At 1.4-1.6 at the old SOI it was more or less on par with other...

At 1.4-1.6 at the old SOI it was more or less on par with other oncology biotechs here which have never made any money and are still pretty far from it. Also only going for TGA and which have no plan to bring the drug to market and no interest in doing so but instead sit and hope for a buyout.

At 90c @ the new SOI it is probably 'fairly valued' for a $50M parcel if you consider the lack of liquidity. If you took any 'growth' stock here and took it private it you'd likely pick it up for at least 30% cheaper than you would given its listing - that's why stocks dual list, after all, and why we see the speculative end shoot up in value when they start offering over the counter shares in the US.

Listing totally changes the maths.

For me, this stock is a peek behind the curtain at the dealings of the lucky few who get all the good trimmings before 'retail' is offered the scraps later on market at a ridiculous markup. This is one of those opportunities that I normally simply just wouldn't have, so I'm going to take it.

If these guys can in fact do what they say they want to do, and create a genuinely valuable Australian pharma company then whether the MC was 350M or 450M in early 2021 is not going to matter.

Agreed with PC that TGA is a drop in the bucket compared with FDA and EU approvals