Unity Biotechnology Inc. (NASDAQ: UBX) stock was absolutely crushed on Monday after the company announced results from its midstage study in patients with moderate-to-severe painful osteoarthritis (OA) of the knee. Unfortunately, results did not live up to expectations.

Specifically, the results came from the firm’s Phase 2 study of UBX0101. There was no statistically significant difference between any arm of UBX0101 and placebo at the 12-week endpoint for change from baseline in WOMAC-A, an established measurement of pain in OA.

Considering these results, the company does not anticipate progressing UBX0101 into pivotal studies. Also, Unity Bio will narrow its near-term focus to its ongoing ophthalmologic and neurologic disease programs.

Still looking ahead, the company expects to complete collection of the Phase 2 24-week data, as well as that from the ongoing Phase 1b high-dose, repeat-dose study in the second half of 2020. The full results from the Phase 2 and Phase 1b studies will be presented at a future medical meeting.

Management noted that while these are not the results it had hoped for, the evidence that senescent cells contribute to diseases of aging remains compelling.

Overall, UBX0101 was well-tolerated at all dose levels and adverse events (AEs) were consistent with previously reported data. There were no treatment-related serious AEs and only one patient discontinued because of an AE (for an unrelated cardiovascular event). The most common treatment-emergent AE was procedural pain in the study knee.

Based on current operating plans, Unity believes that current cash, cash equivalents and investments are sufficient to fund operations well into 2022.

Unity Bio stock traded down about 61% to $4.79 on Monday. The 52-week range is $4.59 to $15.44, and the consensus price target is $23.33.

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