I am no expert but can be many reasons - maybe the dosage used...

I am no expert but can be many reasons - maybe the dosage used to treat was incorrect, method of delivery might need to be changed. Hard to say until we get an external review done.
Good part is 45% of the trial costs will be offset.
Also, it might b the case that the external review might point to one of the reasons above as the cause of failure and they can kickstart the trial again. Sept not far away- we have the BME trail read out coming soon.
coming back to IPO price cause of one failed trial when there is another indication undergoing p2 trials tells me its oversold. The selling today was almost as if the entire future of the company rested on hayfever treatment . But it's not . Also, BME and RRV are just two possible indications that can be addressed with PPS. Who knows what's in store.