Atyr Pharma reported that efzofitimod did not achieve its primary endpoint of steroid dose reduction in a Phase 3 trial involving pulmonary sarcoidosis patients. While some secondary outcomes showed trends toward benefit, results fell short of statistical significance. Shares plummeted over 80%, reflecting investor disappointment given efzofitimod was the company's only advanced-stage clinical candidate. The setback raises questions about the drug's future and impacts Atyr's financial outlook amid a challenging development environment.