i am not big in this name but I do understand the phase trials...

i am not big in this name but I do understand the phase trials process and FDA registration

I don't see the P2 fail as a binary outcome but rather the process with TGA and FDA is much more like a court hearing where BOT will present its findings and seek approval to move to P3 with FDA based on better manufacturing practices they will represent and good efficacy in P2 trials

and that is before the pending eczema trials data

and good balance sheet to ensure they get it right next time

certainly, market cap @ circa 90 mill is still factoring in the material chance of success so I am not sure it is a steal - but I am cautiously optimistic the acme trial will not be a write-off and if they do move to US FDA IND registration for P3 trials this stock will be 25 again at least IMO