MapLight shares plunge 66% after mid-stage schizophrenia trial shows modest benefit but raises competitive concerns

MapLight Therapeutics announced results from its mid‑stage trial of an experimental schizophrenia drug. The study enrolled adults experiencing an acute exacerbation of psychotic symptoms.

The twice‑daily dosing regimen met the primary endpoint, showing an average 4.5‑point improvement on a standard schizophrenia rating scale compared with placebo. Participants who completed the full five‑week treatment showed an even larger benefit, and secondary and exploratory measures also favored the drug.

A once‑daily formulation failed to achieve the primary endpoint. Despite the positive signals, analysts said the data may not be strong enough to compete with Bristol Myers Squibb’s Cobenfy, and the company’s shares fell more than 66% on the news.