Part of the problem is very few phase 2 oncology make it to approval. So it is hard to sort the winners from the losers at an early phase. Look at the history of car-t, they ran out of money at the beginning.

https://www.realclearscience.com/articles/201...messy.html

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With only philanthropic support, the trial ran out of funding. Of the eligible patients they intended to treat, the Penn doctors only treated three. So they published the results of one patient in the New England Journal of Medicine and presented the outcomes of all three patients, including Ludwig, at a cancer conference anyway. From there, the money poured in. Based on the results, the Swiss pharmaceutical company Novartis licensed the rights of the therapy.

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