Phase Story
Phase matters: early studies go quiet most often
The phase gradient shows that non-disclosure is not just sponsor-specific. Phase I is worst on rate, while the NA bucket dominates by scale.
Phase I rate
NA stock
Late-stage benchmark
Eligible 2-year gap
Phase Story
Phase I rate
76.7%
Highest phase-specific rate
NA stock
96,605
Largest absolute count
Phase III rate
45.5%
Late-stage benchmark
Phase IV rate
52.4%
Post-marketing benchmark
Phase I is the quietest major phase on a rate basis, while the NA bucket dominates by absolute count because of its scale.