Biohaven announced that its potassium‑channel modulator failed a Phase‑2 trial in major depressive disorder, marking a second mid‑stage setback for the program. The company said the candidate did not meet primary efficacy endpoints, prompting a strategic reassessment of the clinical pathway. The failure highlights the challenges of translating ion‑channel biology into psychiatric indications and may pressure Biohaven’s near‑term valuation and partner discussions. Investors and partners will focus on whether Biohaven can pivot the molecule into alternative indications or will halt development entirely.