Merck has terminated a phase 2 Alzheimer’s trial testing MK-1167, an oral asset developed with partner Neuphoria Therapeutics, after an interim analysis failed to meet expectations. The discontinuation removes another candidate from Merck’s late-stage Alzheimer’s footprint and underscores the challenges pharma faces in converting early signals into phase 2 efficacy. For Neuphoria, the move is a direct hit to a key external-validation pathway for its small-molecule approach, with the trial cancellation reducing near-term options tied to milestone-based progress. The decision also narrows the near-term menu of Alzheimer’s pipeline bets at Merck as the company continues to rebalance resources across CNS opportunities.