I do believe there is a real chance that the bnc210 trial could...

I do believe there is a real chance that the bnc210 trial could come back negative, mainly due to the difficult nature of hitting endpoints related to neurological trials - IIL is a prime example - so i understand your concern here. Hence why I've skimmed some profit off the top in case it is negative to reduce my losses. But the company isn't dead after this trial - they have other trials in the work that can prop up the share price considering its market cap. The market cap is tiny.

However I don't quite understand your point regarding efficacy - the ptsd and agitation trials are both blind trials, meaning that no-body (besides those who analyse the data), even bionomics management themselves do not know who is getting what. Bionomics do not know who is getting the actual treatment, nor do the patients. So itd be silly for the company to give out any efficacy reads, they literally do not know.

That's why in the channel 9 interview, the patients wife stated she "thinks" her husband got the treatment, rather than the placebo. The patients and the family around patients do not know who is getting what. The patient in the news report may have well gotten the placebo. Hence the risk. Hence the selling of profits to reduce the downside.