good progress, but spent $10m

Circadian is making steady progress, but they burned $10 million in FY2011. Given previous performance, the share price could easily track the cash backing down.

They've got two years funding at this burn rate, which should be enough for either a major partnership deal or ramped up income from the diagnostic tests or royalties to come through.

It's not a stock for day-traders, but it looks like a good risk-reward balance for anyone prepared to wait three or four years.