I agree with your logic that if they got surprisingly good efficacy results they would have reported it, but the Phase I participants received a much smaller do

I agree with your logic that if they got surprisingly good efficacy results they would have reported it, but the Phase I participants received a much smaller dose than the planned actual treatment. It would have been great if the treatment had clinical efficacy at even the safety dosing level, but it's also not especially disappointing that it didn't.