They didn't as they needed these PK trials completed prior to...

They didn't as they needed these PK trials completed prior to using it in a Phase 2 trial. They used their ECS BioAbsorb soft gel capsule for which they did Phase 1 trials late 2022 and it outperformed both Epidiolex (20%) and CBD isolate (400%) with respect to bioavailability (refer their announcement 22 November 2022).

I think the key factor for Aquaphase is its solubility and ability to use it across all lipophilic compounds which makes it applicable for a variety of drugs rather than just CBD. It is seemingly a more simple and inexpensive process than typical encapsulation based on this announcement which sounds positive.