Matt and another person hold around 70m shares each. Their money...

Matt and another person hold around 70m shares each. Their money was what started the company, prior to it listing on the ASX i.e how we got the rights to permetrex etc. So that point is incorrect imo.

I don't really understand how you came to that conclusion? Gut feel? BTX1204 was tested against the vehicle also

"Study data indicated BTX 1204 was twice as effective over the vehicle with substantial improvement in the key signs of atopic dermatitis "

You are of course right that BOT will get sold off if the trial results aren't positive and I would suggest the trial is probably a higher risk than their previous phase 1b trials as it's testing multiple formulations on each patient, plus the data analysis post trial is much deeper than previous trials.

"The Phase 1b patient study will test BTX 1308 against a vehicle (placebo) and an active comparator in 15 patients at a single study site in Australia. Because all test articles are compared on psoriasis plaques on the same patient, at the same time, the study protocol is recognized as a powerful proof of concept tool by dermatology companies."

So there is probably an extra level of risk for this trial but there is also imo extra reward if the results are good as it increases the likelihood that the results will be able to be replicated in phase 2