So my "results are compelling" line gives you little comfort, hey.
What I'm hanging my hat on is that Behçet's isn't a different disease it's just the most severe form of non-infectious uveitis. The rational is that if it works in the worst case scenario then it "should" work in less severe forms of the same disease. That being said 7 pts isn't a lot to go on but the results are really unambiguous - either you can see or you can't.
Although the lack of direct PoC data has kept me from increasing my position, I'm comfortable with the risk/reward given that you are getting a Phase 3 asset, with an SPA in place, for a company with an EV of ~ $110M.
edit: just saw your follow-up post so I'll answer it here. My understanding is that the drug is approvable based on Eyeguard A and C, together, or either A or C but with B. So three possible "approvable" trial combinations AC, AB, CB.
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