You definitely have some concern points that are legitimate. I would also loved to here from @Davisite on his opinion about this, because it would ultimately reflect on the state of the ASX biotech market.
After about 2 years deep diving into the Aussie biotech market, I have come to the conclusion that only a handful are "institutional investable". That is based on my own journey. This investable paradox is especially harder to uncover in the small cap biotech space because institutional money doesn't flow UNTIL a catalyst lights the spark.
Eg; CU6; a major investor sells out, creating liquidity while at the same time the company is producing excellent results. This sets the foundation for institutional funds to build positions until the cap raise came, then the liquidity added to the ability for even bigger international institutions to start building positions adding demand to supply and so fourth.
This example can also be seen in DXB, where a cap raise at ATL's, followed by a Partnership, set the liquidity chain off the hook. Institutions could start building decent positions, so up the price went on supply/demand. Then another CAP raise at a higher price point allowed for more gathering by the institutional fraternity.
So catalysts are the name of the game in ASX biotech, and if you can announce a few good ones in a row, and there is an accompanying liquidity event before/after but around the same time, that could be enough kindle to light that kind of fire.
Therefore my conclusion is I cant see institutional investing happening until the next cap raise.
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