Merck terminated a Phase 2 trial of its oral Alzheimer’s disease candidate MK-1167, dealing another setback to its partner Neuphoria Therapeutics. Merck’s decision followed an interim analysis in which the small-molecule program underperformed, prompting the company to scrap the study rather than continue toward later-stage evaluation. The termination underscores the volatility of Alzheimer’s pipeline progress and the dependence on mid-stage readouts to determine whether assets advance. It also highlights the strategic risk of relying on partner-led programs when early efficacy signals fail to differentiate from controls. For investors and pipeline teams, the move reduces the near-term probability of new Alzheimer’s catalysts from this particular partnership.