BioAge Labs’ stock lost more than two-thirds of its market cap in pre-market trading Monday, poised to hit an all-time low following its decision to discontinue the STRIDES Phase 2 study of azelaprag,

After a lucrative IPO in September, Richmond-based BioAge is seeing its biotech fortunes shift with its stock falling over 70% after shelving an obesity drug.

In the trail, 11 participants in the azelaprag group exhibited transaminase elevations without significant symptoms.

BioAge Labs said on Friday it is discontinuing the mid-stage trial of its experimental obesity drug after high levels of certain liver enzymes were observed

The biotech disclosed Friday plans to terminate a Phase 2 study testing azelaprag with tirzepatide for weight loss following safety concerns.