Vanda Pharmaceuticals is putting its social anxiety disorder program on hold after a late-stage trial failure in female patients. The company said the Phase 3 study, evaluating VQW-765, did not meet its primary endpoint, prompting a program pause. The update highlights how quickly risk can change in neuropsychiatric development programs where endpoint selection and effect sizes can vary by subgroup. Vanda’s decision shifts near-term focus away from this asset. For the industry, the move is a reminder that late-stage negative reads can sharply re-map capital allocation and development timelines even without a safety-driven issue.