Novo Nordisk reported negative top‑line results from two large Phase 3 trials of oral semaglutide in early Alzheimer’s disease: the drug failed to slow cognitive and functional decline versus placebo. The Evoke and Evoke+ studies enrolled about 3,800 patients with amyloid‑confirmed early symptomatic Alzheimer’s and showed no benefit on the Clinical Dementia Rating scale. Novo’s stock fell on the news, and the failure casts doubt on the hypothesis that GLP‑1 receptor agonists will slow neurodegeneration despite their metabolic benefits. The result alters the risk profile for companies pursuing incretin mechanisms in neurology.