Thats right. This is why Human Trials are considered that much...

Thats right. This is why Human Trials are considered that much more important.

Each Phase as well actually has a lesser chance of success the higher it goes, but the flipside is the reward is massive if P2/P3 trials are successful because the drug would be very derisked and likely to head towards commercialization.

Why BOT boasted a lofty 250M MC valuation off a single Phase 1B trial and a trial for superbugs that was tested in a lab eludes me, but they were expecting far higher valuations if their Phase 2 met expectations.

IHL has many strings to the bow we all know this, and while ARDS can come through as the dark horse we should remain calm to know that OSA is a Phase 2 human trial.... and TBI will also have a P1 or P2 human trial. In markets similarly sized to Acne, but with no pharmaceutical therapy as competition unlike Acne.

Big difference.... This is the groundwork being executed now. The re-rate will be massive once the real trials are completed.