The chance a trial succeeds is well characterized by phase, therapeutic area and endpoint type — mid-stage oncology trials and late-stage cardiovascular trials have very different track records. Registry entries also disclose enrollment progress and expected completion, which tells you when the readout is coming. You combine the phase-specific base rate with the specific trial's design and trade the readout markets against a crowd trading the story of the disease.
Markets on Polymarket where clinical-trial readout probability is the natural play: