MapLight shares sink on mixed phase 2 schizophrenia readout

Biotech MapLight shares sink on mixed phase 2 schizophrenia readout By Darren Incorvaia Jul 27, 2026 11:37am MapLight Therapeutics schizophrenia clinical trial data Clinical Trial Results MapLight Therapeutics’ stock plummeted more than 60% this morning after the neuro outfit dropped mixed results for a phase 2 trial of its experimental schizophrenia treatment. The Zephyr trial enrolled 307 patients that were experiencing acute episodes of worsened psychosis and treated them with different doses of an M1/M4 muscarinic agonist called ML-007C-MA. Those given a twice-daily dose of 210/3 mg saw significant reductions in disease severity, hitting the primary endpoint, but those given a once-daily dose of 330/6 mg did not, MapLight announced today. As a result, the biotech’s share price tumbled from $36.56 at Friday’s close to $13.76 at 10:30am E.T. MapLight did shine light on some positive trends in the once-daily dose, noting that its performance on the primary endpoint was numerically better than placebo, though not statistically significant, and it outperformed placebo on some secondary measures too. The biotech is planning further analyses to decide how to move forward with the once-daily dose, according to the release. On average, patients given ML-007C-MA twice a day saw their scores on the Positive and Negative Syndrome Scale (PANSS) drop by 4.5 points after five weeks compared to placebo. The treatment at both dose levels was generally well-tolerated, MapLight said, with one severe adverse event—a case of pneumonia—deemed unrelated to ML-007C-MA. “We are very encouraged by these results, which show that ML-007C-MA delivered clinically meaningful antipsychotic efficacy alongside a favorable tolerability profile designed to translate into real-world use," Chris Kroeger, M.D., MapLight’s co-founder and CEO, said in the release. ML-007C-MA's PANSS scores were lower than those posted by Bristol Myers Squibbs' breakthrough new schizophrenia drug Cobenfy in its trials, analysts from BMO Capital noted in a note today. “But we contest that opportunity remains in schizophrenia," the analysts wrote, noting that PANSS reduction improved to 6 points when focusing on patients who completed all five weeks of treatment. Kroeger also highlighted that the twice-daily dose bested placebo on a measure of cognitive impairment, an effect that seems unrelated to its lowering of psychosis severity. “Cognitive impairment affects the majority of people living with schizophrenia and remains an area where no therapy has yet been approved,” Kroeger said. Plus, he added, the finding should bode well for the ongoing phase 2 trial of ML-007C-MA in Alzheimer’s disease psychosis. Alzheimer's is where BMO analysts saw the most upside, too, especially given ML-007C-MA produced fewer side effects like constipation that tend to matter a lot for elderly patients. “Improvements in cognition were not associated with PANSS changes, suggesting ML-007C-MA's M1 muscarinic targeting mechanism could provide improvements on cognition independent of improvements in schizophrenia symptoms,” the analysts wrote. And the lower rate of anticholinergic side effects supports a “potentially future differentiated profile” in Alzheimer's psychosis. MapLight debuted on the Nasdaq last October with a $250 million initial public offering to raise funds for the Zephyr trial, all with the goal of taking on BMS’ Cobenfy, which became the first new schizophrenia medicine in decades when it was approved in September 2024. The BMS drug has since had a relatively muted launch. MapLight also boasts a phase 2 autism spectrum disorder candidate and a trio of preclinical programs in its pipeline, along with a development deal with Alphabet’s AI spinout SandboxAQ valued at more than $200 million. Editor's note: This story was updated at 1:00pm E.T. with analyst comments. MapLight Therapeutics schizophrenia clinical trial data Clinical Trial Results failed trials Clinical Data Biotech