You bring up some good points to consider, but allow me to play devil's advocate just for the sake of discussion.
Putting aside all the temporary short term ups and downs, usually associated with r and d biotechs on news, which provide those inclined to trade an opportunity to make some money along the way, in the final analysis injections, promising clinicals, patents, etc., all mean next to nothing, imo, unless there's a competent management and they ave the product(s) to go commercial, generate revenue and a profit and attract wall street investors.
The biotech world is littered with hundreds and hundreds of examples of failures that never made it past clinicals, because of issues like capitalization and commercialization. Without the latter, everything else that seems so appealing, really means very little, to nothing imo.