The second, efficacy part of the trial enrolled 99 patients with clinically significant fatigue and cognitive symptoms at more than 30 sites in Europe. They received golexanolone at 40 mg or 80 mg twice daily, or placebo, for 28 days. The drug missed the prespecified PBC-40 cognition endpoint, and a supportive fatigue analysis showed no treatment benefit. Severe adverse events were infrequent and evenly distributed across the groups.

Umecrine will analyze the data further and consult external experts before deciding on next steps in PBC. The company says the results do not affect the potential of this class of compounds in Parkinson’s disease.

The company says the results do not affect the potential of this class of compounds in Parkinson’s disease.

KDventures, which owns 58.6% of Umecrine on a fully diluted basis, will cut the carrying value of the holding from SEK 226.4 million to zero.

“It is naturally disappointing that the study did not show statistically significant improvements in cognition or fatigue,” says Viktor Drvota, CEO of KDventures.

Source: KDventures press release, 30 October 2026 — read the release