Biohaven reported that its potassium‑channel targeted candidate failed a Phase 2 trial in major depressive disorder, marking a second mid‑stage setback for the program. The company said the drug did not meet prespecified efficacy endpoints in randomized patients. The failure will force Biohaven to reassess the compound’s development path and could temper investor appetite for similar ion‑channel approaches in mood disorders. Competitors developing mechanistically adjacent programs will likely revisit dosing, biomarkers, and patient selection strategies.