When it comes to spotting undervalued potential in biotech, I often look for companies that are not only developing novel technologies but also demonstrating clear paths to commercialisation. This month, three small-cap names on the ASX have really caught my attention: Memphasys Limited (ASX: MEM), Control Bionics (ASX: CBL), and dorsaVi Ltd (ASX: DVL). Each is on a very different mission, but all three are making measurable progress—and investors are starting to notice.