I wrote something a while ago. please read through my previous post a couple months ago.
in short - Ph2 is toughest because most jump from animal to human models. BOT has already de-risked this transition by conducting preclinical studies in humans. combine that with the fact it's also a topical administration and in the derma field. risk still remains mind you, but it's significantly de-risked IMO. they've done this for a reason, spending on phase 1b trials to test in a human cohort was a very wise move.
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