CervoMed said on Tuesday its experimental drug for a common degenerative brain disease did not meet the main or secondary goals in a mid-stage clinical trial, sending the U.S. drug developer shares down 77% in early trading.

CervoMed reports RewinD-LB trial results for neflamapimod in dementia with Lewy bodies, highlighting missed endpoints and upcoming data timelines.

CervoMed’s ex-Vertex drug has failed to reduce the severity of patients’ dementia in a phase 2 trial, halting plans for a late-stage study.