what metabolic is worth, page-6

Not necessarily... to some extent it depends on how conclusive the data is from the 2A study. If the results are completely unambiguous and profound, with no indications of side-effects, then you can be pretty confident in the phase 2B, especially with a peptide drug.

Phase 3 is another matter, but peptide drugs passing Phase 2 have a good history in Phase 3.