The April Biotech Daily Top 40 Index (BDI-40) slipped 0.7 percent to a collective market capitalization of $21,138 million, the four Big Caps of Cochlear, CSL, Pro Medicus and Resmed (which are not included in the BDI-40) were up 3.5 percent to $217,322 million and the benchmark ASX200 rose 3.6 percent to 8,126.2 points.

In April, Pro Medicus led the Big Caps, up $3,093 million or 14.8 percent to $23,965 million, Resmed rose 5.0 percent to $53,800 million, Cochlear was up 4.7 percent to $17,957 million, with CSL up 0.7 percent to $121,600 million.

The BDI-40 was a tale of two indices, with a total of 16 companies up, five by more than 10 percent; and 22 companies down, with 11 down more than 10 percent.

The BDI-20 edged up 0.5 percent in April with nine companies up, nine companies down and two unchanged. The rises and falls were both small, with just two companies up by more than 10 percent and three companies down by more than 10 percent.

The Second 20 saw 13 falls - eight by more than 10 percent – with seven companies up, of which three were up by more than 10 percent.

Telix added $211 million to the BDI-20, while Mesoblast lost $196 million. 4D Medical was April’s percentage best, up $22 million or 18.0 percent to $144 million, followed by Dimerix (15.95%), Avita (14.5%), Resonance (11.8%), Nova Eye (10.7%), Orthocell (6.6%), Nanosonics (5.5%) and Telix (2.4%)

The deepest monetary and percentage fall was EBR, losing $197 million or 30.2 percent of its market capitalization to $455 million, but up 56.9 percent for the 12 months to April 30 (see below). Amplia fell 29.6 percent to $19 million, followed by Syntara (26.0%), Imugene (25.1%), Proteomics (22.7%), Curvebeam (21.3%), Genetic Signatures (19.3%), Universal Biosensors (19.0%), Actinogen (15.7%), Paradigm (13.95%), Compumedics (11.9%) and Mesoblast (7.9%).

There are a number of changes to the BDI-40. EBR and Orthocell have been promoted into the BDI-20, with Botanix and Optiscan promoted to the Second 20. Opthea and Percheron have moved to the Third 20 and Starpharma has joined the Second 20.

The 11 companies in Cannabis Corner fell a collective 15.4 percent in April to $219 million, down 29.6 percent for the 12 months to April 30, 2025. None were up, seven fell - with four down by more than 10 percent - and four were unchanged. Cann Group led the falls, down $4 million or 28.6 percent to $10 million, followed by Bioxyne down $16 million or 26.2 percent to $45 million, followed by Neurotech (23.5%) and Vitura (13.2%).

In the US, the Nasdaq Biotechnology Index (NBI) edged up 0.3 percent in April to 4,260 points – up 2.4 percent for the 12 months. Eyepoint (Psivida) climbed $137 million or 23.0 percent to $733 million, while Incannex tumbled 80 percent - for no reason we could discern - to $6 million. Queensland’s Protagonist lost $363 million or 7.6 percent to $4,387 million, Neuphoria (Bionomics) fell 12.9 percent to $27 million, Kazia lost 14.3 percent to $6 million, and Redhill (with Australian assets) was unchanged at $6 million.