Sionna Therapeutics’ shares fell more than 90% after reporting that its lead asset failed an early study and it is no longer advancing the experimental treatment going forward. Vertex's shares hit an all-time high at one point.

Sionna’s medicine didn’t have a meaningful additive impact when combined with Vertex’s top-selling Trikafta, surprising analysts and collapsing company shares.

A pill from Sionna Therapeutics provided no added benefit when combined with Vertex's cystic fibrosis blockbuster Trikafta, a blow to the biotech.