PI3K-Δ forms safety (DLT) collaboration with US NCI & Jonsson Comprehensive Cancer on malig B cells) Center G1T38 Short-acting CDK I/II G1 Fulvestrant 102 Safety (DLT and Jan-17 Dec-20 Phase Ib data in Annals of Oncology (2019) with ORR/ median (Trilaciclib) 4 and 6 inhibitor Therapeutics adverse events), PFS/OS of 66.7%/6.2 mo/10.9 mo vs. placebo at 56.8%/5mo/10.6 (GTHX-Q, NR) recommended mo. Update in Sep/19 for trilaciclib-gemcitabine-carboplatin in dose and interval triple negative breast cancer showed OS of 20.1 mo vs 12.6 mo for control. Oral selective estrogen receptor degrader G1T48 in Phase I HER2-/ER+ Phase I trial, data in May/22 GDC-0077 Selective PIK3 III Roche (ROG- Co-administered 400 PFS/ORR (out to Jan-20 Nov-25 Phase III trial targeting HER2(-)/HR(+) metastatic breast cancers inhibitor, targets SW, NR) with palbociclib- 72 mo) with co-presenting PIK3CA mutations; a separate Phase I trial p110-alpha sub- fulvestrant, which is testing '0077 with aromatase inhibitor letrozole & palbociclib also unit; fluorinated also control therapy ongoing at MSKCC propanamide

Ipatasertib Akt Inhibitor III Roche (ROG- Paclitaxel 450 PFS (up to 53 Jan-18 Dec-21 Testing patients with triple-negative breast cancer, so not same (inhibits Akt SW, NR) mo) market as targeted by Reolysin in upcoming trial; Phase II LOTUS serine-threonine results showed median PFS of 6.2 mo vs placebo PFS of 4.9 mo in kinase activity) triple-negative disease Ipatasertib Akt Inhibitor III Roche (ROG- Palbociclib & 370 ORR/PFS/OS (up Nov-19 Jan-26 IPATunity150 trial. Enrolled patients are either sustained on or (inhibits Akt SW, NR) Fulvestrant to 64 mo) have become refractory to adjuvant endocrine therapy. serine-threonine kinase activity) MM-121 Anti-ERBB3 II Merrimack Fulvestrant 80 PFS (up to 20 mo Aug-17 Sep-20 Slightly different indication targeting HR+, HRG+ (heregulin), HER2- (Seribantumab) human IgG2 mAb (MACK-Q, NR) or 58 PFS disease; results on the therapy as a com-bination with paclitaxel in events) ovarian cancer published in 2016, noting PFS in 3.75 mo vs 3.68 mo in paclitaxel alone; not significant but exploratory analyses suggested benefit with HRG+ and low HER2 patients SHR6390 CDK4/CDK6 III Jiangsu Heng- Fulvestrant/ 288 PFS up to 2 yrs May-19 Apr-21 Exhibited 62.5% disease-control rate in 40-pt Phase I trial inhibitor Rui Medicine Faslodex presented at 2020 ASCO meeting SHR6391 CDK4/CDK6 III Jiangsu Heng- Anastrozole, 426 PFS up to 2 yrs Jun-19 Jun-22 Phase I testing established reasonable dose range, as indicated inhibitor Rui Medicine letrozole above. Preclinical data published in 2019 in Cancer Science showed synergy with endocrine therapy in HR+ breast tumors

Tesetaxel Oral taxane II Odonate Capecitabine 125 ORR (out to 2-2.5 Feb-19 Mar-22 Phase II CONTESSA 2 trial testing taxane-naive patients, Interim (chemotherapy Therapeutics years) data from 46-patient TOB203 trial testing HER2- disease showed agent) (ODT-Q, NR) ORR of 45%, duration of response of 8.7 mo, well-tolerated Tesetaxel Oral taxane III Odonate Capecitabine 685 PFS to 3 yrs; OS Dec-17 Mar-23 Phase III CONTESSA trial, comparing to capecitabine mono- (chemotherapy Therapeutics to 5 yrs therapy, pts will have bone-only metastatic disease, testing in agent) (ODT-Q, NR) either neoadjuvant or adjuvant setting

TRC105 Anti-Endoglin I/II Tracon (TCON- Letrozole, 35 Dosing (MTD) Feb-16 Feb-21 More advanced in angiosarcoma, where therapy is evaluated as (carotuximab) IgG1 mAb Q, NR) & Roche Everolimus combination with pazopanib (Votrient), the Phase III TAPPAS trial was terminated due to futility after an IDMC review in Apr/19

Source: US National Institutes of Health clinical database, company reports

Summary and valuation. In summary, we take a back seat to no one in our positive views on DPX’s immune response-supporting activity, based in part but not exclusively on just how well the platform has supported B-/T-cell antigen-specific (and thus disease- specific) immune responses in multiple indications, specifically in oncology and infectious disease. Put another way, we have

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 5

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

just not seen any negative pharmacologic/immunologic data from any DPX formulation during our entire coverage history of IMV and its DPX platform, and we expect that trend to continue.

But we suspect that investors are doing the rudimentary arithmetic on IMV’s available capital in comparison to the capital required to fully fund all Phase II DPX-Survivin oncology trials to data and the gap will need to be filled by new sources of either equity or partnership capital in coming quarters. As described above though, there are multiple Phase II milestones just for DPX- Survivin alone that could de-risk DPX and the overall clinical portfolio in ways that could influence market value during the one- year period to which our PT applies.

Exhibit 6. Already-Approved Therapies (for Other Cancer Indications) in Advanced Clinical Testing for HER2(-)/HR(+) Metastatic Breast Cancer

Mechanism of Sponsor/ Co-admin Patient Primary Start Data Therapy Action Phase Innovator therapies number Endpoint(s) Date by Comments/Clinical History Already-approved, but evaluating various combination therapies through clinical/academic collaborations Abemaciclib CDK4/CDK6 III Eli Lilly (LLY- Fulvestrant 669 PFS (out to 31 Jul-14 Jan-24 Continuation of MONARCH 2 trial. Is separately combined with (LY2835219)/ inhibitor; NY, NR) mo); OS (out to tamoxifen in 234-pt Next MONARCH 1 trial, 21-mo PFS data in Verzenio fluorinated 80 mo) Aug/21; FDA-approved for metastatic breast cancer in Sept/17 pyrimidine (MONARCH 2 data in Mar/17 showed PFS benefit vs fulvestrant derivative alone; 16.4 mo vs 9.3 mo in JCO 2017 ; 46.7 mo vs 37.3 mo in JAMA Oncol 2020 ), trial continues to longer-term OS endpoint Abemaciclib CDK4/CDK6 III Eli Lilly (LLY- Anastrozole, 493 PFS (interim Nov-14 Jul-21 MONARCH 3 trial. Positive data reported in J Clin Oncol in 2017, (LY2835219)/ inhibitor NY, NR) letrozole analysis at 189 median PFS not reached for abemaciclib pts, was 14.7 mo for Verzenio events) control pts Abemaciclib CDK4/CDK6 III Eli Lilly (LLY- Anastrozole, 463 PFS at 26 mo Dec-16 Jul-21 MONARCH plus trial. Positive interim data published in 2020 in (LY2835219)/ inhibitor NY, NR) letrozole (fulve- Ther Adv in Med Oncol , (PFS not reached vs 14.7mo ctrl, 65.9% Verzenio strant as ctrl) ORR vs 36.1% ctrl) Abemaciclib CDK4/CDK6 III Eli Lilly (LLY- Anastrozole, 4,580 Disease-free Jul-17 Jun-29 MonarchE trial. A longer-term survival-based open-label trial to (LY2835219)/ inhibitor NY, NR) letrozole survival at 10 more fully explore Verzenio's utility in stemming disease Verzenio years progression following surgery Everolimus Mammalian target III Novartis (NOVN-Aromatase inhibitors 110 PFS (PrE0102) Jul-14 Jun-20 PFS of 10.3 mo for everolimus/ fulvestrant vs 5.1 mo in fulvestrant- (Afinitor) of rapamycin SW, NR) (letrozole, treated patients; Everolimus FDA-approved (in Jul/12) for treating complex 1 anastrozole, both HER+ & HER2- breast cancer in combination with (mTORC1) exemestane) exemestane (Aromasin) in second-line patients refractory to inhibitor letrozole/anastrozole Fulvestrant Selective III Eli Lilly (LLY- Abemaciclib (brand 630 PFS (Up to 31 Jul-14 Feb-20 Fulvestrant approved for this indication since Aug/17; Abemaciclib (Faslodex) antagonist of NY, NR), name Verzenio) mo) has been approved for this indication since Sep/17 estrogen AstraZeneca (AZN-L, NR) Goserelin LHRH agonist, III Peking Tamoxifen, cyclo- 234 Ultrasound Jul-15 Jun-25 Assessing neoadjuvant therapy given two weeks before surgery in (Zoladex), anthracycline- University phosphamide response rate, pre-menopausal women with HER2-/HR+ disease epirubicin DNA binding two weeks (Ellence) before surgery LEE011/ CDK4 and CDK6 III Novartis (NOVN-Fulvestrant 726 PFS up to 26 mo Nov-17 Feb-22 MONALEESA-3 trial. Kisquali-Faslodex vs Faslodex alone, but Ribociclib inhibitor SW, NR) crossover in Jan/20 allowed all pts to receive Kisquali. Interim data (Kisquali) in 2020 in NEJM ; 57.8% Kisquali-Faslodex vs 45.9% Faslodex pts survived to 42 mo LEE011/ CDK4 and CDK6 III Novartis (NOVN-Tamoxifen, 672 PFS (up to 25 Nov-14 Dec-21 MONALEESA-7 trial. Kisqali approved as endocrine-based Ribociclib inhibitor SW, NR) Letrozole, mo) therapy for HR+/HER2- breast cancer (Mar/17), data from 668-pt (Kisquali) Anastrozole, Phase III MONALEESA-2 trial showed reduction in Goserelin death/progression risk by 44% (median PFS not reached) in Kisqali/letrozole-treated subjects

LEE011/ CDK4 and CDK6 III Novartis (NOVN-Letrozole (Femara) 3,255 Adverse event Nov-19 May-21 COMPLEEMENT-1 trial. Open-label, all pts receive Kisquali- Ribociclib inhibitor SW, NR) goserelin (Zoladex) rate, PFS to 36 Femara, with Zoladex-Lupron admin to pre-menopausal women (Kisquali) leuprolide (Lupron) mo Paclitaxel/Taxol, Microtubule-bind- III Chugai Pharma Cocktail with or 280 PFS up to 2 yrs Jan-21 Jun-25 AMBITION trial, open label, testing Taxol/Avastin with or without bevacizumab/ ing, anti-VEGF, Japanese without Tecentriq checkpoint inhibition in HER2-/HR+ disease Avastin, atezoliz- anti-PD-L1 Foundation for umab/Tecentriq Cancer Res

Source: US National Institutes of Health clinical database, company reports

Shifting to valuation, we are maintaining our Speculative BUY while adjusting our PT to USD and in so doing adjusting our prior PT of C$10.50 to US$8.25, with no other adjustments of note to our investment thesis or financial model. We base our valuation as before on NPV (25% discount rate) and multiples of discounted F2026 EBITDA/fd EPS projections (now US$72.5M/US$0.79, were C$93.5M/C$1.03, respectively). Our EV determination incorporates FQ121 cash of US$30.5M and LT debt of US$7.1M, and fully diluted S/O of 72.3M.

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 6

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

Exhibit 7. Already-Approved Therapies (for Other Cancer Indications) in Advanced Clinical Testing for HER2(-)/HR(+) Metastatic Breast Cancer

Mechanism of Sponsor/ Co-admin Patient Primary Start Data Therapy Action Phase Innovator therapies number Endpoint(s) Date by Comments/Clinical History Palbocicilib CDK4 and CDK6 III Pfizer (PFE-NY, Estrogen antagonist 180 PFS (up to 3.5 Feb-18 Feb-22 Ibrance already approved (in Mar/17) as part of combination with (Ibrance) inhibitor NR), US NCI Tamoxifen and/or yrs) aromatase inhibitors for patients with HR+, HER2- metastatic Astra's goserelin breast cancer; approval based on 666-pt PALOMA-2 trial (median (Zoladex) PFS 24.8 mo for palbociclib/letrozole vs 14.5 mo for letrozole Palbocicilib CDK4 and CDK6 III Pfizer (PFE-NY, 400 PFS (time to first Aug-19 Nov-26 POLAR trial, testing women with mastectomy or lumpectomy as (Ibrance) inhibitor NR) recurrence - adjuvant therapy local, regional, or distal Palbocicilib CDK4 and CDK6 III Pfizer (PFE-NY, Fulvestrant 521 Overall survival Oct-13 Jun-20 PALOMA-3 PFS data already published in 2016 in The Lancet ; (Ibrance) inhibitor NR) (PALOMA-3) update showed trends to overall survival improvement, but no statistical significance Ribociclib/ CDK4 and CDK6 III Novartis (NOVN-Capecitabine, 158 PFS/ORR (out to May-18 Jun-26 Two-arm trial, exclusively conducted in Germany, randomized by Kisquali inhibitor SW, NR); bevacizumab, 15 mo); OS (out liver/lung metastasis iOMEDICO AG paclitaxel to 48 mo) Ribociclib/ CDK4 and CDK6 III Novartis (NOVN-Endocrine therapy 5,000 Invasive disease- Dec-18 May-26 NATALEE trial, testing Ibrance with endocrine therapy (hormone- Kisquali inhibitor SW, NR) (tamoxifen, letro- free survival to receptor targeted) as adjuvant therapy zole, anastrozole, 44 mo goserelin) Ribociclib/ CDK4 and CDK6 III Novartis (NOVN-Letrozole, or 287 Change in circu- Feb-18 Dec-22 BioItaLEE trial. Piqray approved for treating PIK3CA-mutated HR+ Kisquali inhibitor SW, NR) alpelisib (Piqray)- lating tumor DNA disease, so used as control therapy in second-line breast cancer fulvestrant until progression pts harboring such mutations (Fasodex) (3 yrs) Ribociclib/ CDK4/CDK6 III iOMEDICO AB, Aromatase inhib- 158 ORR, CBR up to May-18 Jun-26 Also testing Kisqali with bevacizumab/Avastin or Kisquali inhibitor Novartis (NOVN-itors (letrozole, 15 mo, OS up to capecitabine/Temodar or paclitaxel, as first-line therapy SW, NR) anastrozole, 48 mo exemestane) Sacituzumab Trop-2-tgted III German Breast Control therapy 1,200 Disease-free Oct-20 Dec-28 Testing HER2-negative disease, but comparing HR+ vs HR- as govitecan mAb, conjugated Group, Gilead- either cis-platin or survival rate at background markers. Approved in Apr/20 for treating metastatic (Trodelvy) to SN-38 (DNA Immunomedics carboplatin or 385 events, prob triple-negative breast cancer. topo I inhibitor) (GILD-Q, NR) capecitabine 6-7 years Sacituzumab Trop-2-tgted II Merck Sharp & Pembrolizumab 110 PFS/ORR at 36 Sep-20 Jun-27 Combining Trop-2 inhibition with PD-1 checkpoint inhibition in govitecan mAb, conjugated Dohme, Gilead- (Keytruda), anti-PD1 mo HER2-/HR+ disease (Trodelvy) to SN-38 Immunomedics mAb (GILD-Q, NR) Source: US National Institutes of Health clinical database, company reports

Though our PT corresponds to a sizable one-year return of 210%, we believe that IMV could trade sideways until a supplemental clinical inflection point is generated, probably in ovarian cancer (biomarker update from DeCiDE1 trial in FQ221) or perhaps in bladder/liver/MSI solid tumors (Basket trial update in FQ321), or until new (and hopefully cash-contributing) partnership interest is forthcoming.

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 7

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

Exhibit 8. Revenue Forecasts for IMV – Advanced Ovarian Cancer (DPX-Survivac)

Fiscal year-end Dec-31 (US$, unless otherwise stated) 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E Ovarian Cancer -US Ovarian cancer, current prevalence1 253,875 261,389 268,962 276,592 284,279 292,016 292,016 292,016 292,016 Ovarian cancer, advanced disease 60% 60% 60% 60% 60% 60% 60% 60% 60% Ovarian cancer, relapse/second line 80% 80% 80% 80% 80% 80% 80% 80% 80% Ovarian cancer, platinum resistant 14% 14% 14% 14% 14% 14% 14% 14% 14% Ovarian cancer, nuclear survivin-positive 70% 70% 70% 70% 70% 70% 70% 70% 70% Ovarian cancer, Target Patient Population 11,942 12,296 12,652 13,011 13,372 13,736 13,736 13,736 13,736 DPX-Survivac market penetration (%) 0.0% 0.0% 0.0% 0.0% 0.0% 3.0% 12.0% 18.0% 22.0% Price per treatment, annually (US$) $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 Royalty rate on gross sales (%) 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% DPX-Survivac royalty, US, ovar cancer (US$) $0 $0 $0 $0 $0 $6,181,389 $24,725,556 $37,088,334 $45,330,186 Ovarian Cancer - Canada Ovarian cancer, current prevalence2 12,851 13,796 14,752 15,718 16,694 17,682 17,682 17,682 17,682 Ovarian cancer, advanced disease 60% 60% 60% 60% 60% 60% 60% 60% 60% Ovarian cancer, proportion second line 80% 80% 80% 80% 80% 80% 80% 80% 80% Ovarian cancer, platinum resistant 14% 14% 14% 14% 14% 14% 14% 14% 14% Ovarian cancer, nuclear survivin-positive 70% 70% 70% 70% 70% 70% 70% 70% 70% Ovarian cancer, Target Patient Population 605 649 694 739 785 832 832 832 832 DPX-Survivac market penetration (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 7.7% 15.0% 20.0% Price per treatment, annually (C$) $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 Royalty rate on gross sales (%) 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% DPX-Survivac royalty, Cda, ovar cancer (C$) $0 $0 $0 $0 $0 $0 $800,556 $1,559,525 $2,079,367 DPX-Survivac royalty, Cda, ovarcancer (US$) $0 $0 $0 $0 $0 $0 $661,671 $1,288,970 $1,718,627 Ovarian Cancer - EU Ovarian cancer, current prevalence2 271,803 286,212 300,636 315,075 329,528 343,995 343,995 343,995 343,995 Ovarian cancer, advanced disease 60% 60% 60% 60% 60% 60% 60% 60% 60% Ovarian cancer, proportion second line 80% 80% 80% 80% 80% 80% 80% 80% 80% Ovarian cancer, platinum resistant 14% 14% 14% 14% 14% 14% 14% 14% 14% Ovarian cancer, nuclear survivin-positive 70% 70% 70% 70% 70% 70% 70% 70% 70% Ovarian cancer, Target Patient Population 12,786 13,463 14,142 14,821 15,501 16,182 16,182 16,182 16,182 DPX-Survivac market penetration (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 10.0% 20.0% Price per treatment, annually (€) € 43,411 € 43,411 € 43,411 € 43,411 € 43,411 € 43,411 € 43,411 € 43,411 € 43,411 Royalty rate on gross sales (%) 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% DPX-Survivac royalty, EU, ovar cancer (€) € 0 € 0 € 0 € 0 € 0 € 0 € 8,780,606 € 17,561,213 € 35,122,426 DPX-Survivac royalty, EU, ovar cancer (US$) $0 $0 $0 $0 $0 $0 $10,667,504 $21,335,009 $42,670,017 DPX-Survivac, ovarian cancer (US$) $0 $0 $0 $0 $0 $6,181,389 $36,054,732 $59,712,313 $89,718,831 Source: Historic data – IMV; Financial Forecasts – Leede Jones Gable

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 8

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

Exhibit 9. Revenue Forecasts for IMV – Diffuse Large B-Cell Lymphoma (DPX-Survivac) and RSV Infection (DPX-RSV)

Fiscal year-end Dec-31 (US$, unless otherwise stated) 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E Diffuse Large B-Cell Lymphoma - US Non-Hodgkin Lymphoma, curr. prevalence 878,212 923,722 969,581 1,015,787 1,062,337 1,109,227 1,109,227 1,109,227 1,109,227 DLBCL, estimated current prevalence 351,285 369,489 387,832 406,315 424,935 443,691 443,691 443,691 443,691 DLBCL, proportion, refractory disease 10% 10% 10% 10% 10% 10% 10% 10% 10% DLBCL, survivin positive 58% 58% 58% 58% 58% 58% 58% 58% 58% DLBCL, Target Patient Population 20,375 21,430 22,494 23,566 24,646 25,734 25,734 25,734 25,734 DPX-Survivac market penetration (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 6.0% 12.0% 18.0% Price per treatment, annually (US$) $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 Royalty rate on gross sales (%) 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% DPX-Survivac royalty rev, US (US$) $0 $0 $0 $0 $0 $0 $23,160,668 $46,321,336 $69,482,004 Diffuse Large B-Cell Lymphoma - Canada Non-Hodgkin Lymphoma, curr. prevalence 28,037 32,514 37,041 41,617 46,243 50,921 50,921 50,921 50,921 DLBCL, estimated current prevalence 11,215 13,006 14,816 16,647 18,497 20,368 20,368 20,368 20,368 DLBCL, proportion, refractory disease 10% 10% 10% 10% 10% 10% 10% 10% 10% DLBCL, survivin positive 58% 58% 58% 58% 58% 58% 58% 58% 58% DLBCL, Target Patient Population 650 754 859 966 1,073 1,181 1,181 1,181 1,181 DPX-Survivac market penetration (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 6.0% 12.0% Price per treatment, annually (C$) $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 Royalty rate on gross sales (%) 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% DPX-Survivac royalty rev, DLBCL, Cda (C$) $0 $0 $0 $0 $0 $0 $0 $886,018 $1,772,036 DPX-Survivac royalty rev, DLBCL, Cda (US$) $0 $0 $0 $0 $0 $0 $0 $732,307 $1,464,613

DPX-Survivac royalty rev, DLBCL (US$) $0 $0 $0 $0 $0 $0 $23,160,668 $47,053,643 $70,946,617

DPX-Survivac royalty revenue, all indic (US$) $0 $0 $0 $0 $0 $6,181,389 $59,215,400 $106,765,956 $160,665,448 Respiratory Synctial Virus - US Hospitalizations annually, pediatric (age <5) 65,475 66,785 68,120 69,483 70,872 72,290 73,736 75,210 76,714 Hospitalizations annually, elderly (age >65) 203,317 207,384 211,531 215,762 220,077 224,479 228,968 233,548 238,219 DPX-RSV, target population 268,792 274,168 279,652 285,245 290,950 296,769 302,704 308,758 314,933 DPX-RSV, market penetration (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 6.0% 12.0% 18.0% Cost of vaccination (US$) $6,750 $6,750 $6,750 $6,750 $6,750 $6,750 $6,750 $6,750 $6,750 Royalty rate on gross sales (%) 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% DPX-RSV royalty rev, US (US$) $0 $0 $0 $0 $0 $0 $30,648,775 $62,523,501 $95,660,957

Respiratory Synctial Virus - Canada Hospitalizations annually, pediatric (age <5) 6,548 6,678 6,812 6,948 7,087 7,229 7,374 7,521 7,671 Hospitalizations annually, elderly (age >65) 20,332 20,738 21,153 21,576 22,008 22,448 22,897 23,355 23,822 DPX-RSV, target population 26,879 27,417 27,965 28,524 29,095 29,677 30,270 30,876 31,493 DPX-RSV, market penetration (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 12.0% 18.0% Cost of vaccination (C$) $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 $5,600 Royalty rate on gross sales (%) 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% DPX-RSV royalty rev, Canada (C$) $0 $0 $0 $0 $0 $0 $0 $5,187,135 $7,936,316 DPX-RSV royalty rev, Canada (US$) $0 $0 $0 $0 $0 $0 $0 $4,287,243 $6,559,481 DPX-RSV royalty rev, all markets (US$) $0 $0 $0 $0 $0 $0 $30,648,775 $66,810,744 $102,220,438 DPX royalty rev, all forms/mkts (US$) $0 $0 $0 $0 $0 $6,181,389 $89,864,175 $173,576,700 $262,885,886 Source: Historic data – IMV; Financial Forecasts – Leede Jones Gable

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 9

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

Exhibit 10. Publicly-Traded Immune Therapy or Oncology/Infectious Disease Drug Development Peers for IMV

Share Shares price Mkt cap ($M) Ent val ($M) Company Curr Sym out (M) 12-May (curr) (C$) (curr) (C$) Status of lead program Survivin-focused drug developers Ionis USD IONS 139.8 US$36.69 5,130 $6,207 4,292 $5,193 LY2181308 is a survivin antisense RNA drug; licensed to Pharmaceuticals Inc Eli Lilly in Q2-03, Phase II trials completed. Astellas Pharma Inc JPY 4503 1,857.5 ¥1,664 ¥3,089,908 $34,412 ¥3,112,579 $34,665 Astellas' YM155 was a Phase II stage survivin-inhibitor aimed tested in NSCLC, HRPC, HER2 negative breast cancer and melanoma. Discontinued in 2012. Ovarian Cancer Immunotherapy and Vaccine Peers Chinook USD ADRO 42.4 US$15.78 669 $809 421 $510 Incyte ptnrship combined LADD-based CRS-207 with Therapeutics Inc epacadostat/ovarian cancer; discontinued in 2017 Clovis Oncology Inc USD CLVS 104.6 US$5.61 587 $710 956 $1,157 PARP inhibitor Rubraca/rucaparib approved in BRCA- harboring ovarian cancer in 2016; PFS benefit in Phase III ARIEL3 trial in Jun/17 Dynavax USD DVAX 114.6 US$7.52 862 $1,043 809 $979 Toll-like receptor-9-based hepatitis B vaccine Heplisav- Technologies Corp B, FDA-approved in Nov/17 Incyte Corp USD INCY 219.9 US$80.64 17,735 $21,457 15,807 $19,125 Oral IDO1 inhibitor epacadostat, failed pivotal trial in multiple myeloma in 2018 Iovance USD IOVA 152.8 US$26.51 4,052 $4,903 3,459 $4,185 Tumor-infiltrating lymphocyte technology; melanoma Biotherapeutics Inc therapy C-144-01/lifileucel has pending BLA submission Oxford BioMedica GBP OXB 82.4 GBP1,010.0 GBP 832.4 $1,424 GBP 800 $1,368 Trovax is 5T4 antigen stimulating, Ankara vector based PLC vaccine; development was terminated in 2012 Immutep Ltd AUD IMM 649 AUD 0.47 AUD 305 $289 AUD 271 $257 CVac immuno-oncology program completed Phase II ovarian cancer trial, licensed to Sydys back in May/16. Late stage DLBCL Peers- Immunotherapy Kyowa Kirin Co Ltd JPY 4151 537.2 ¥3,245 ¥1,743,369 $19,416 ¥1,485,770 $16,547 Partnered with MedImmune for MEDI-551, an anti-CD19 mAb targeting DLBCL. Karyopharm USD KPTI 75.1 US$8.79 660 $798 677 $819 FDA-approved nuclear export inhibitor selinexor/Xpovio, Therapeutics Inc targets DLBCL, F2020 sales to Karyopharm US$76.2M MorphoSys AG EUR MOR 32.8 EUR66.76 EUR 2,187 $3,215 EUR 1,394 $2,049 MOR208 is a humanized anti-CD19 mAb, approved in Jul/20 as second line for r/r DLBCL Roche Holding AG CHF ROG 853.1 CHF$298.75 CHF 254,871 $341,145 CHF 267,693 $358,307 RF7596/DCDS4501A (polatuzumab vedotin, anti-CD- 79b mAb) targets DLBCL, approved in 2019. Acquired Santaris Pharma, survivin inhibitor in development RSV Peers Bavarian Nordic A/S DKK BAVA 58.4 DKK 262 DKK 15,300 $3,025 DKK 18,322 $3,622 Live virus anti-RSV vaccine MVA-BN RSV in 421-pt Phase II RSV immune response study; 86-pt extension phase began in Nov/17, data in Q318 Novavax Inc USD NVAX 74.1 US$138.18 10,238 $12,387 8,701 $10,527 Novavax's RSV F vaccine is a nanoparticle vaccine derived from insect cell/recomb-inant baculovirus platform; failed in Phase III adult RSV infection rate trial. VBI Vaccines Inc USD VBIV 508.4 US$2.74 1,393 $1,685 1,275 $1,543 Discovery-phase RSV program, based on eVLP (enveloped virus-like particle) platform; HBV vaccine approved in Israel & 14 other countries Average $28,308 $28,803

IMV Inc USD IMV 67.7 $2.66 $180 $218 $157 $190 Antigen delivery platform DepoVax; Phase I/II programs in RSV, ovarian cancer, diffuse large B- cell lymphoma, other solid tumors

Source: Consensus Data - Refinitiv

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 10

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

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Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 11

IMV Corp. | IMV-TSX, IMV-NASDAQ May 13, 2021

Rating Definitions The security represents attractive relative value and is expected to appreciate significantly from the current Buy price over the next 12 month time horizon. Speculative Buy The security is considered a BUY but carries an above-average level of risk. The security represents fair value and no material appreciation is expected over the next 12 month time Hold horizon. Sell The security represents poor value and is expected to depreciate over the next 12 month time horizon. Under Review The rating is temporarily placed under review until further information is disclosed. Leede Jones Gable Inc. recommends that investors tender to an existing public offer for the securities in Tender the absence of a superior competing offer. Not Rated Leede Jones Gable Inc. does not provide research coverage of the relevant issuer.

Rating Distribution NO. OF RECOMMENDATION % COMPANIES Buy 7 41.18% Speculative Buy 8 47.06% Hold 2 11.76% Sell - - Tender - - Under Review - -

Historical Target Price Date Target ($) Rating IMV (NASDAQ:IMV) 15 Dec 2020 C$10.50* Spec Buy $12.00 13 May 2021 US$8.25 Spec Buy $10.00

$8.00

$6.00

$4.00

$2.00

$0.00 Coverage Initiated: Dec 15, 2020 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Data sourced from: Refinitiv Last Sale Price PT revision

[PT reflects a change in reporting currency from CAD to USD as of May 13 2021; chart subsequently reflects the USD-converted initiation PT as of Dec 15 2020]

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 12