New valuation of PYC, page-14

yes, I think they run phase 2 and 3 along together, meaning they can start phase 3 before they finish phase 2. Hottod does mention that indirectly, but you cant shave too much time off because they wont let you start phase 3 until you get good results in the beginning of phase 2. And Phase 3 is the longest as you need 2 years of data to prove things inconclusively. But with slowly developing blindness there is not as much hurry as there is with cancer, so we wouldn’t be given the green light as fast as an oncology drug. So revenue hinges off phase 3 and drug approval/sales, but the rerate will hinge off efficacy. Who knows when the market will be given that tick.