-- Nxera Pharma (TYO:4565) said its partner Neurocrine Biosciences has dosed the first patient in a mid-stage trial of an experimental schizophrenia treatment, triggering a $22.5 million milestone payment to the Japanese drugmaker, according to a Monday filing on the Tokyo Stock Exchange.
The Phase 2 study will evaluate NBI-1117570, an oral dual muscarinic M1/M4 receptor agonist discovered by Nxera, in adults with schizophrenia requiring in-patient care. The payment will be booked as revenue in the first quarter of fiscal 2026, Nxera said.
The randomized, double-blind, placebo-controlled trial is expected to enroll about 120 patients. Its main goal is to measure changes in the Positive and Negative Syndrome Scale (PANSS) total score, a standard tool used to assess symptom severity, while also tracking safety and tolerability.
NBI-1117570 targets muscarinic acetylcholine receptors in the brain, with M1 linked to cognitive function and M4 associated with psychosis. The compound was developed using Nxera's NxWave drug discovery platform and is being advanced under a multi-program partnership with Neurocrine.