Dexamethasone and COVID-19 appears to support your hypothesis, but I noticed this bit:
For hospitalised patients with COVID-19 who were well enough to breathe on their own, dexamethasone offered no benefit; in fact there is a possibility that the medicine could have worsened health outcomes for some of those patients.
Patients in NOXCOVID-1 will be able to breathe on their own, so it looks like the experts who designed the trial are familiar with dexa and have factored its moa into the trial design.
NOXCOVID, page-8
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