Lost iPhone from 2014

I lost my iPhone 5 in Summer 2014 at night. The following morning, I turned on ‘find my iPhone’ but it appeared as offline. I turned on the option to notify me if the phone was ever connected to the internet and also delete all its information. There was no passcode on the phone at the time (I know...), but the phone never appeared online before I finally removed it from ‘my devices’ in 2018.

What is the most likely outcome from this? Either a) the phone was never found, b) the person who found the phone did a factory reset and sold the phone, or c) other