Biotech comparison using Numbers

So let's get factual using FY 2022 results just released.
These companies produce products that are not direct competitors (rather they are complimentary), however the comparison on valuation is useful as they are both biotech growth companies at similar stage of R@D in a similar market.

For FY ended June 30 2022: In million AUD.
(AVH reports in USD so conversion required - I used today's exchange rate 30/08/2022)

PNV
Revenue 41.9
Cash on hand 6.1
Market Capitalisation 896.6

AVH
Revenue 48.38
Cash on hand 132.20
Market Capitalisaion 236.3

So AVH has higher current revenue, and 21.67 times the cash on hand. Yet current market cap a fraction of PNV. Both companies operate at a loss currently - it appears this will change for both in the not too distant future. Yes, AVH loss is greater per share but proportional to huge amount of concurrent R@D for rollout of pipeline expansion and all targeted at future revenue growth. The great unknown is future revenue - IMO after a huge personal amount of DD on both and talking to medical specialists I easily favour the short and long term runway for ReCELL with Japan about to launch and soft tissue reconstruction an vitiligo within reach. So is PNV overvalued, or is AVH undervalued? Discussion welcome.