If his plan was to buy puts for downside insurance

If his plan was to buy puts for downside insurance then that makes sense - of course it costs you premium each month or quarter depending how long the options duration is. Typically buying outs makes sense when you feel there is a strong likelihood of the stock falling that you want to protect against.
Should not be needed if your investment thesis is that future indications will drive the price up.
You could buy puts due right after a trial readout to cover for downside risk if the endpoint is not released but if course for a widely followed stock that is when the put insurance premium is the highest.
Looking forward to a time when we can think about these options - pun intended.
IMO