208 trial. Note that the 207 data showed a clear distinction between 20mg and 40mg. In the end, a 20mg would probably be better. In your two possible explanations, you overlook the prime concern of a small company; keep interest of investors alive. If the next data release is by the end of summer, you would want to keep the news flow alive in the meantime.
I still don't believe that all healthy worse-case-scenario outlooks give you the best prediction of what is happening, especially when there is a more simple explanation right there; there still is a lack of impartiality on this board, including when people start partially assuming that when European bureaucrats decide to fly in to visit the goats that it is a sign of imminent approval for gtcb. By the way, there was an article comparing gtcb to its competitors in genetic engineering news last week.