Doc FDA says that 70% of drugs progress from phas

Doc
FDA says that 70% of drugs progress from phase 1 to phase 2; 33% from phase 2 to phase 3; and 25% pass phase 3. From a math standpoint is the progression on 100 hypothetical drugs that 70 move to phase 2, 33 move to phase 3 and 25 of the original 100 pass phase 3?

Or is it 70 pass phase 1 (70% of 100), 22 pass phase 2( 33%of 70) and 5 pass phase 3 ( 25%of 22)?

It feels to me like it's the 2nd explanation and a big hurdle still remains, but the investor packet is very impressive and informative with seemingly significant advantages over ranexa.