One would hope that IDRA thinks the move is necessary to clean up the financials, attract the greater than 5 buck institutions, reduce the share count, and limit the short maneuvering. Whether they have the gun powder to prop this necessity up and support the split remains to be seen.
I think they think they have the catalysts and the goods to support this move. It would not surprise me if a partnership deal is in the works. They have at least postured that they will go it alone with at least the melanoma indication for IMO-2125. Companies of course say this as part of trying to show strength during negotiations. The company obviously is in no way set up to move a drug to commercialization, marketing and sales.
Being optimistic, I so far trust that this is all part of a (bigger) plan to grow the value of the company. It seems to me that they are confident in the potential of both pipelines.
This is a make it or break it time for the company. Of course much of this is on the back of retail. If it fails, retail will finally give up......which in truth, they are likely ok with.