Takeaways From Our KOL Call: Reaction to ZEPHYR Topline Results

Research evidence excerpt

Takeaways From Our KOL Call: Reaction to ZEPHYR Topline Results

Idea

July 29, 2026 02:09 PM GMT

Morgan Stanley & Co. LLCMBiotechnology | North America Sean Laaman, Ph.D.

Equity Analyst

Takeaways From Our KOL Call: Sean.Laaman@morganstanley.comMichael H Riad, Ph.D. +1 212 761-4947

Research Associate

Michael.Riad@morganstanley.com +1 212 761-1309

Reaction to ZEPHYR Topline Katherine Sun

Katherine.Sun@morganstanley.com +1 212 761-5968

Results Natasha Arya

Natasha.Arya@morganstanley.com +1 212 761-6294

We hosted a call with a Professor and Chair of Psychiatry at

Biotechnology

leading academic medical research institute following topline North America

results from MapLight's ML-007 Phase 2 ZEPHYR in Industry View Attractive

schizophrenia.

Our KOL is a globally recognized academic psychiatrist with expertise in psychiatry,

psychotic disorders (schizophrenia), and psychopharmacology (antipsychotics). He

specialized in early intervention in severe mental illness, has authored more than 900

publications, and is a globally recognized expert in antipsychotic therapies for

schizophrenia and other severe neuropsychiatric disorders.

ML-007 (ZEPHYR): Efficacy, Tolerability, and Competitive Positioning. Our KOL

emphasized that investors are focusing on the wrong efficacy metric, arguing that

ML-007's positive symptom effect size approaches 0.50 versus 0.37 on total

PANSS, suggesting antipsychotic efficacy that is more in line with other emerging

muscarinic agents than headline results imply. He sees ML-007 as a legitimate

antipsychotic that should be taken seriously despite achieving a lower placebo-

adjusted PANSS reduction than some competing programs. He argued that

comparisons with direclidine may overstate differences because investors focus on