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If you ask biotech investors today what they know about Arena Pharmaceuticals, nearly all will mention the weight-loss drug Belviq. Approved five years ago, it was touted as a potential blockbuster ― and ended up being a commercial flop.

Arena gave up on Belviq last January when it sold the rights to its Japanese partner, Eisai. Now, the company is developing three new drugs ― none of which has anything to do with obesity. The first in the pipeline, targeting a rare and debilitating lung disease, will read out study results later this month. With these new data, investors will get their first opportunity to assess Arena’s comeback strategy.

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