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The staged process (Phase 1: safety in a small group; Phase 2: dosing and early efficacy; Phase 3: large-scale efficacy, usually the last step before an approval filing) every drug candidate has to clear.

Example: Every company in our patent series is at a different phase — Compass is finishing Phase 3, DemeRx's noribogaine program is still pre-Phase 2, and where a company sits on this ladder matters as much as its patent position.