CymaBay Therapeutics Inc. is scrapping two mid-stage trials of the liver disease drug seladelpar after biopsies found a type of liver damage in some patients, sending the company’s shares down more than 75 percent.

The outlook remains bright due to a favorable regulatory arena, support for biopharma-friendly legislation and development incentives, expanding scientific opportunities in key therapeutic areas such as immuno-oncology, and big pharma’s continued push to obtain innovation.