Non conclusive data would most likely relate to the MRI data,...

Non conclusive data would most likely relate to the MRI data, which is not being released. It's not likely that biomarker data would be inconclusive since PAR are measuring several biomarkers and will probably only report those that are showing positive changes, so I have high confidence PAR will meet the primary endpoint which only requires significant change to a single biomarker out of 10 or more.

My biggest concern is the pain and function results (a secondary endpoint) due to the size of the trial, changes to trial protocol, drop outs, covid impacts etc. If, however, efficacy is found to be the same or better than 005 and the EAP, then this would be a very positive sign and would significantly derisk and rerate PAR. While the market may not see it that way at first, the market will catch up eventually.

My views only, not advice