Why Satsuma Pharma (STSA) Shares Are Plunging Today

Satsuma Pharmaceuticals Inc STSA shares are falling after the company reported topline results from the STS101 SUMMIT Phase 3 efficacy trial in migraine patients.
Although topline data showed numerical differences in favor of STS101 5.2 mg versus placebo on the pre-specified co-primary endpoints of freedom from pain and freedom from the most bothersome symptom (MBS) at two hours post-administration, these differences did not achieve statistical significance.
STS101 did, however, demonstrate significant effects on both freedom-from-pain and MBS-free endpoints by three hours post-dose and at all subsequent time points at which efficacy was assessed.
Related: This Stock Earns Price Bump, Bullish Pitch On Recent Positive Migraine Drug Data.
In addition, STS101 was statistically superior to the placebo on multiple key secondary endpoints, including the number of patients requiring rescue medication within 24 hours and 48 hours post-treatment.
Satsuma announced that it does not plan to invest in commercializing STS101 and will actively explore alternatives. As of October 31, 2022 the company had estimated cash and equivalents of $59.4 million.
Price Action: STSA shares are down 82.2% at $0.72 during the premarket session on the last check Monday.

Satsuma Pharma Shares Nosedives After Disappointing Data From Migraine Study