Boston‑area startup Nido Biosciences said it will wind down operations in early 2026 after Phase 2 data missed expectations, terminating its development plans. Separately, two Phase III trials of setrusumab—Orbit and Cosmic—failed to meet primary endpoints, leaving Mereo Biopharma and Ultragenyx facing program setbacks and sharp share price reactions. Clinical context: setrusumab targeted brittle bone disorders but failed to achieve statistical significance on primary endpoints in large registrational studies, although some secondary endpoints were met. For companies: Phase III failures typically force reassessments of regulatory strategy, R&D priorities, and capital allocation. Why it matters: the twin developments illustrate the commercial and scientific risk inherent in mid‑stage oncology and rare‑disease pipelines and underscore the market consequences for biotech companies when late‑stage readouts disappoint.