Headline seems a bit overdone. The drug completed Phase 1 trials. Roughly 14% of successful P1 trials eventually get approved. It'll be probably another 5-10 years before this finishes P3.
Not sure what article you read. Phase II trials just wrapped up and showed both tolerability and effectiveness, hitting primary endpoints. Phase III is apparently recruiting, which should reveal any showstopper side effects in a larger and more diverse population. It’s realistic this could hit the market in 3-5 years or less.
It completed Phase 2 trials according to the article. I don't know the rates of P2 trials getting to approval, but he's past safety and initial efficacy in over 510 patients (510 seems to have been only the last trial, so doesn't include P1, which would be significantly smaller).
Additional info: https://www.fiercebiotech.com/biotech/british-biotech-levice...