You shouldn't have to guess at why the results haven't been released. The company has done a horrendous job of handling this information. Clear as mud.
Better to have hinted nothing and released news when they had it, like most professional companies do.
If what you think is true, why would JAGX not release the data they had (supposedly) for the non placebo patients? They surely wouldn't need to wait to include patients who were never part of the non-control group unless....