I started watching IBX in about 2017, a couple of years before...

I started watching IBX in about 2017, a couple of years before the first of the big dilutionary capital raises and bought my first shares just before the first raise. During my watching period I watched the share price drop from 17cents to about 3cents before having a crack. I subsequently participated in the two capital raises (from memory were they 2cents and at 1cent plus the free 5cent and 3cent options?). I bought shares and participated in the raises because the medical basis for the stock had not changed, only the share price had. The share price fell in the often predictable way for speculative stocks (like mining, tech or medical)... whereby a company does an IPO but in the subsequent years they often simply spend the money raised to progress their idea but often without concrete progress... so investors get bored / worried and leave... and also fail to participate in raisings.

I freely admit that this is one of the only times in speculative share investing that I got the timing right on my entry. The rise to 20cents was terrific but the slide back to under 4cents is similar to the first slide... this time the company spending money and progressing a human trial but way too slowly for the markets liking so investors get bored / worried and leave. In addition, sentiment for growth stocks across the board is now very negative. HOWEVER, has the technology failed or the premise for owning the stock changed? No... we are closer than ever to some real evidence of effectiveness (though much doubt remains until trial complete).

This is still a very risky stock but as some have said in the comments above, the possible "multiple gain" if successful is again high now that the share price has dropped.

I feel very strongly that the timing of the company's previous capital raises have been dreadful for retail shareholders, often occurring at times of strong market/stock doubt. The biggest winners in the raisings have largely been the institutions or sophisticated investors, who were able to snap up very cheap new shares while retail investors were too fearful to participate. That's not fair but hey that's how this market/stock works!

On that basis I wouldn't be surprised if there is another raising "at a bad time" during which sophisticated or insto investors will get to fill their boots again and retail investors fail to participate due to fear ad a lack of information from the company which sadly has been the case during some of the raisings. Some investors would by now also feel overexposed to the stock having bought more and more on the way down.

As a schmuck retail investor, I'd be making sure I had some cash to allocate to this stock for a future raise (BUT ONLY IF YOU STILL HAVE CONVICTION ON THE TECHNOLOGY AND HAVE MONEY YOU"RE HAPPY TO POTENTIALLY LOSE BECAUSE YES IT COULD ALL GO HORRIBLY WRONG). If you're way under water or overexposed then it's a difficult situation to decide whether to hang on, commit more and move on.

None of this is advice, just some observations and experience of this stock and let's see if history repeats along the lines of 2017 to 2020.