Biohaven reported that its potassium ion‑channel inhibitor missed primary endpoints in a Phase 2 trial in major depressive disorder, representing a second mid‑stage setback for the program. The company said the candidate did not achieve the expected efficacy signals in the MDD cohort, prompting reassessment of the mechanism’s clinical viability. The failure underscores the difficulty of translating ion‑channel modulation into reliable antidepressant effect and will pressure Biohaven’s development prioritization and investor outlook.