Satsuma Pharmaceuticals Inc. (NASDAQ: STSA) has reported disappointing late-stage results from its migraine treatment, and its shares were absolutely crushed Thursday morning.

Specifically, the topline results came from the Phase 3 Emerge efficacy trial of STS101 powder as an acute treatment for migraines. The data did not show statistically significant differences between either dosage strength of STS101 and placebo on co-primary endpoints.

The topline data showed numerical differences in favor of STS101 3.9 mg and 5.2 mg versus placebo on the pre-specified co-primary endpoints of freedom from pain and freedom from the most bothersome symptom (from among photophobia, phonophobia and nausea) at two hours post-administration. As a result, these differences did not achieve statistical significance for either dosage strength.

Both dosage strengths of STS101 did, however, demonstrate significant effects on both freedom from pain and the most bothersome symptom by three hours post-dose and later time points.

Also, both STS101 dosage strengths were well tolerated in the Emerge trial, with low adverse event rates and no serious adverse events reported.

Management was quick to note that further analysis of the Emerge trial data is ongoing and the firm expects to provide a more detailed update on its business plans after this analysis are completed.

At the end of the most recent quarter, the company had cash, cash equivalents and marketable securities of $93.7 million. After Thursday’s stock move, the company had a market cap of $87 million.

Satsuma Pharmaceuticals stock traded down about 78% on Thursday to $4.95, in a 52-week range of $4.55 to $36.10. The consensus price target is $33.75.

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