Ann: Race releases video of 2019 AGM presentation, page-26

The biotech market in Australia is extremely inefficient. You can’t look at the market cap of a biotech company to predict the fundamental value of company. There are many listed biotech's trading 100x over the underlying value and vice versa. This just doesn’t happen in other sectors of the Australian market.

The upside from all this is if you do your own DD you can find some extremely miss-priced biotech companies to invest in. If what the company has is real (and the management honest and competent) the market will eventually catch up one way or another.