Amylyx Pharmaceuticals, Inc. is a commercial-stage biotechnology company that engages in the discovery and development of treatments for ALS, also known as Lou Gehrig’s disease, and other neurodegenerative diseases. The Company’s products include, among others, AMX0035 (commercially referred to as “RELYVRIO” in the U.S.), a dual UPR-Bax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol, for the treatment of ALS in adults in the U.S.

Key allegations of securities fraud class action complaint has now survived a motion to dismiss. That complaint alleges that, Amylyx Pharmaceuticals, Inc., through certain of its officers and directors, made materially false and misleading statements regarding the Company’s business, operations, and prospects in that: (i) Defendants had overstated RELYVRIO’s commercial prospects; (ii) patients were discontinuing treatment with RELYVRIO after six months; (iii) the rate at which new patients were starting treatment with RELYVRIO was decreasing; (iv) accordingly, Defendants had also overstated RELYVRIO’s prescription rate; (v) Defendants attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO’s prescription data; and (vi) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

Specifically, on November 9, 2023, defendants issued a press release reporting that a slowdown in new subscribers and an increase in discontinuations had resulted in a failure to meet anticipated Q3 2023 earnings. Defendants admitted that only 60% of patients remained in treatment after six months and corporate share value fell more than 30% in response to that news. In March, 2024, defendants reported that the drug had failed to produce meaningful results in its Phase III trials. Share price fell another 80% and shortly thereafter defendants announced that they would withdraw Relyvrio from the market.

On September 30, 2025, the court determined that certain key allegations survived the defendants’ motion to dismiss the underlying class action complaint.

Long term Amylyx shareholders who purchased shares prior to May 11, 2023 and still hold shares today can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever. If you want to learn more, you are encouraged to contact Joshua H. Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.