October did not shine on Australian biotechnology companies, despite including the Ausbiotech ‘biggest week in biotech’ on the Gold Coast in sunny Queensland.

The Biotech Daily Top 40 Index (BDI-40) fell 9.75 percent in October to a collective market capitalization of $18,783 million, with 30 companies down for the month, of which 24 fell more than 10 percent; just seven companies were up, with four up by more than 10 percent; and three were unchanged.

The $1,421 million fall in the BDI-20 included a $1,337 million fall by 4D Medical (down $582 million) and Telix (down $755 million) with just five of the BDI-20 companies improving. There is no explanation, yet, for 4D Medical’s 25.6 percent fall last Friday.

The benchmark ASX200 was up 1.4 percent to 8,908 points in October and the Nasdaq Biotechnology Index (NBI) rose 2.9 percent to 7,320 points – up 36.4 percent for the year.

The four Big Caps of Cochlear, CSL, Pro Medicus and Resmed, which are not included in the BDI-40, improved 8.9 percent to $174,608 million, 8.6 percent below last year.

Pro Medicus led the Big Caps, up $3,465 million or 20.2 percent to $20,590 million, followed by Resmed up $4,304 million or 9.4 percent to $49,941 million, CSL adding $6,373 million or 7.2 percent to end October at $94,777 million (not very far from the $100 billion mark), and Cochlear up $171 million or 1.9 percent to $9,300 million.

Avita was the best of October’s BDI-40 seven, up $225 million or 44.9 percent to $726 million, followed by Optiscan (14.9%), Nova Eye (13.2%), Mesoblast (10.2%), Resonance (2.9%), Nanosonics (1.7%) and Aroa (0.4%).

EBR led October’s far too many falls, down $127 million or 53.6 percent to $110 million, followed by Starpharma (48.0%), Botanix (44.0%), Saluda (41.0%), Lumos (39.2%), Micro-X (37.2%), Immutep (32.0%), Orthocell (27.9%), Amplia (27.1%), Actinogen (24.9%), Artrya (23.2%), 4D Medical (22.8%), Curvebeam (21.05%), Prescient (20.8%), Clarity (20.4%), Atomo (18.75%), Racura (18.3%), Imricor (18.0%), Imugene (17.4%), Impedimed (16.7%), Medical Developments and Syntara (16.3%), Clinuvel (14.7%) and Telix (14.1%).

Outside the BDI-40, Cogstate was up 1.7 percent to $596 million, it’s highest point in 12 months, with Blinklab and BLS holding steady.

The 11 companies in Cannabis & Psychedelics Corner fell 6.3 percent for the month – up 36.4 percent for the 12 months to October 31, 2026 - led by Nexalis (Inhalerx) down 50 percent to $2 million and Avecho down 26.0 percent to $54 million. Neurotech was the better of the two rises, up 17.4 percent to $23 million, with Cann group up 14.3 percent.

On the Nasdaq, Eyepoint (formerly Psivida) tumbled $353 million or 89.4 percent on a trial failure to $42 million, followed by Neuphoria (Bionomics) (14.3%), Kazia (12.0%) and Incannex (8.5%). Brisbane’s Protagonist edged up 2.6 percent to $13,471 million.