Merck terminated a Phase 2 Alzheimer’s study of oral drug candidate MK-1167 after an interim analysis showed the asset underperformed. The decision ends another mid-stage attempt in Merck’s broader collaboration with Neuphoria Therapeutics, which has faced multiple program setbacks. For Merck, the halt reflects continued pressure to generate signals in a late-decade Alzheimer’s pipeline defined by target failures and stringent trial-readiness expectations. For Neuphoria, the discontinuation further reduces the runway for its asset portfolio, increasing the urgency of finding differentiated clinical readouts. Development teams will watch how Merck reallocates resources across partner assets and whether future phase transitions are more selective given the latest interim-performance signal.