Athira hoped a small Phase II study would show a benefit on working memory processing speed, but it missed its primary and all secondary endpoints, reducing confidence in the Phase III program.

Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.

Companies such as Novartis, Roche or Takeda are heavily invested in the advanced therapeutics field, usually spreading their bets across multiple modalities. The remaining challenges offer opportunities for the next wave of innovation to transform the field once again and make a dent in the larger market of common diseases and solid tumors.

The US FDA commissioner said increased use of expedited approval pathways will help spur clinical research system reform.