I am open to phase 2 trials, although I do understand that most...

I am open to phase 2 trials, although I do understand that most of them won't be sufficiently powered to have statistical significance, because either the numbers are too small or the size of the improvement in outcome is too small. The fact that the phase 3 trials need to recruit hundreds of patients is indicative of the relatively small improvements that they are looking for.

But to be completely honest, the market cap of the company has been so large that surely it could really only be justified by proven efficacy result from at least 1 Phase 3 trial. Otherwise it has been based on a promise that has yet to be delivered or on an unproven belief that it works rather than simply a hope that it might.