On July 17, 2023, Biohaven disclosed that the FDA had rejected the New Drug Application ("NDA") for its spinocerebellar ataxia ("SCA") treatment, troriluzole, having refused to even review the application after the Phase 3 SCA Trial had failed to meet its primary endpoint. On this news, Biohaven's stock price fell $5.38, or 22.6%, to close at $18.42 per share on July 27, 2023, thereby injuring investors.