Shares of Novan Inc., a clinical-stage dermatology drug developer, plunged by nearly 75 percent on Friday after the company announced disappointing trial results for its topical acne treatment.

Chief Executive Officer Nathan Stasko said the company was “pleased” with a successful trial but “disappointed with the discordant results” of the second trial.

The Durham-based company hasn’t yet received the full data set but will provide an update on the acne drug program after more analysis, he said.

The positive data from the one trial suggests that the drug might not be dead yet.

Acne affects about 40 million to 50 million Americans each year, according to Novan’s website. The company’s future isn’t completely dependent on the success of this SB204 drug, though.

Novan has a handful of other drugs that are currently in development, including two drugs that are in phase 2 trials — SB206, a treatment for genital warts and SB208 for nail fungus.

Shares have sunk 10.5 percent over the last three months, compared with a 7.7 percent rise in the S&P 500 index. Novan shareholders have seen substantial losses since the company’s IPO at the end of September of last year. The biotech sector in general has been a slight bear market over this time frame.

Novan’s cash balance at the end of September was $55.7 million, which at current spending levels, is only estimated to be enough to keep Novan’s doors open through the end of 2017.

Novan traded down 77.06 percent during mid-day trading on Friday, reaching $4.29. The company had a trading volume of 4,689,357 shares. The firm’s 50-day moving average price is $25.22. Novan has a 12-month low of $3.52 and a 12 month high of $30.90.

The company last released its quarterly earnings results on Nov. 14 of last year. The company reported a loss of $5.76 per share for the quarter, missing analysts’ consensus estimates of a loss of $1.40 per share.