Yes, spoke to the company prior to purchasing on the matter.
Nice analysis, and you're correct, SwiftySX, as per the disclosure contained within the prospectus, one of the three reagents was compromised during transport from the supplier overseas, as a result, the reagent produced materially different results (positive and negative) for the same samples and had to be excluded.
Due to this (namely the nature of trials having predetermined hypothesis being tested - in this case that the THREE 3 reagent combo alone would produce certain results) is was not possible to deem the trial a success, hence inconclusive and not a failure.
Therefore as your analysis points to it was "inconclusive on the 3 Reagent ColoSTAT" however "results were encouraging in respect of the potential of a new combination of the assessed biomarkers" (read potential for further improvement from the previous trials with respect to early stage detection).
The research note alludes to the same - " remain unpublished, the authors believe given the timing 2015-16 preceded the decision to vend into Rhythm and for Trevor Lockett to depart a CSIRO, that these results were compelling." in relation to the other reagents.
Prior to purchasing in the IPO, a mate, a pharmacology and biochem expert spoke to the company on my behalf and concluded the same, very compelling company, not without risk e.g. if study 5 had gone through without the defective reagent, the company would have likely remained private or be $2+, like our peers.
I recommend you look in detail into the published studies (the published data refer to trials 3 and 4 of this series). The coefficient of variation used to create the published data was around 10%. P values were <0.0001. Sample sets were independent equating to 552 samples. In short, the data is highly compelling. And subject to the company successfully completing the workstream of gaining control (cost and quality wise) of reagents, then the future is very bright. Hoping to hear more on the cloning stage of the reagent development soon.
I hope the above feedback answers questions, Thanky.
(20min delay)