The LUMA Phase 2b study of BIIB122 — a drug co-developed by Biogen and Denali Therapeutics targeting early-stage Parkinson's disease — missed both its primary and secondary endpoints. Following the failure, both companies have decided to discontinue further development of the candidate entirely. The drug, also known as DNL151, was a LRRK2 inhibitor representing one of the more closely watched mechanistic bets in Parkinson's research.
For Denali, this is a significant pipeline setback — BIIB122 was a centerpiece asset, and its discontinuation removes a major near-term catalyst. Biogen faces another late-stage disappointment in a neurological indication, adding pressure to a pipeline already under scrutiny. Both stocks are likely to see selling pressure as investors reprice the probability of future neurology revenue.
Upcoming Denali Therapeutics pipeline updates and any analyst day announcements — watch for guidance revisions. Biogen's next earnings call will be the first major forum where management addresses the pipeline gap left by this discontinuation.
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