Alector reported that a GSK-partnered antibody failed to slow disease progression in a Phase 3 dementia trial and the company will end work on the asset. Management announced a strategic restructuring that includes cutting roughly half of the workforce and leadership changes. The Phase 3 miss produced a steep share-price decline and forced an immediate reassessment of the company’s R&D priorities. Alector said while the therapy moved a biomarker endpoint, it did not improve clinical outcomes and that program resources will be reallocated. The company will undertake a full strategic review to determine next steps across its pipeline, including whether other partnered programs will continue under revised plans.