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  "notes": "The slide outlines the core assets (nemvaleukin alfa, IL-12, IL-18) and the strategic rationale for a spin-off.",
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      "text": "Nemvaleukin offers an opportunity for significant value creation as the development program advances and expands. Highly-experienced team with scientific and clinical trial expertise. Opportunity to attract oncology-focused investors.",
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      "text": "*Also granted FDA Orphan Drug Designation; **In combination with pembrolizumab. Assuming separation is effected through a spin-off of the oncology business into an independent, publicly-traded company",
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