MPLT Stock Plunges 73% on Monday After Once-Daily Schizophrenia Drug Misses Trial Primary Endpoint

According to MapLight Therapeutics, shares of MPLT plunged 73% on Monday (July 28) after the biotech reported mixed results from a mid-stage trial of its experimental schizophrenia drug ML-007C-MA. The stock decline erased over $1 billion in market value, leaving the company's valuation around $449 million.

The twice-daily version of the drug met the study's primary endpoint on the Positive and Negative Syndrome Scale, but the once-daily version fell short of statistical significance on this primary measure, despite showing gains on secondary endpoints. MapLight plans to meet with the U.S. Food and Drug Administration soon to discuss a confirmatory late-stage trial focused on the successful twice-daily regimen.