"...Lets not forget that the SP is highly vulnerable to both external an internal shocks and it is no where near being risk-free at $0.5 bil. m.cap. Indeed it’s one of the most highly priced non-revenue companies on the ASX. All the ducks are far from being in a row. And there certainly are many alternatives to invest in, for example in the telco, biotech, fin tech, cyber security - many of which are sub $25m in m.c. and have potential to multiply in value 20, 30 times. Akp may be more advanced than small cap startups but at this price it’s no less risky inmho. ..."
1) You are right. It is indeed one of the most highly priced non-revenue companies on the ASX. But there are reasons for that, IMO, namely: those who own it recognise that it has immense potential value once it reaches revenue, and they know its SP will increase as soon as it conclusively reaches that stage. Yes it is an expensive "hold" stock. But again, those who have drunk the KoolAid still continue to hold.
2) The ducks are not quite all in a row, but they are pretty close, and that too is recognised by holders.
3) IMO, most of those other stocks will need substantial injections of capital to reach their potential once their idea gets proven. If you can find other stocks that represent equal or better value why are you still holding such a risky stock as AKP?
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