(Reuters) -Amid-stage testing of Atea Pharmaceuticals COVID-19 treatment did not achieve its main objective of reducing SARS-CoV-2 in patients who were not hospitalized with mild to moderate diseases, according to the company on Tuesday.

Premarket trading saw Atea shares drop 70.9% and reach $11.78

In partnership with Roche, the company develops the oral drug AT-527. Both companies collaborate on numerous studies to test the drug’s effectiveness in treating COVID-19.

At-527 showed no clear decrease in SARS-CoV-2 virus load during the middle-stage trial compared with placebo. However, it did show a significant reduction in viral load among high-risk patients who have underlying conditions.

There were many variables, such as different vaccine variants that emerged during the research, that could have had an impact on the final results.

Atea stated that based upon the most recent results and changing COVID-19 environments, the company is modificating an ongoing study in late-stage testing of the drug in patients who are not hospitalized and has included changes to its main purpose and patient population.

The company expects to have late-stage data from trials in 2022 instead of the last half of 2019.