The first month of Australian winter was interesting - to say the least. All major indices were up after months of falls. Whether this is a ‘dead cat bounce’ or a recovery is yet to be seen. We shall know at the end of the year.

But one thing is certain: despite all the doomsayers, Australian biotechnology is on-track for a record year of capital raises.

The collective market capitalization of the four Big Caps of Cochlear, CSL, Pro Medicus and Resmed, which are not included in the Biotech Daily Top 40 Index (BDI-40), climbed 16.1 percent in June to $125,873 million – still 43.55 percent below its second highest market capitalization, last year.

Pro Medicus was the best, up $7,652 million or 56.3 percent to $21,252 million – but $8,528 million below a year ago. Cochlear rose 25.0 percent to $7,963 million, CSL was up 17.6 percent to $54,950 million, with Resmed edging up $5 million to $42,709 million.

In June, the BDI-40 climbed 11.35 percent to a collective market capitalization of $19,559 million; the benchmark ASX200 was up 0.5 percent to 8,779 points; and the Nasdaq Biotechnology Index (NBI) rose 9.6 percent to 6,565 points – up 55.3 percent for the year.

For the year to June 30, the ASX200 was up 2.8 percent, while the BDI-40 fell 3.3 percent.

But over the 20 years since Biotech Daily started the BDI-40 v ASX200 comparison, the benchmark has climbed 5,074 points or 73.0 percent, while the BDI-40 is up 448.9 percent on raw data; and 1,061.9 percent, adjusting for changes to the index (see charts below).

Again, it was a tale of two indices, with the BDI-20 up 13.7 percent in June and the Second 20 falling 3.6 percent, from much lower bases. Sixteen BDI-40 stocks rose, with eight up by more than 10 percent; while 21 fell, with 15 down by more than 10 percent.

EBR systems was June’s best, up $89 million or 43.4 percent to $294 million (but 45.25 percent below its $537 market capitalization on June 30, 2025), followed by 4D Medical (36.2%), Neuren (28.9%), Telix (27.25%), Clinuvel (14.6%), Impedimed (12.5%), Dimerix (10.8%) and Paradigm (10.3%).

Cynata led the falls, following two negative trial results, down $65 million or 95.6 percent to $3 million, followed by Curvebeam (47.8%), Adheris (38.5%), Cyclopharm (34.4%), Polynovo (26.6%), Syntara (23.5%), Prescient (21.95%), Botanix (21.2%), Atomo (21.1%), Proteomics (17.4%), Actinogen (17.3%), Aroa (14.2%), Micro-X (13.3%), Clarity (11.9%) and Emvision (11.9%).

Cannabis Corner rose 22.6 percent in June to $450 million, up 89.9 percent for the year. Avecho doubled in market capitalization to $92 million on positive trial news, and was up 736.54 percent on June 30, 2025. Little Green Pharma was up 85.2 percent to $50 million on its Cannatrek takeover, followed by Bioxyne (15.4%), Cann (14.3%) and Neurotech (12.5%); while Nexalis (Inhalerx) lost 50 percent to $3 million, followed down by Vitura (26.1%) and Emyria (20%).

On the Nasdaq, Brisbane’s Protagonist jumped $2,485 million or 27.9 percent to $11,397 million and up 119.0 percent on a year ago. Eyepoint (formerly Psivida) was up 9.3 percent for the month to $1,733 million and up 76.1 percent for the year to June 30, 2026.

Among the many improvements over the past 12 months, 4D Medical was the stand-out – up 2,317 percent in 12 months.

Artrya was up 1,112.2 percent in the year to June 30, 2026, Echo IQ improved 17.8 percent in June and 640.1 percent for the 12 months; Anteris climbed 505.4 percent for the year, Vitrafy was up 37.6 percent in June and 136.5 percent for the 12 months, PYC improved 24.8 percent in June and was up 119.5 percent for the year.

Although Racura (Race) fell 12.3 percent in June, it was up 113.2 percent for the year while Pacific Edge climbed 17.4 percent in June and 297.4 percent in the year to June 30, 2026. Tetratherix edged up 1.9 percent in June but was up 148.7 percent for the year.

The changes – including good and bad trial results, as well as the departure of SDI, acquired by Beijing Guoci Technology for $166.4 million - have meant major changes to the BDI-20 and Second 20.

Adheris and Cynata are demoted. Impedimed will join the Second 20, with Aroa, Dimerix and Imricor promoted to the Top 20. Artrya, Racura and Saluda will join the Second 20, with Pacific Edge, Avecho, Echo IQ, Tetratherix, Vitrafy all in contention for promotion.