Clinical Study LimitationsXenon expects results from the small investigator-sponsored study of azetulkaner in MDD but given the lack of appropriate powering for the key cognitive endpoints, it doesn’t necessarily expect a read-through to the company’s planned larger Phase 3 program.
Clinical Trial ChallengesThe trial results were mixed as statistical significance wasn’t achieved on the primary endpoint on the MADRS scale, although was achieved on multiple key secondaries including the HAM-D.
Market ConcernsThe data disclosure from the investigator-led study in MDD is viewed by some investors as an overhang on the stock.