Ann: BTX 1503 Acne Phase 2 Study Results Presentation, page-200

Important to remember here that results were the same (i.e., it worked across both sites).
What differed, was participants reaction to the vehicle (placebo; Permetrex). I.e., participants in the US had a very strong reaction to the placebo whereas, in Australia, the reaction by participants to the placebo was in the expected low range.
Hence, the suspicion of an issue in manufacturing in the US (lack of experience), and the move ahead with securing a future supply from a very experienced supplier.

I just wish this had been conveyed better. To expect investors not experienced in statistics to see beyond words such as "not significant" was shooting for the stars.

If the TH had been kept in place until tomorrow, allowing the interview and presentation to be released first, this may have reduced the impact on the SP.

My two cents.