Cassava Sciences said that its drug did not significantly reduce cognitive decline in 1,900 people with mild to moderate Alzheimer’s disease.

The Cassava Sciences story ended Monday exactly as many knew it would — with the company’s experimental drug for Alzheimer’s disease, simufilam, failing a clinical trial.

Cassava Sciences has revealed the late-stage clinical failure of controversial Alzheimer’s drug simulfilam. The company had pledged to share the results whether “good, bad or ambiguous.”

Cassava Sciences’ phase 3 Alzheimer’s disease trial has missed its co-primary endpoints. With the study also missing secondary and exploratory biomarker endpoints, the biotech has pulled the plug on another phase 3 trial and an open-label extension.

(Reuters) -Cassava Sciences said it will stop all trials of its Alzheimer's disease drug after it failed a late-stage study, sending shares of the drug developer plummeting 83% in early trading on Monday.

KEY TAKEAWAYS Cassava Sciences shares are plunging in premarket trading and are losing most of their value after the biotech firm said its experimental Simufilam drug aimed at treating Alzheimer’s disease failed a late-stage study.