Eli Lilly and Co has reported failure of its experimental lung cancer drug for late-stage trial. During the current trial, Lilly was testing Verzenio in patients with advanced non-small cell lung cancer with mutation of the KRAS gene. The company has shared limited data about the drug trial and informed that the overall survival rate among patients in the trial didn’t improve. Eli Lilly has suffered two other setbacks earlier this year.

The company faced U.S. FDA rejection rheumatoid arthritis drug in April. The company has witnessed decline in stock valuation as well. After the new, Lilly stock was down by nearly 3 percent during early trading session. With an aim to cut costs, Lilly reduced its workforce by 8 percent last month. The company informed that reduction in workforce would save $500 million each year.

Lilly informed, “Verzenio, however, showed some evidence of improvement in the secondary goals such as progression-free survival in patients and overall response rate.”

Verzenio has been approved by FDA for advanced stage breast cancer last month.

In November last year, the company dropped an experimental Alzheimer’s treatment after the results weren’t encouraging.