Phase 3 is very expensive.
For example (not cross promoting, check PAR - they just raised $77m for there phase 3 - BOT's wouldn't be as expensive because it wont need to be run for anywhere near as long, but you get the idea. They aren't cheap.)
Plus:
- Rosacea study
- Atopic Derma study
- Possible Psoriasis study (who knows)
- Antimicrobial study
- Admin costs - much bigger team now.
They have a lot of things going on.
Ann: BTX 1503 Acne Phase 2 Study Results Presentation, page-556
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