So I’ve been trying to do some digging and finally found the links you are talking about eg Goolsbee is the ex Sarepta director and Sue Fletcher sold the etepliresen drug to Sarepta and is on Phylogicas website as an academic partner. Takes a while for those catching up!
The MCAP differences on the ASX is a good point - some are twice the size eg RAP , some similar eg IMU and the runners seems to be smaller - although at it’s peak BIT was briefly above $300m (including options) so was 4x the size but now only a little bigger than PYC.
The smaller ones seem to be more singular focussed companies was the risk of a binary outcomes and unsure funding sources while PYC seems to have the opposite problem of almost not knowing which of many paths to take out of the platform and easy funding sources - at the moment they have narrowed it down to 3 primary and 3 secondary but there are more behind it. The outlicencing and inlicencing commentary in the AR makes me think there is much broader potential in PYC but I agree they are still earlier in the process for anything.
Not sure anyone really cares though - sentiment is pretty bad so PYCs illiquidity is a mild benefit - weird that when the big market first started turning down a few weeks ago PYC traded 2.7c and is now sitting above 3c - if sentiment stays negative I imagine we eventually slip below 3 again.
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