You've seen the Argonaut analysis document right? Regardless of...

You've seen the Argonaut analysis document right? Regardless of the conflict of interest Argonaut have in that they hold BOT shares the document shows several other acne treatment manufacturers have experienced the same high vehicle only efficacy in their clinical trials. So it's not an unheard of phenomenon but I don't believe there is a clear (pun intended) concensus on the cause of this occurring. The fact that those manufacturers went on to release their acne products to market despite much higher adverse events compared to what BTX1503 has shown is a very good sign and I think it is highly likely that Botanix will receive approval from the FDA to move on to phase 3 trials for BTX1503.

Whether Botanix will want to immediately move ahead with phase 3 for BTX1503 after the BTX1204 phase 2 results drop is another matter. We might see more promising and clear statistical significance from BTX1204 phase 2 results from all locations which could take precedence over the ambiguous BTX1503 phase 2 results.