Maplight falls as once-daily arm of Cobenfy rival misses in schizophrenia

Maplight shares tumbled Monday in the week’s biggest single-day loss on clinical data after the once-daily dose of its M1/M4 agonist ML-007C-MA failed to show efficacy in a Phase II schizophrenia trial, even as a twice-daily dose met the study’s primary endpoint. Once-daily dosing could have differentiated the therapy from twice-daily marketed therapy Cobenfy.

Shares of Maplight Therapeutics Inc. (NASDAQ:MPLT) fell 73%, erasing over $1.1 billion in market value, following the mixed readout from the Phase II ZEPHYR trial...