08:59 AM EST, 01/10/2025 (MT Newswires) -- AbbVie ( ABBV ) said in a regulatory filing Friday that it will book a non-cash after-tax intangible asset impairment charge of about $3.5 billion related to its potential schizophrenia drug emraclidine, acquired as part of its Cerevel Therapeutics buyout.

The company said in November that phase 2 tests of emraclidine as a once-daily, oral monotherapy treatment for adults with schizophrenia experiencing acute psychotic symptoms did not meet their primary endpoint of showing a statistically significant reduction.

After the trial results, AbbVie ( ABBV ) said it began an evaluation of emraclidine resulting in a "significant decrease in the estimated future cash flows for the product."

ABBV shares were down 0.7% in recent premarket activity.