Stock of Cambridge biotech implodes after failure of ALS drug trial

By Hannah Green • Published March 8, 2024 • Updated on March 8, 2024 at 10:41 am

Shares of Amylyx Pharmaceuticals Inc. dropped by more than 80% at the opening bell Friday after the 384-employee Cambridge company said that its drug designed to treat amyotrophic lateral sclerosis, or ALS, had failed its Phase 3 clinical trial.

Now, Amylyx says it will engage with the FDA and the broader ALS community about the future of the drug, which was granted approval in September 2022 on the condition that the company conduct a confirmatory trial. The company vowed at the time that it would voluntarily take the drug off the market if it failed the larger trial.

WATCH ANYTIME FOR FREE