MapLight Therapeutics' mid-stage schizophrenia trial shows modest improvement but shares plunge two-thirds

MapLight Therapeutics announced that its experimental schizophrenia drug met its primary endpoint in a mid-stage study, delivering an average 4.5‑point reduction on the PANSS symptom scale after five weeks of twice‑daily dosing.

The improvement was noted as lower than the 8.4‑point and 9.6‑point drops that underpinned the approval of Bristol Myers Squibb's Cobenfy, prompting analysts to question the new drug's relative potency.

Despite the positive readout, the Boston‑area biotech saw its market capitalization fall by roughly two‑thirds as investors reacted to the comparative efficacy gap.

CEO Christopher Kroeger cautioned that the data should be judged in the "totality of data" context and remains confident the candidate remains competitive in the schizophrenia landscape.