Acelyrin Shares Fall After Halting Development of Eye Disease Treatment

Dow Jones2024-12-11

By Connor Hart

Shares of Acelyrin tumbled after the company said it would stop developing its eye-disease treatment following results from a recent study.

The stock fell 16%, to $3.39, in after-hours trading Tuesday. Shares ended the regular session 5.4% lower, at $4.06, putting them down 46% since the beginning of the year.

The late-stage clinical biopharmaceutical company after the bell said it will not make any further investments to develop its treatment of uveitis, an inflammatory disease affecting the eye. This is because the treatment, izokibep, did not meet primary or secondary endpoints in a recent trial, the company said.

Chief Executive Mina Kim said the company is disappointed the treatment did not meet its primary endpoint.

Moving forward, the company plans to switch focus to the development of its treatment for thyroid eye disease, it said.

Also on Tuesday, Acelyrin said that its Chief Financial Officer Gil Labrucherie has resigned, stepping down on Jan. 2 to pursue another opportunity.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 10, 2024 18:36 ET (23:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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