Areteia Therapeutics is winding down after terminating its Phase 3 asthma studies, the company said via sources. Executives have exited and development activity is being halted, ending one of the higher-profile startup bets in respiratory drug development. Areteia’s decision follows missed targets and raises questions about investor appetite for large, late-stage respiratory programs where clinical readouts can be binary. The company’s wind-down will affect ongoing vendor contracts and trials in progress.