There are few things I have learned about ASX and biotech in...

There are few things I have learned about ASX and biotech in general....

1) Pre clinical is too early and ideally this should not be on ASX at this stage

2) It is valued around 23m (Most of the biotechs on ASX are around (25-30m valuation) for Phase 2 studies ... hell one company I have invested has 3 phase 3 studies coming up and only valued at 40m.....

3) Cash is king, given how many indications they are trying to play their hands around.... And it's a non revenue company... Further CRs to keep coming which will dilute the value for SH further

4) Investors don't like their funds tied up when they know it's years before they make any decent return... in case of this company .... it's years away

That doesn't mean that all biotechs have the same journey, some get bought at pre clinical stages (but mostly cell and gene).... But those are extremely rare cases.....

I think if you have money that u can put aside (I have done that as well) and forget about it for couple of years, great but at current valuation..... else there will be a better time to buy at discount later ....