Biohaven reported that its potassium‑channel modulator missed primary endpoints in a Phase 2 trial for major depressive disorder, marking a second mid‑stage failure for the program. The company said the asset did not meet prespecified efficacy criteria, prompting a strategic reappraisal of the molecule and its development path. Investors and partners will re‑price the program’s value and reassess whether to pursue additional indications or discontinue development. Clarification: potassium‑channel modulators aim to alter neuronal excitability as a psychiatric treatment strategy.