Veru (VERU) said Monday that a phase 2b clinical trial of enobosarm for overweight and obese patients receiving Wegovy met its primary endpoint of preserving lean body mass in 16 weeks.

In the study, overweight and obese patients, over 60 years old, receiving Wegovy showed a 71% reduction in lean body mass loss over 16 weeks compared to placebo.

The trial also showed improvements in the secondary endpoint of reducing body fat compared with a placebo plus Wegovy, the company said.

The company said it will pursue a 12-week extension of the phase 2b trial and meet with US Food and Drug Administration officials ahead of designing a phase 3 clinical trial. The topline results for the separate blinded phase 2b extension clinical study are expected in April of 2025.

Shares of the company were down more than 45% in Monday's premarket activity.