Shares of AnaptysBio, Inc. ANAB, a clinical-stage biotechnology company, plunged 32.8% on Dec. 11 after it announced that the phase IIb study of pipeline candidate, ANB032, a BTLA agonist, was unsuccessful.

AnaptysBio will end the development of its experimental drug to treat eczema as the treatment failed to meet the goals of a mid-stage trial, the company said on Wednesday, dragging its shares nearly 40% lower.

Shares of AnaptysBio Inc. remained flat in premarket trading Thursday after plunging over 32% in the prior session, marking the stock’s steepest single-day loss since March 2021. The collapse followed the company’s announcement that it would halt further investment in its experimental therapy ANB032 after the drug failed to meet primary and secondary endpoints in a Phase 2b trial for moderate-to-severe atopic dermatitis,

AnaptysBio, Inc. (NASDAQ:ANAB) announced that investigational ANB032, a BTLA agonist, did not meet the primary and secondary endpoints in any of the doses studied in the ARISE-AD trial as a monotherapy for moderate-to-severe atopic dermatitis (AD) or eczema.