I think we are confusing the Risk with the impact of a failed trial( IE missed endpoint)

The Risk of a failed trial is considerably lower than it was 5-10 years ago but for share holders the impact is still devastating.

A little bit of risk management perspective.

rating risk (1-5)

impact (1-5)

I'm going to say the risk is a 2 at this point with an impact of 5.

That leaves us with a total of 10 out of 25.  For me this would have a medium risk at this point

https://www.google.ca/search?q=risk+vs+impact+matrix&tbm=isch&source=iu&ictx=1&fir=2YbvRz4p12DeiM%253A%252CQ1_yo4Wqo9-WiM%252C_&vet=1&usg=AI4_-kTWwwx7kQahNUt5XCIVT2AcZFbg9w&sa=X&ved=2ahUKEwiIgf7djv3hAhUSFnwKHfAOAcIQ9QEwAHoECAwQBg#imgrc=uJQW9vIUi7rWzM:&vet=1

My 2 Cents