Bristol Myers Squibb is ending development of a degrader-antibody conjugate it acquired from Orum Therapeutics for $100 million, citing Phase 1 data that did not support continued investment. The company walked away from the asset after reviewing early clinical signals. For Orum, the decision highlights the high attrition rate risk for targeted protein degradation conjugates, where early safety and target engagement must translate into durable clinical activity. For BMS, the cut reflects portfolio reallocation toward programs with stronger near-term profiles. The move also signals to the broader degrader-adjacent market that clinical outcomes, even at first-in-human stage, can rapidly determine partner economics and development continuity.