For the 30 mg QD dose, improvement was 19.5 pts at week 6, while for the 20 mg BID dose, it was 17.9 pts. What we see here is that both the 30 mg once daily and 20 mg twice daily doses showed clinically meaningful improvements in PANSS Total Score as well as differed with statistical significance from placebo.

The last important data event at Cerevel happened way back in 2021, when emraclidine demonstrated antipsychotic effect in a phase 1 trial. Finally, there's CVL-871 in a phase 2 trial in Dementia-Related Apathy. The epilepsy REALIZE trial will produce data next year. There's Darigabat, in two phase 2 trials for epilepsy and panic disorder. Emraclidine also has a phase 1 trial in ADP/Alzheimer's Disease psychosis. CVL-231 has now moved up known as emraclidine, it is now in two phase 2 EMPOWER trials in schizophrenia with data in 1H 2024. The most advanced asset is still Tavapadon, which is in three Phase 3 TEMPO trials in Parkinson's Disease, and will produce data in 1H 2024. Two years ago, it posted solid results from a phase 1 trial of its muscarinic M4 positive allosteric modulator CVL-231 in schizophrenia. It was originally backed by $350mn from Bain Capital, and went public through a SPAC. Cerevel is a spinoff of certain neurology assets developed by Pfizer. I covered Cerevel ( NASDAQ: CERE) two years ago.

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