Advancing a drug-development program is not the same as de-risking it.

Drug-development programs are often called de-risked after accumulating data, publications, financing or regulatory milestones. These signals may establish activity, credibility or readiness, but not necessarily a reduction in consequential uncertainty. Accumulation alone does not make an asset de-risked; de-risking is a claim that evidence has reduced uncertainty relevant to a decision. Such a claim requires evidence that is reliable, relevant to the choice ahead and available before that choice becomes difficult to reverse. Three oncology histories illustrate how evidence can support progression, narrow an indication or arrive too late. This Editorial proposes a shared uncertainty record to make that reasoning explicit across development.