The May Biotech Daily Top 40 Index (BDI-40) fell 2.6 percent to a collective market capitalization of $20,583 million, the four Big Caps of Cochlear, CSL, Pro Medicus and Resmed (which are not included in the BDI-40) were up 2.3 percent to $222,372 million and the benchmark ASX200 rose 3.8 percent to 8,434.7 points.

Pro Medicus again led the Big Caps, up $5,094 million or 21.3 percent to $29,059 million, Resmed rose 3.3 percent to $55,571 million, Cochlear fell 1.7 percent to $17,657 million, with CSL down 1.2 percent to $120,085 million.

The BDI-40 was basically even, with 18 companies up, nine by more than 10 percent; and 19 companies down, with nine down by more than 10 percent.

Medadvisor was the best, recovering $30 million or 52.6 percent to $87 million, followed by Dimerix, up $66 million or 24.5 percent to $335 million, Neuren (20.3%), Syntara (19.8%), Nova Eye (19.4%), Genetic Signatures (18.5%), Proteomics (17.6%) Aroa (15.8%) and Paradigm (12.6%).

Again, the deepest market capitalization falls were greater than the percentage falls; with Telix shedding $555 million, but just 6.1 percent of its market capitalization followed by Mesoblast losing $166 million or 7.2 percent and Nanosonics falling $121 million or 8.3 percent.

Avita led the percentage falls, down $164 million (40.0%) to $246 million, followed by Imugene (37.4%), Universal Biosensors (23.5%), Orthocell (22.3%), Actinogen (22.1%), Impedimed (20.8%), Botanix (16.4%), Curvebeam (16.2%) and Emvision (13.7%).

Comparing the raw numbers from the previous year, the BDI-40 fell 32.95 percent over the 12 months, but at this time last year, Pro Medicus was worth $12,538 million and has been promoted into the Big Caps. Comparing the 40 companies with themselves, the BDI-40 was up 9.7 percent for the year to May 31, 2025, compared to the ASX200 up 9.5 percent and the four Big Caps up 3.85 percent.

The 11 companies in Cannabis Corner climbed a collective 3.2 percent in May to $226 million, down 14.4 percent for the 12 months to May 31, 2025. Three were up, six fell and two were unchanged. Bioxyne was the best, up 35.6 percent to $61 million, with Inhalerx and Zelira looking good with 20 percent increases, but that was a rise from $5 million to $6 million. Argent (MGC) was the worst, down $2 million or 22.2 percent to $7 million.

Outside the BDI-40, Adalta fell to $1 million; while Alterity improved 37.0 percent, Artrya climbed 21.1 percent and Imricor was at its year’s $558 million high.

In the US, the Nasdaq Biotechnology Index (NBI) fell 4.2 percent in May to 4,079 points – down 7.3 percent for the 12 months. Eyepoint (Psivida) climbed $42 million or 5.7 percent to $775 million, while Incannex climbed 300 percent to $24 million after last month’s 80 percent tumble from $30 million to $6 million - for no reason we could discern, and no response from the company. Queensland’s Protagonist was up 4.3 percent to $4,574 million, with both Kazia and Neuphoria (Bionomics) up 33.3 percent to $8 million and $36 million, respectively.