As Regulators Gear Up To Decide On Bristol Myers' Schizophrenia Treatment, Neurocrine Biosciences' Data Disappoints Investors

Core Insights - Neurocrine Biosciences, Inc. reported topline data from its Phase 2 clinical study of NBI-1117568, an oral muscarinic M4 selective agonist for schizophrenia, showing a significant reduction in PANSS scores compared to placebo [1] - The 20 mg dose of NBI-1117568 resulted in an 18.2-point reduction in PANSS after six weeks, while the placebo group showed a 10.8-point reduction, with a statistically significant difference of 7.5 points (p=0.011) [1][2] - Other higher dosing groups (30, 40, and 60 mg) did not achieve statistical significance [2] Comparative Analysis - The effect size of NBI-1117568 is comparable to Bristol Myers Squibb's KarXT, but the 7.5-point delta versus placebo is lower than the 11.6-point difference observed in the Phase 3 EMERGENT-2 study [3] - The placebo improvement of 10.8 points is higher than previous Phase II studies of KarXT and emraclidine, indicating potential expectation bias due to a more validated mechanism [4] Market Reaction - Following the announcement, Neurocrine Biosciences' stock price decreased by 18.90%, trading at $123.71 [4]