These threads seem to be populated by only long term biotech investors and traders with finite funds. The answer to your question about the broader investment community getting a touch nervous is anecdotally YES.
You said "BNE is a very early stage Bio perhaps too early for most and it suffers from its legacy as being a crap stock with La Jolla funding". The same is true for many others including CDY. The ASX market is not interested until near term revenue deals with mega-pharma companies are being ramped.
Even the better looking biotech financial statements are being put on the ingnore list by the investment markets....partly because the punters may not know how to read them (me thinks).
Stupidity reigns. Expenditure on research is discretionary for any company yet this expenditure (and rebate) item is typically viewed as a negative along with all of the other sundrry costs. A good early to mid stage biotech should aim to reinvest any surplusses back into research, possibly taking the P&L more towards a break even 9rather than profit maximisation) goal post.
