Cassava Sciences’ SAVA stock shed more than 80% of market value on Monday after the company reported that its lead pipeline drug, simufilam, failed to meet the primary endpoints in a late study for Alzheimer’s disease (AD).

(Reuters) -Cassava Sciences said on Monday 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 more than 80% before the bell.

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' stock fell after Phase 3 simufilam trial failed to meet key endpoints, prompting the discontinuation of its Alzheimer's studies.

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 to show a “significant reduction in cognitive or functional decline” during the Phase 3 trial of the treatment.

(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.

Cassava Sciences (NASDAQ:SAVA) crashed nearly 84% following a late-stage trial setback for its lead asset, simufilam, leaving SAVA investors wondering what’s in store for the once-high-flying biotech after its dramatic fall from grace on Monday.

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 (NASDAQ:SAVA) stock has plummeted ~86% after announcing that Alzheimer's disease candidate simufilam did meet its co-primary endpoints in a phase 3 trial. Those endpoints were change in cognition and function from baseline to the end of week 52,