A good rule of thumb is to never expect a phase 2 trial to result in approval. Phase 2 sets up Phase 3, which leads to either approval, an additional trial, or a toss of a failed drug on the trash heap. I'd have told you three years ago that if it were a global pandemic you could throw that Phase 2 rule out of a window, but clearly the machine will machine at the pace of the machine no matter the circumstances surrounding the machine. But that doesn't mean a partner for a phase 3, the money that comes along with it, and the start of that trial wouldn't be a big catalyst on its own. Think about what happened when Vyera was signed and people realized CYDY might have a covid treatment. I'd call both of those considerable catalysts without any approval in the mix.

I think we're seeing a terrible day in the market in general combined with some deflated hopes that 700mg would be even better than 350mg. Since we already knew that 350 was good, news that 700 wasn't seems disappointing. Especially if you were hoping to catch a spike to trade some shares. But the whole entire purpose of a phase 2 trial is to show enough safety and efficacy to earn a phase 3, and to of course learn from the phase 2 to design the phase 3 for success. We have that regardless of 700 thanks to how well 350 did. So we're in a very good position, it just doesn't exactly feel that way at this exact moment. Hoping that changes by Monday like Evil Rabbit mentioned.