Athira Pharma (NASDAQ:ATHA) stock cratered 72% in post-market trading Tuesday after the company announced that a Phase 2/3 study of its drug Alzheimer’s drug candidate fosgonimeton failed to meet its primary endpoint and key secondary endpoints.

The study, called LIFT-AD, had been evaluating the drug as a potential treatment for mild-to-moderate Alzheimer’s disease.

“These are not the results we hoped for, as the lack of clinical decline in the placebo group, combined with the short duration of the study, may have impacted the trial’s ability to translate the effect of fosgonimeton treatment into meaningful clinical benefit,” said Athira’s chief medical officer, Dr. Javier San Martin, in a statement.

“However, we believe the totality of the data continues to suggest that positive modulation of the HGF pathway has the potential to translate into improvement in parameters of neuronal health and may mitigate disease progression,” Javier added.