Two mid‑stage program failures landed this week: Johnson & Johnson announced it discontinued an eczema candidate acquired for $1.25 billion after it failed to meet efficacy thresholds, while Biohaven reported its potassium channel modulator missed endpoints in a Phase 2 major depressive disorder trial. The twin setbacks underscore acquisition risk and the high attrition rate in neuroscience and immuno‑dermatology drug development. Sponsors will reassess portfolios and pipeline priorities; investors and BD teams will watch for write‑downs and potential licensing pullbacks. Note: Phase 2 trials test efficacy and safety in patient populations and are crucial gatekeepers before large‑scale Phase 3 programs.