MapLight’s Phase 2 schizophrenia readout delivered overall success but undercut a key differentiation strategy as the once-daily regimen missed the primary endpoint. Twice-daily dosing met the study’s main measure on a standard schizophrenia symptom scale (PANSS), while the once-daily arm lagged, triggering steep share declines. The trial design compared dosing schedules to placebo, and MapLight highlighted stronger outcomes on secondary and exploratory measures—fueling continued interest in the program’s broader efficacy profile. Still, investors focused on whether the once-daily option can compete against Bristol Myers Squibb’s Cobenfy, which acts on the same muscarinic receptor targets. MapLight said it is analyzing the once-daily data for potential next steps, as well as pursuing follow-on development including a separate trial in schizophrenia-related Alzheimer’s psychosis.