Biohaven reported a Phase 2 failure for its potassium‑channel candidate in major depressive disorder, marking the company’s second mid‑stage clinical setback for that program. The company announced the trial did not meet primary endpoints, prompting a strategic reassessment of the molecule’s development pathway. Biohaven will review trial data and decide whether to pursue additional studies, alter dosing, or halt the program. The result will weigh on near‑term R&D priorities and capital allocation given the program’s prior investment and expectations. Investors and competitors will interpret the failure as a read‑through on the therapeutic hypothesis for that channel target in psychiatric indications and may recalibrate valuations for similar mechanisms.