Kamada (KMDA) said Monday that it will discontinue the phase 3 trial of inhaled AAT for the treatment of Alpha-1 Antitrypsin Deficiency, or AATD, due to the "low likelihood of a successful efficacy outcome."

An independent data and safety monitoring board said the trial was unlikely to demonstrate a statistically significant benefit in its primary endpoint of lung function measured by FEV1, according to Kamada.

The company said it continues to supply its Glassia AAT-IV treatment in the US and other international markets.

Kamada also reiterated its 2025 revenue guidance of $178 million to $182 million and said it expects double-digit growth in 2026 revenue and profitability.

Shares of Kamada were down 8% in recent premarket activity.