Exactly Gassed.
Look at any emerging bio-tec on the ASX - all hammered.
The bright side with PAB is the MC is only $20m - with a successful phase 1 or a deal it could easily be valued at $200m+.
Imugene is ahead of us in the trialing phases and has more irons in the fire - but they did reach a MC of $4B in the boom - they are now valued at $623m - so 30 times us - and they still have zero revenue.
For me there is a lot of upside and limited downside with PAB - still a high risk play.
Ann: Appendix 4C - Quarterly - 30 June 2023, page-24
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