BridgeBio Pharma Inc. saw its shares plunge by over 60% on Monday’s premarket trading after it reported that its acoramidis failed to meet the primary endpoint in its third-phase study.

  • BridgeBio said its acoramidis treatment for symptomatic transthyretin (TTR) amyloid was not able to fulfill its primary endpoint at Month 12, and declines were seen in both arms of the study similar to those expected in healthy elderly adults.
  • The declines observed were also “substantially less” than those seen in untreated arms previously reviewed by the company. The drop in the placebo group was also over 70% lower than that seen in the treatment group.
  • Chief Executive Officer Neil Kumar said the results were “disappointing and baffling,” noting that these “do not appear” to be caused by a baseline significance. Kumar added that he is still searching for answers.

Shares in the company have declined by 42.9% so far this year through Thursday.

BBIO is down 68.93%.