MapLight shares tumble over 60% after mixed Phase 2 schizophrenia trial results

MapLight Therapeutics reported mixed outcomes from its Phase 2 Zephyr trial of the experimental schizophrenia drug ML-007C-MA, causing its stock to fall sharply.

The trial enrolled 307 patients with acute psychosis. The twice-daily dose (210/3 mg) met the primary endpoint with a significant reduction in disease severity, while the once-daily dose (330/6 mg) failed to achieve statistical significance.

Although the once-daily regimen did not meet the primary goal, the company noted numerically better performance than placebo on the primary measure and some secondary endpoints, and both doses were generally well tolerated.

Following the announcement, MapLight’s share price dropped from $36.56 at the previous close to about $13.76 by mid-morning, a decline of more than 60%. The firm said it will conduct additional analyses to determine the next steps for the once-daily formulation.