"Is it simply the fact that nobody knows about IRX?"
It is most probably true. It is quite evident that when the $38.5M funding facilities from Clendon was announced on 18/10/2024, the market didn't take much notice. I believe it is after the first drawdown of the facility on 24/04/2025 that put some credibility on the funding, and the recent HREC Approval had started the engine.
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