Ann: Botanix Announces BTX 1503 Data and Progression to Phase 3, page-162

The way this ANN reads to me is it's a no BS, no spin ANN and scientific in it's basis.
For those that understand scientific literature, they know there is no room for anything but the facts, Jack.
This ANN presents the facts as they are known from results, highlights the positives and negatives and provides an explanation for the US results, which as we all can see, are anomalous.
It is the duty of a responsible study sponsor as BOT should be, to investigate the circumstances of the US leg, as errors during all facets of studies are common. They can identify, adjust and improve moving forward. I'm sure this will happen in due course.
IMO they have let the results speak for themselves, commenting where appropriate (personal quotes aside) and showing the data at hand.

Make no mistake, the results are positive, regardless of market response or what the downrampers yell here. GLTAH