NOVN ran 3 P3 in the same indication. 2 failed, 1 worked.
Billy Joel may be right that 2 out of 3 ain't bad, but 1 out of 3 is. Especially in an indication where the FDA generally wants 2 positive P3s (not serious, and other treatments available).
Further, this is an indication, skin viral infection, that usually goes untreated, but can be treated with cheap creams.
The brief pop after TLD was just a bump in slow decline from the failed trials.