That's overly pessimistic. It is normal to have a single multicenter global phase 2, and increases statistical power. As for only doing one phase 1, HMI isn't the one to blame for that. That trial was conducted by Bayer because they had no plans to use the drug for hair loss. When HMI purchased rights to the drug that changed. If they had decided to start with a phase 1 for hair loss they would still be waiting for that trial instead of having an approval to run a phase 2 in the US. Their choice will get the drug to market faster provided they move forward with the phase 2 in the US without waiting for the Australian trial to complete. No one knows what their plans are so there is no foundation to criticize them on this matterI realize that for many this is "only" an aesthetic problem and therefore it is not given relevance. But there are many people who suffer from it on a personal level and I am sure that many who shave their heads and ignore it deep down also suffer from it. It is a question of human dignity, not just an aesthetic problem. If the investors and whoever managed it were not cynical Methuselahs, all this would be clearer. To wait decades for something that could be solved in 2-4 years is absurd.
Now we find ourselves with Australia that rejected phase 2 because Hope medicine wanted to save twice, the first time by doing phase 1 only for women, the second time when it decided to do a single joint phase two in the various countries. This ridiculous and irresponsible management of the company has led not only to delays but also to spending more money, other than saving.