If there was a beneficial outcome, even 2 letters, and no safety...

If there was a beneficial outcome, even 2 letters, and no safety concerns, although it would be significantly less than the phase 2b result, it would still be a net positive to the patient. Granted upside SP would be limited.

The reason share price will collapse is if there's a measured reduction in efficacy or side effect complications captured in the longer 52 weeks phase 3 trial compared to the shorter duration phase 2b trial - to the extent where commercialisation feasibility is impaired.

But none of this is news. These risks were the same at the start of the phase 3 trial.