A Prospective, Open-label, Single-arm, Multicenter Study Evaluating the Efficacy of Xanomeline/Trospium (XT) on Cognitive Impairment After 24 and 52 Weeks of Treatment in Adult Participants With Schizophrenia

Schizophrenia is a long-lasting and serious mental health disorder that affects about 1% of people worldwide. It can cause symptoms such as hallucinations and delusions (called positive symptoms), confused or disorganized thinking, reduced motivation and emotional expression (negative symptoms), difficulties with memory and concentration (cognitive symptoms), and movement problems like restlessness or slowed activity. Current treatments, called antipsychotics, mainly work by blocking dopamine in the brain. These medicines are helpful for hallucinations and delusions, but they do little to improve negative or cognitive symptoms.
A new medicine, Xanomeline/Trospium (XT), works differently. It targets a brain system called the muscarinic acetylcholine receptors while limiting side effects elsewhere in the body. Clinical trials have shown that XT reduces psychotic symptoms effectively and is generally well tolerated. The FDA approved XT in 2024 for adults with schizophrenia. Importantly, early results also suggest that XT may help improve thinking and memory (cognition domains), though this has not yet been studied in depth.
Most schizophrenia drug studies pay little attention to long-term changes in cognition, often using only short screening tests. This study will be the first to take a deep look at cognitive function over a full year of XT treatment. It will also examine how changes in thinking skills connect with other aspects of life, such as symptom control, daily functioning, and quality of life. By making cognition a central outcome, the study responds to an urgent need in schizophrenia research: moving beyond just controlling hallucinations and delusions toward improving real-world recovery. The results could help shape future treatment strategies and support the idea that cognition should be a core treatment target in schizophrenia.

开始日期2027-01-01

申办/合作机构

Bristol Myers Squibb Co.

NCT07721272

/ Not yet recruiting早期临床1期IIT

Studying Human Cognition During Deep Brain Stimulation Surgery Using High-Density Neural Probes and Pharmacological Interventions

This is a research study to determine how COBENFY KarXT (FDA approved), a drug which has been approved for treatment of certain disorders, affects brain activity and cognitive tasks which may be regulated by the cholinergic system.
This study aims to answer: 1) how cholinergic circuitries act during task performance in humans, and 2) develop a better understanding of how cognitive control interacts with learning, memory and decision making in the setting of cholinergic manipulation.
Participants will complete a single treatment arm, regardless of which surgical procedure they are to receive. An anesthesiologist or other clinical staff will administer either the drug or the saline at a critical point which addresses the research questions, prior to patient surgery. This will be either with the drug, or the placebo pill. Half of the participants will be randomized to receive the drug, and the other half of these the placebo. Participants will be unaware whether the actual drug has been received.
Essential tremor patients who participate will complete a cognitive task during an awake surgery. Epilepsy patients who participate will have a resting state recording during the procedure from the deep cortical layers of the brain. A probe will be used during the surgery to measure the effects of this drug and other procedures of the study on the cholinergic system. This probe is the clinical probe known as the AlphaOmega, which is FDA approved for standard of care procedures.
Researchers will compare the brain activity between treatment arms to determine what brain activity changes based on the cholinergic manipulation.

开始日期2026-10-01

申办/合作机构

The University of Texas Southwestern Medical Center

NCT07228338

/ Not yet recruiting早期临床1期IIT

Muscarinic Agonist Modulation of Memory Processing Oscillatory Activity

The goal of this study is to learn about the effects of Cobenfy KarXT (xanomeline and trospium chloride) on episodic memory processing, including specific effects on areas of the brain involved in memory and changes it may have on brain activity. The investigators will do this by testing epileptic patients who are already undergoing intracranial surgery for seizure monitoring, and measuring the activity from the brain areas being assessed.
The main questions it aims to answer are 1) whether Cobenfy KarXT changes memory activity based on its agonist effect on muscarinic receptors and acetylcholine, and 2) what the nature of these brain activity changes are. This work builds on previous experiments evaluating cholinergic antagonists.
Participants will complete two treatment arms. One of these will be with the drug, and the other will be with a placebo pill, so that the participants are unaware which session the actual drug has been received. Patients will complete a verbal serial recall and/or associative recognition task each of the two days. An anesthesiologist or patient nurse will administer either the drug or the placebo at a critical point which addresses both of the research questions.
Researchers will compare the brain activity between the two treatment arms to determine what brain activity changes, and whether there is an additional behavioral effect on memory.

开始日期2026-10-01

申办/合作机构

The University of Texas Southwestern Medical Center

100 项与曲司氯铵/呫诺美林相关的临床结果

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100 项与曲司氯铵/呫诺美林相关的专利（医药）

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项与曲司氯铵/呫诺美林相关的文献（医药）

2026-12-31·JOURNAL OF MEDICAL ECONOMICS

Cost-effectiveness analysis of xanomeline and trospium chloride for the treatment of adults with schizophrenia in the US

Article

作者: Gillard, Kristin ; Mantaian, Tyler ; Kramer, Ken ; Sidovar, Matthew F. ; Cutler, Andrew J. ; Kowalski, Jonathan

AIM:

The objective of this analysis was to evaluate the cost-effectiveness of xanomeline and trospium chloride (KarXT) as first line (1 L) treatment for adults with schizophrenia from a third-party US payer perspective compared with commonly used antipsychotics, considering both costs and patient quality of life.

METHODS:

A decision tree-Markov hybrid approach was used to develop an economic model which included both acute and maintenance phases, accounting for probability of treatment response, discontinuation, relapse, adverse events, and death over a lifetime horizon. Clinical data were drawn from published trials, with costs and utilities coming from publicly available sources. Incremental cost-effectiveness ratios (ICERs) were calculated, and sensitivity and scenario analyses were performed to test the robustness of the results.

RESULTS:

In the base case analysis, KarXT was found to be more costly but more effective than common generic antipsychotics, yielding cost-effective ICERs, and less costly and more effective than branded antipsychotics. The model was associated with moderate sensitivity to treatment response inputs. Scenario analyses showed that implementation of a societal perspective, no tardive dyskinesia risk for KarXT, and a 50% reduction KarXT's relapse probability improved the cost-effectiveness of KarXT. Conversely, a 50% increase in KarXT's relapse probability and a second line analysis worsened cost-effectiveness.

LIMITATIONS:

At the time of the analysis, relapse data did not exist for KarXT therefore an average of other treatments was assumed and tested in a sensitivity analysis. Also, patients may receive multiple lines of therapy in a lifetime, however, the model only incorporated three lines of treatment.

CONCLUSIONS:

KarXT, the first schizophrenia medication in 70 years with a non-dopaminergic mechanism of action, is a valuable and potentially cost-effective 1 L treatment option, highlighting the need for continued innovation in this disease space.

2026-07-01·PSYCHIATRY RESEARCH

A real-world pharmacovigilance study of Xanomeline-Trospium events in the FDA adverse event reporting system (FAERS)

Article

作者: Lin, Haiyan ; Qian, Hong ; Feng, Tianpu ; Ji, Jing ; Song, Xiaoxue

BACKGROUND:

Xanomeline-Trospium (Cobenfy®) improves cognitive function in schizophrenia, yet its post-marketing reporting patterns remain incompletely characterized. This hypothesis-generating pharmacovigilance study explores adverse event associations during its first year on market.

OBJECTIVE:

To characterize disproportionate reporting patterns and generate hypotheses for clinical monitoring strategies, acknowledging the inherent limitations of spontaneous reporting data.

METHODS:

Adverse event reports from Q4 2024-Q3 2025 were analyzed using disproportionality methods (ROR, PRR, BCPNN) and temporal distribution analysis. A dual-track approach incorporated both statistical signal detection (n ≥ 3) and descriptive surveillance of rare serious events (n < 3).

RESULTS:

Of 1142 reports, urinary and neurological events exhibited the strongest statistical disproportionality: urinary retention (ROR=45.63, 95% CI: 35.97-57.87) and hypersalivation (ROR=64.39, 95% CI: 43.25-95.85). Psychiatric events were frequently reported but showed weaker specificity, likely reflecting disease confounding rather than drug-induced effects. Treatment non-adherence showed elevated reporting (ROR=7.58), potentially associated with psychiatric symptomatology. Time-to-onset analysis suggested acute-phase reporting concentration (median 2 days; 45.4% of non-day-0 events occurring within days 1-7).

CONCLUSION:

These findings suggest disproportionate reporting patterns for urinary, neurological, and psychiatric events associated with Xanomeline-Trospium. While these signals warrant further validation through prospective cohort studies, they offer complementary real-world context for clinical decision-making. Active monitoring during initial treatment weeks may be prudent, particularly among patients with renal impairment or concomitant anticholinergic use.

2026-06-02·INTERNATIONAL JOURNAL OF NEUROPSYCHOPHARMACOLOGY

Efficacy and safety of the muscarinic receptor agonist KarXT (Xanomeline-Trospium) in schizophrenia: a systematic review, meta-analysis and Bayesian sensitivity analysis

Review

作者: Kaur, Mandeep ; R, Roopashree ; Bushi, Ganesh ; Satapathy, Prakasini ; Prasad, Garbham Venkata Siva ; Kumar, Amit ; Sharma, Nikhil ; Mehta, Rachana ; Barwal, Amit ; Mittal, Vinamra ; Srivastava, Manish ; Rajput, Pranchal ; Sah, Sanjit ; Shabil, Muhammed ; Khatib, Mahalaqua N

Abstract:

Background:

Schizophrenia significantly impacts global health, with existing treatments primarily focusing on positive symptoms and often causing considerable side effects. KarXT (Xanomeline-Trospium), a novel treatment combining xanomeline, a muscarinic M1/M4 receptor agonist, and trospium, targets a broader range of symptoms including negative and cognitive deficits, potentially with fewer side effects. This systematic review and meta-analysis evaluates the efficacy and safety of KarXT in treating schizophrenia, assessing symptom reduction and safety profiles compared to placebo.

Methods:

We searched PubMed, Embase, and Web of Science up to November 10, 2024, for randomized controlled trials (RCTs) assessing the efficacy and safety of KarXT in schizophrenia. Data were pooled using a random-effects model, assessing outcomes like Positive and Negative Syndrome Scale (PANSS) scores and incidence of treatment-emergent adverse events (TEAEs). R software (Version 4.4.) was used for meta-analysis.

Results:

Three RCTs involving 674 participants were included. KarXT significantly reduced total PANSS scores of mean difference (MD) –9.707 (95% CI: –12.329 to –7.085), with notable improvements in both negative (MD = –1.623; 95% CI: –2.461 to –0.785) and positive symptom subscales (MD = –3.213; 95% CI: –4.033 to –2.393). The treatment was associated with a higher incidence of TEAEs, predominantly constipation [risk ratio (RR): 2.77; 95% CI: 1.72–4.45] and nausea (RR: 4.87; 95% CI: 2.73–8.68) compared to placebo. Bayesian meta-analysis confirmed the results.

Conclusion:

KarXT offers significant improvements in both negative and positive symptoms of schizophrenia with a manageable safety profile. Its potential as a transformative treatment for schizophrenia highlights the need for further research to confirm these findings and to fully understand its long-term efficacy and safety.

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项与曲司氯铵/呫诺美林相关的新闻（医药）

2026-07-30

·FierceBiotech

Bristol Myers delays Cobenfy Alzheimer’s psychosis readout again amid another quarterly beat

Investors anxiously waiting for Bristol Myers Squibb’s key Alzheimer’s disease psychosis readout for Cabenfy will have to wait a little longer. The company has once again delayed the expected phase 3 data from its Adept trial program, even as it delivered a group-wide quarterly beat that’s driving a significant forecast raise. Rather than readouts in 2026, BMS now expects data from the three Adept trials to arrive beginning in early 2027 and be “spread across the year,” CEO Chris Boerner, Ph.D., said on the company’s earnings call Thursday. The delay was attributed to slower enrollment in the Adept-2 and Adept-4 studies and slower relapse event accrual in Adept-1, Boerner explained. Adept-1 could undergo an interim analysis as early as later this year, and BMS also plans to share safety and efficacy data this year from the trial’s open-label lead-in portion, he added. The timeline extension is again cooling momentum for one of BMS’ most closely watched assets, even as solid financial results continue to keep the company looking pretty on the top line. The company first pushed back Adept-2’s readout near the end of 2025 after identifying irregularities at certain trial sites. In its first-quarter update in April 2026, BMS still expected all three Adept trials to report results this year. Slower accrual of relapse events could be viewed as a positive sign, BMS Chief Medical Officer Cristian Massacesi, M.D., said on Thursday’s call, suggesting Cobenfy could be pulling its weight. Because the trial remains blinded, however, BMS can only speculate whether the effect came from Cobenfy or from the control arm outperforming historical experience. As for the slow enrollment, Massacesi framed it as a result of efforts to ensure that patients meet the trial’s eligibility criteria and that enrollment is of sufficient quality to give the study the best chance of success. He added that BMS has implemented several measures to accelerate patient recruitment. “There has been no change, in any way, in our confidence in both the underlying science, the scientific rationale, and also the study designs that we are implementing in the Adept program,” Massacesi said. With the timing of the Alzheimer’s psychosis readout still uncertain, Cobenfy continues to have a rather muted launch in schizophrenia. The first-in-class drug, which BMS acquired through its $14 billion buyout of Karuna Therapeutics, generated $63 million in second-quarter sales (PDF), largely in line with analysts’ consensus estimates. Cobenfy in Alzheimer’s psychosis is not the only pivotal BMS program facing a delay. Librexia-AF, a phase 3 trial evaluating BMS’ Factor XIa inhibitor milvexian for stroke prevention in patients with atrial fibrillation, is now slated to read out in the first quarter of 2027 rather than this year. Boerner again attributed the delay to the pace of event accrual. Massacesi cited the slower pace as a potentially favorable sign that the trial could meet both its primary endpoint of noninferiority to BMS’ Eliquis and its secondary endpoint of superiority in reducing bleeding. Massacesi assured investors that the delays affecting Cobenfy and milvexian were not related to any study conduct issues. Speaking of Eliquis, despite its price cut under the Inflation Reduction Act, the Pfizer-partnered blood thinner saw sales jump 22% to $4.5 billion in the second quarter, landing nearly 13% above analysts’ expectations. As a result of the strong performance so far, BMS significantly increased its full-year Eliquis revenue guidance by 10 percentage points to a new range of 20% - 25%. Meanwhile, another prominent older product, Revlimid, continued to give. Sales from the off-patent blood cancer med were halved year over year, but the $425 million haul was twice the consensus estimate. Overall, BMS recorded nearly $13 billion in total revenue, up 5.7% year over year and 10.6% above Wall Street’s consensus estimate. On the back of a strong quarterly performance, BMS raised its full-year revenue outlook to $49 billion to $50 billion, up from its previous range of $46 billion to $47.5 billion.

临床3期财报

2026-07-30

·Firstwordpharma

BMS pushes key readouts for Cobenfy, milvexian to 2027

Bristol Myers Squibb said Thursday it is lifting its financial outlook for the year, boosted by sales of its Eliquis anticoagulant alongside a strong showing from its newer drug lineup as well. Those figures helped fuel a 6% increase in second-quarter sales to nearly $13 billion, surpassing analyst expectations of $11.8 billion. The upbeat financial outlook came as BMS revealed that two of its closely watched pipeline catalysts face delays. The company now expects atrial fibrillation data from the Phase III LIBREXIA-AF1 trial of milvexian, an experimental oral factor XIa inhibitor seen as key to replacing eventual revenue declines from Eliquis, in the first quarter of 2027. It was originally due to read out late this year. The new timeline reflects a slower-than-expected accumulation of clinical events in the event-driven study. Delayed, but encouraged "As a reminder, [LIBREXIA-AF1] is being monitored by an independent data monitoring committee, which continues to endorse the study, and with the passage of time as the study progresses, we are increasingly encouraged about milvexian," CEO Chris Boerner said on an earnings call with analysts. Chief Medical Officer Christian Massacesi suggested the delay increases his confidence that milvexian can achieve both the primary endpoint of non-inferior efficacy to Eliquis and secondary endpoint of superior bleeding outcomes. Concerns over bleeding remain the biggest barrier to broader anticoagulant use, leaving around 40% of eligible atrial fibrillation patients undertreated, according to Chief Commercialisation Officer Adam Lenkowsky. He says milvexian may be able to address patients at higher bleeding risk, such as the elderly or those with renal impairment, and eventually "shift first-line decision making over time." From a sales standpoint, Eliquis remained the standout performer in the second quarter, with sales jumping 22% to $4.5 billion, with BMS increasing its full-year growth outlook for the factor Xa inhibitor to between 20%-25%, from 10%-15% guided in April. Lenkowsky said Eliquis' share of new US prescriptions is approaching 80%.ADEPT timeline shifts Meanwhile, topline data readouts from the ADEPT programme evaluating BMS's schizophrenia treatment Cobenfy in Alzheimer's disease psychosis have also been pushed back to early 2027, from a previous target of later this year. Boerner said the shift was "based on the pace of enrolment in the ADEPT-2 and -4 studies and relapse events accruing more slowly than projected in ADEPT-1." In December, BMS said it was adding new patients to ADEPT-2 after "irregularities" were uncovered at some study centres. Nevertheless, the company plans on sharing two other pieces of data from the Cobenfy programme later this year: namely, safety and efficacy findings from the open-label lead-in portion of ADEPT-1, as well as data from ADEPT-3, a rollover study that lets patients who finished ADEPT-1, -2 and -4 continue on the drug. Cobenfy generated $63 million in quarterly sales, which is up 81% year over year. Elsewhere, BMS posted double-digit gains for several other products in its growth portfolio, including Reblozyl (+29%, $735 million), Breyanzi (+41%, $484 million), Camzyos (+60%, $416 million), Opdualag (+23%, $349 million) and Krazati (+14%, $55 million). Its immunotherapy Opdivo slipped 3% to $2.5 billion, though its subcutaneous formulation, Opdivo Qvantig, more than tripled to $261 million. Revlimid sales fell 49% to $425 million amid ongoing generic erosion. BMS now anticipates revenues in the range of $49 billion to $50 billion from $46 billion to $47.5 billion previously. Adjusted 2026 earnings are seen between $6.75 to $7.00 a share, up from its prior view of $6.05 to $6.35.

财报临床3期

2026-07-30

·H历险记

再鼎医药：用“六层双引擎模型”审视，它究竟是不是一门好生意？

【核心结论】综合评分：66/100，商业模式评级B+。再鼎已经是一家优秀的中国创新药商业化平台，但还不是一门完全成立的高质量复利生意。它的区域商业引擎已经获得验证：2025年产品收入4.57亿美元，同比增长15%；销售费用不增反降；则乐、卫伟迦、纽再乐、爱普盾、擎乐等产品覆盖肿瘤、自身免疫和抗感染多个专科。COBENFY和TIVDAK在2026年加入后，现有渠道还有进一步复用空间。但再鼎的收入质量受到License-in模式的结构性约束。2025年产品毛利率仅约58.3%，销售费用率约41.0%，“毛利率－销售费用率”只有17.3个百分点。公司已经会卖药，却还没有证明销售增长能够转化为高利润和自由现金流。再鼎真正的价值拐点是zoci。它拥有zoci全球开发和商业化权。如果zoci注册性临床成功，再鼎将第一次拥有主导全球上市的核心肿瘤资产，经济权益和毛利率均明显高于现有中国区域授权产品。因此，再鼎不是一个单纯的“产品销售增长”故事，而是一个双引擎转型故事：用中国商业化引擎提供现金流，支持全球创新引擎；再用全球权益产品提高毛利率、专利控制力和长期资本回报率。当前，第一台引擎已经启动，第二台引擎尚未完成验证。一、患者价值：产品是否值得存在？患者价值评分：12/15 再鼎的产品主要覆盖：肿瘤；自身免疫；神经精神疾病；严重耐药菌感染。这些疾病需求普遍真实，但不同产品的临床价值和商业质量差异很大。1. 改变标准治疗的潜在产品 COBENFY：精神分裂症数十年来的重要机制创新中国约有800万成年精神分裂症患者。传统抗精神病药大多通过阻断多巴胺受体发挥作用，可能导致：体重增加；代谢异常；高泌乳素血症；锥体外系反应；患者依从性下降。 COBENFY通过M1/M4毒蕈碱受体机制发挥作用，不直接阻断多巴胺受体。2025年12月，产品获NMPA批准，用于成人精神分裂症。它的核心患者价值是：提供全新作用机制；改善阳性症状；可能改善阴性和认知症状；避免部分传统抗精神病药的不良反应。但它不是天然的大品种。中国大量精神分裂症患者仍使用廉价仿制药，COBENFY需要面对：较高的创新药价格；长期服药依从性；胆碱能和胃肠道不良反应；精神专科诊疗资源分布不均；预计2027年才能进入国家医保。所以，COBENFY临床价值高，商业化难度也高。卫伟迦：FcRn机制已经获得全球验证卫伟迦用于重症肌无力等自身免疫疾病。重症肌无力是一种慢性疾病，患者可能出现：肢体无力；吞咽困难；呼吸肌受累；重症危象。传统治疗包括糖皮质激素、免疫抑制剂、静脉免疫球蛋白和血浆置换，存在起效慢、长期副作用或治疗负担较高等问题。卫伟迦通过阻断FcRn降低致病性IgG，机制和临床价值已经获得全球验证。合作方argenx的VYVGART系列2025年全球销售达到42亿美元，同比增长约90%。对再鼎而言，这是一款临床机制风险较低、适应症扩展能力较强的产品。但2025年卫伟迦在再鼎区域内收入约9419.8万美元，仅增长1%。说明中国市场仍受到：医保降价；患者识别；医院准入；生物药支付能力；新剂型库存和价格调整；等因素约束。zoci：可能改变小细胞肺癌治疗格局 zoci是一款DLL3 ADC，主要针对：二线及以上小细胞肺癌；一线广泛期小细胞肺癌联合治疗；肺外神经内分泌癌。小细胞肺癌约占全部肺癌的15%，全球每年估计新发约37.5万例。疾病进展快、脑转移率高、复发后治疗选择有限。 2026年AACR公布的数据中：伴脑转移患者确认颅内ORR为53.7%； 1.6mg/kg剂量组颅内ORR达到62.5%；部分患者出现颅内完全缓解；未接受脑部放疗的患者也出现明确疗效；肺外神经内分泌癌确认ORR为38.2%。全体患者三级及以上治疗相关不良事件约19.9%，1.6mg/kg组约16.4%。这些结果具有临床吸引力，尤其是脑转移疗效。不过，当前证据主要来自早期、单臂临床。ORR和颅内ORR能否转化为持续缓解、PFS和OS，仍需注册性研究验证。2. 填补高价值细分需求的产品TIVDAK：宫颈癌后线治疗的明确增量 TIVDAK是一款组织因子ADC，2026年6月获NMPA批准，用于化疗期间或化疗后进展的复发、转移性宫颈癌。全球Ⅲ期innovaTV 301研究显示： OS HR为0.70； 95%置信区间为0.54至0.89； P值为0.0038。中国亚组OS HR为0.55，但样本量较小，置信区间较宽。 TIVDAK拥有随机Ⅲ期OS证据，其临床价值已经成立。问题是后线宫颈癌患者数量、治疗持续时间和支付能力限制了产品天花板。XACDURO：治疗需求极高，但抗菌药管理限制销量 XACDURO用于耐药鲍曼不动杆菌相关严重感染。这类患者多在ICU，死亡风险高，临床需求强。但创新抗生素受到严格分级管理，商业模式不是“大规模长期使用”，而是高价值、有限患者、专业医院用药。 2025年，XACDURO销售2291万美元，同比增长593%，但公司同时披露供应限制影响了销售。它可能成为稳定增长产品，但很难单独成为超大品种。3. 竞争性替代产品则乐：重要现金牛，但生命周期进入中后段则乐是PARP抑制剂，用于卵巢癌维持治疗。 2025年销售1.89亿美元，是再鼎第一大产品，但同比仅增长1%。其压力来自：奥拉帕利等成熟PARP抑制剂；国内同类药竞争； PARP类别患者筛选趋严；核心专利逐步接近到期；医保价格约束。因此，则乐仍是重要现金流来源，但不再是主要增长引擎。患者价值结论再鼎产品组合的临床价值总体较高，没有明显依靠伪需求或单纯营销创造收入的问题。但产品商业属性不同： COBENFY、卫伟迦、zoci：潜在平台型大品种； TIVDAK、擎乐、XACDURO：高价值细分市场；则乐：成熟现金牛。这种组合降低了风险，但也使渠道和商业团队更加复杂。二、权益质量：药卖出去后，再鼎能留下多少？权益质量评分：9/20 这是再鼎商业模式中最重要、也是最弱的一层。1. 现有上市产品大多属于区域License-in 再鼎现有主要产品的权益结构大致如下：则乐：大中华区权益，授权方GSK；卫伟迦：大中华区权益，授权方argenx；爱普盾：大中华区权益，授权方Novocure；擎乐：大中华区权益，授权方Deciphera/ONO； XACDURO：特定亚洲及澳洲市场权益，授权方Innoviva；奥凯乐：大中华区权益，授权方BMS； TIVDAK：大中华区权益，授权方Pfizer； COBENFY：大中华区权益，授权方BMS。对这些产品，再鼎通常需要承担：首付款；研发和注册费用；上市里程碑；销售里程碑；销售提成；部分产品的独家采购成本。截至2025年底，再鼎现有合作协议下潜在剩余开发、监管和销售里程碑合计约23.28亿美元。这些款项不一定全部支付，因为只有产品达到相应节点才会触发。但它说明：再鼎的收入增长不等于股东利润同比例增长。2. 不同产品的经济条款公开披露的部分提成区间包括： TIVDAK：中十几个百分点至低20%；擎乐：低至高十几个百分点； COBENFY：低至高十几个百分点； XACDURO：高个位数至低十几个百分点；爱普盾：低至中十几个百分点； zoci：高个位数至低双位数。除了提成，部分产品还必须向合作方独家采购。因此，产品成本包含：原料或成品采购；销售提成；里程碑摊销；库存减值；自产产品制造成本。这就是再鼎毛利率低于典型创新药公司的原因。3. zoci是权益结构的关键变化 2023年，再鼎从MediLink获得zoci全球独家研发、生产和商业化权利。经济条款包括： 1000万美元首付款；最高约5.92亿美元后续里程碑；高个位数至低双位数销售提成。虽然zoci仍是引进资产，但再鼎拥有全球主导权，不再局限于大中华区。其权益质量明显高于现有区域产品：可参与全球全部收入；可自主安排全球临床；可决定全球商业化战略；可通过全球合作分担风险；可获得更高的风险调整后资产价值。如果zoci成功，再鼎的公司属性会发生实质变化。4. 简化经济权益系数可以把产品权益质量简化为：经济权益系数＝地域价值占比×毛利保留率×专利/合同控制系数以定性方式评价：中国区域授权产品：低至中；大中华区加部分亚洲权益：中；全球授权权益：中高；全球自研完整权益：最高。按这个标准：则乐、卫伟迦、TIVDAK、COBENFY：临床价值高，但再鼎权益质量中等； zoci：权益质量中高； ZL-1503等自研项目：若专利完整归属再鼎，权益质量高，但临床成功率低。权益质量结论再鼎的核心短板不是没有好药，而是很多好药的经济权益有限。要成为长期高质量商业模式，公司未来收入结构必须从：大中华区License-in产品为主逐渐转向：全球权益产品＋自研完整权益产品为主。三、双引擎：区域商业平台与全球创新平台双引擎评分：区域商业12/15，全球研发7/15引擎一：中国区域商业平台1. 商业平台已经得到验证 2025年产品收入4.572亿美元，同比增长15%。产品收入构成为：则乐：1.890亿美元；卫伟迦及皮下制剂：9419.8万美元；纽再乐：6083.6万美元；爱普盾：4832.5万美元；擎乐：3561.4万美元； XACDURO：2291.2万美元；奥凯乐：553.8万美元。收入几乎全部来自持续药品销售，而非一次性BD确认。商业团队覆盖：医学事务；市场推广；国家医保；医院准入；经销商管理；患者援助；商业保险； DTP渠道。这说明再鼎能够把海外创新药转化为中国销售收入。2. 商业平台的真正价值是渠道复用判断平台是否优质，不能只看上市产品数量，而要看新产品能否低成本复用现有团队。 TIVDAK复用则乐团队两者均面向妇科肿瘤医生和相关医院科室。因此，TIVDAK上市不需要从零建立一支全国性肿瘤团队。它可以复用：妇科肿瘤医生关系；医院准入资源；学术推广团队；患者服务体系；经销渠道。这是再鼎商业平台最清晰的协同案例。 Povetacicept复用卫伟迦能力两者均属于高价值自身免疫和专科生物药，可共享：免疫医学事务； KOL网络；生物药市场准入经验；患者识别体系；医保谈判能力。但povetacicept更偏肾科，仍需建设肾内科覆盖。 COBENFY需要新建精神专科渠道 COBENFY与现有肿瘤和免疫产品的渠道协同性较弱。其上市需要：精神专科医生教育；精神卫生中心覆盖；长期患者管理；依从性体系；新的医保和市场准入策略。所以COBENFY虽然市场大，但前期边际销售费用可能较高。3. 商业平台还没有形成强渠道锁定肿瘤和自身免疫药物的处方主要由以下因素决定：临床指南； OS/PFS数据；安全性；给药便利性；医保价格。医生和患者不会因为“再鼎品牌”而忽略更优的竞品。所以，再鼎的渠道优势是一种执行效率壁垒，而不是消费品牌式锁定。引擎二：全球创新平台1. zoci已经进入注册性阶段 zoci是目前唯一接近全球价值兑现的核心项目。公司计划推进：二线及以上小细胞肺癌注册性研究；一线小细胞肺癌联合注册性开发；肺外神经内分泌癌注册性开发。 DLLEVATE研究预计2027年上半年完成入组。近期催化剂包括： 2026年下半年一线小细胞肺癌联合数据；肺外神经内分泌癌进一步数据；与tarlatamab和obrixtamig联合研究；注册性研究入组进度。2. 自研项目仍处早期全球创新管线还包括： ZL-1503：IL-13×IL-31Rα双抗； ZL-6201：LRRC15 ADC； ZL-1222：PD-1×IL-12； ZL-1311：MUC17×CD3 TCE。这些项目覆盖ADC、双抗、TCE和免疫细胞因子，但多处于临床前或Ⅰ期。 2026年最重要的自研平台验证是ZL-1503首次人体数据。如果ZL-1503只表现出普通药代和生物标志物变化，而没有明显差异化，不能证明平台成功。如果它能够表现出：快速止痒；持续控制炎症；较低给药频率；良好安全性；才可能进入高价值Ⅱ期验证。双引擎结论区域商业引擎已经成立，全球创新引擎仍处于“一个zoci＋多个早期选择权”的状态。这意味着再鼎还没有完成从商业化平台向全球Biopharma的转型。四、产品组合续航：旧产品衰退前，新产品能否接棒？组合续航评分：10/151. 现金牛层主要包括：则乐；卫伟迦；纽再乐；爱普盾；擎乐。问题在于，两大核心产品已经出现增长放缓：则乐2025年收入增长1%；卫伟迦2025年收入增长1%。 2026年第一季度，公司总收入同比下降6%，主要受则乐竞争和卫伟迦医保价格调整影响。这说明现有现金牛虽然不会迅速消失，但不足以独立支撑长期高增长。2. 新放量层包括： XACDURO；奥凯乐； COBENFY； TIVDAK。其中： XACDURO增长快，但受供应限制；奥凯乐针对ROS1阳性肺癌，患者基数有限； TIVDAK有明确OS证据，但属于宫颈癌后线市场； COBENFY患者基数最大，但医保和依从性不确定性也最高。这批产品有望支撑2026—2028年收入增长，但是否足以推动集团盈利，取决于销售费用增量。3. 高确定性储备层包括： Povetacicept； Elegrobart；卫伟迦新适应症；肿瘤电场治疗胰腺癌适应症。 Povetacicept用于IgA肾病的Ⅲ期蛋白尿结果较强，是目前区域管线中确定性较高的品种。但蛋白尿是替代终点，长期仍要观察： eGFR下降速度；进入肾衰的风险；长期安全性；停药后疗效持续性。4. 高弹性全球层目前主要是zoci。如果zoci成功，它可能同时解决三个问题：填补2028年后的增长缺口；提高公司整体毛利率；证明全球研发能力。但把所有全球转型预期集中在一个资产上，本身就是风险。5. 早期选择权层包括ZL-1503、ZL-6201、ZL-1222和ZL-1311等。这些项目目前不应计入确定性收入预测，只能作为风险调整后的期权价值。组合续航结论再鼎2026—2028年的产品接力较为清晰：则乐/卫伟迦放缓→XACDURO、COBENFY、TIVDAK接棒→Povetacicept进一步接棒 2029年以后则主要依赖： zoci成功＋自研管线出现第二个临床验证资产。因此，短中期产品组合断档风险不高，长期续航仍未完全解决。五、单位经济性：收入能否转化为自由现金流？单位经济评分：8/151. 2025年利润结构 2025年：产品收入：4.572亿美元；产品销售成本：1.905亿美元；产品毛利：约2.667亿美元；产品毛利率：约58.3%；销售费用：1.876亿美元；销售费用率：约41.0%；研发费用：2.209亿美元；管理费用：9004万美元； GAAP经营亏损：2.294亿美元；调整后经营亏损：1.488亿美元；净亏损：1.755亿美元。2. 毛利率较低是License-in的结构性结果典型自研创新药的毛利率通常可以达到80%至90%。再鼎只有约58.3%，主要因为产品成本中包含：向授权方采购产品；销售提成；上市里程碑摊销；生产成本；库存减值。 2025年，公司还为卫伟迦皮下注射制剂确认约1230万美元库存减值。所以，再鼎不能单纯依靠收入规模扩大实现高利润。它必须同时做到：提高全球权益产品收入占比；降低销售费用率；减少库存和价格调整损失；让新产品复用既有团队。3. “毛利率－销售费用率”只有17.3个百分点 2025年： 58.3%－41.0%＝17.3个百分点该指标反映产品支付商业化成本后，还剩多少资金支持研发、管理和股东回报。可以把它分为：低于15个百分点：商业模式较重； 15至25个百分点：一般； 25至40个百分点：良好； 40个百分点以上：产品护城河较强。再鼎目前处于“一般”区间。积极之处是，2025年销售费用从1.904亿美元下降至1.876亿美元，而产品收入增长15%。说明商业平台已经出现一定经营杠杆。但距离高质量商业模式仍有明显差距。4. 盈利改善路径再鼎实现集团盈利需要同时满足：第一，收入继续增长 COBENFY、TIVDAK和XACDURO需要抵消则乐、卫伟迦的价格和竞争压力。第二，销售费用率下降较合理的中期目标是降至35%以下。第三，毛利率提高如果zoci或其他全球权益产品上市，公司毛利率有机会提高至65%甚至更高。第四，全球研发支出受控不能在区域商业业务刚开始盈利时，无限制扩张全球早期管线。六、资本配置：管理层是否会以合理价格获得资产？资本配置评分：11/151. 再鼎历史上的强项是选品公司过去引进了多款后来获得全球临床验证的资产： Niraparib； Efgartigimod； Ripretinib； Repotrectinib； KarXT； Tisotumab vedotin； Povetacicept。这说明再鼎BD团队对：靶点生物学；全球竞争格局；中国患者需求；监管可行性；商业化潜力；具有较强判断能力。2. 但好资产不一定等于好交易评价一笔BD，不能只看药物是否成功，还要看再鼎付出了什么。正确的公式是： BD回报率＝风险调整后权益价值÷首付款、里程碑、研发投入、采购成本和商业化投入之和如果一款药：只获得中国权益；提成接近20%；需要支付高额里程碑；还必须向授权方独家采购；医保后价格大幅下降；即使销售额很高，也可能只创造规模，不创造高资本回报。3. zoci交易具有较好的非对称性 zoci的首付款仅1000万美元，再鼎获得全球权益。虽然后续最高里程碑约5.92亿美元，但大部分只有在项目成功、批准或达到销售目标时才会支付。如果zoci失败，再鼎主要损失研发投入和早期付款。如果成功，再鼎参与全球全部市场价值。从风险收益结构看，这笔交易优于高价购买成熟中国区域权益。4. 未来需要警惕高价补管线再鼎目前现金较充足，也面临老产品增长放缓。管理层可能有动力继续通过BD补充产品梯队。需要警惕：在热门ADC赛道追高；支付过高首付款；仅获得中国权益；与自有管线发生资源冲突；为维持收入增速购买低毛利产品；项目数量增加但研发效率下降。高质量的资本配置不是“每年完成多少笔BD”，而是“每1美元投入创造多少风险调整后价值”。七、现金跑道与财务安全截至2025年底：现金、短期投资及流动受限资金：7.896亿美元；短期债务：约2.045亿美元；净现金：约5.85亿美元。截至2026年3月底：现金及相关资产：7.613亿美元。以2025年调整后经营亏损1.488亿美元计算：总现金可支持约5年；扣除短期债务后的净现金可支持约4年。考虑未来zoci注册性研究、COBENFY上市、自研管线推进和里程碑付款，保守现金跑道约3至4年。近期不存在被迫融资风险。但如果再鼎计划独立建立全球商业化体系，或者同时推进多个大型Ⅲ期，未来仍可能主动融资。八、核心资产的风险调整价值锚点以下用于比较研发投入产出，不等同于目标价。1. zoci 风险调整前全球峰值销售额参考：保守情景：15亿美元；基准情景：22亿美元；乐观情景：30亿美元。当前综合成功概率参考：二线小细胞肺癌：35%至45%；一线联合治疗：20%至30%；肺外神经内分泌癌：25%至40%。综合风险调整峰值销售额约4亿至12亿美元。需要扣除：高个位数至低双位数销售提成；最高约5.92亿美元里程碑；全球临床和商业化成本。如果注册性数据成功，zoci可能成为再鼎最有价值的资产。2. COBENFY中国权益风险调整前中国峰值销售额参考： 3亿至5亿美元。产品已经获批，临床监管POS接近100%。主要风险为：医保价格；患者依从性；精神专科覆盖；胆碱能不良反应；与廉价仿制药竞争。考虑低至高十几个百分点提成及剩余里程碑，经济价值低于拥有全球权益的BMS，但仍可能成为再鼎最大的中国单品之一。3. 卫伟迦中国权益中国峰值销售额参考： 3亿至5亿美元。主要增量来自：重症肌无力患者渗透；皮下注射剂型；血清阴性重症肌无力；肌炎和其他自身免疫适应症。风险不在机制，而在医保价格、竞争和患者支付。4. Povetacicept 中国及新加坡峰值销售额参考： 2亿至4亿美元。考虑IgA肾病Ⅲ期结果较强，综合临床监管POS可参考65%至80%。但仍需观察长期肾功能数据。5. TIVDAK 中国峰值销售额参考： 1亿至2亿美元。其OS证据明确，但受限于：后线适应症；患者数量；治疗持续时间； ADC不良反应；提成和采购成本。九、失效风险1. zoci注册性临床失败这是最大的资产风险。早期单臂ORR可能受到：患者选择；样本量；随访时间；评价标准；剂量选择；影响。若注册性试验中ORR下降、缓解持续时间不足或累积毒性增加，zoci估值会大幅收缩。2. License-in模式长期压制毛利率如果全球权益产品迟迟不能上市，再鼎毛利率可能长期停留在55%至65%。届时，公司即使收入达到10亿美元，也未必能产生与收入规模相匹配的自由现金流。3. 产品接力不及预期如果：则乐加速下滑；卫伟迦医保降价后放量不足； COBENFY医保进度慢； TIVDAK患者覆盖有限； Povetacicept审批延后；再鼎可能出现收入增长断档。4. 合作方和供应风险多个产品由合作方控制专利、生产和供应。风险包括：供应中断；成本上涨；合作方被收购；专利维护不足；合同争议；里程碑认定争议；授权终止。5. 管理层和组织风险 2026年5月，总裁兼COO Josh Smiley离职，发生在COBENFY上市和全球管线加速阶段。需要继续观察：商业团队稳定性； COO职责重新分配；全球研发和中国业务协调；是否出现更多高管变动；创始人管理半径是否过大。6. 再融资和股权稀释短期没有被迫融资压力。但如果公司选择独立承担： zoci多项全球Ⅲ期；美国商业团队；多个ADC和TCE临床；新一轮大型BD；未来仍可能主动融资，造成股权稀释。十、六层模型评分维度权重得分评价患者价值与赛道 15 12 疾病需求真实，多个高价值专科市场资产质量与临床证据 20 14 商业产品证据较强，zoci仍待注册验证权益质量与专利控制 20 9 区域授权为主，是最大短板商业化平台与复用 15 12 中国专业化商业能力较强全球研发可重复性 15 7 zoci领先，其他自研资产过早财务安全与资本配置 15 12 现金充足，BD历史较好，但仍持续亏损合计 100 66 B+十一、什么情况下可以上调至A−？至少需要看到四项证据。第一，zoci完成注册性临床验证不仅要有ORR，还要证明：缓解持续； PFS具有临床意义； OS出现积极趋势；脑转移疗效可复制；累积毒性可控。第二，毛利率升至65%以上这意味着产品结构或经济权益开始改善，而不是单纯依靠收入增长。第三，销售费用率降至35%以下这说明新产品能够复用现有商业平台，产生真实经营杠杆。第四，出现第二个全球临床概念验证资产例如ZL-1503或其他自研项目获得明确人体疗效。只有一个zoci仍然属于单资产驱动；连续产出才说明平台成立。十二、最终判断再鼎是一家“能力不错，但经济权益仍不够优质”的公司。它已经证明：会选择优质资产；会参与中国临床开发；会完成NMPA注册；会进入医保；会建立专业化销售团队；会把多个产品转化为持续收入。它还没有证明：能够连续发现或获得全球权益资产；能够把毛利率提高到高质量创新药水平；能够在高研发投入下实现稳定自由现金流；能够让全球创新引擎摆脱对单一zoci的依赖。因此，再鼎当前最准确的定位是：优秀的中国创新药运营平台，加上一台正在接受验证的全球研发引擎。长期商业价值可以表达为：再鼎长期价值＝患者价值×临床成功率×经济权益系数×商业化复用效率×产品组合续航－持续BD、里程碑及全球研发资本消耗。在这个公式里，再鼎的优势是患者价值和商业化效率，短板是经济权益与全球研发可重复性。一句话总结：再鼎已经证明自己能把别人的好药变成中国收入；它能否成为一门真正的好生意，取决于能不能把zoci及后续自研资产变成由自己控制的全球利润。

100 项与曲司氯铵/呫诺美林相关的药物交易

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研发状态

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适应症	国家/地区	公司	日期
精神分裂症	美国	Bristol Myers Squibb Co.	2024-09-26

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适应症	最高研发状态	国家/地区	公司	日期
自闭症	临床3期	美国	Bristol Myers Squibb Co.	2026-09-11
自闭症	临床3期	阿根廷	Bristol Myers Squibb Co.	2026-09-11
自闭症	临床3期	澳大利亚	Bristol Myers Squibb Co.	2026-09-11
自闭症	临床3期	加拿大	Bristol Myers Squibb Co.	2026-09-11
情绪易怒	临床3期	美国	Bristol Myers Squibb Co.	2026-09-11
情绪易怒	临床3期	日本	Bristol Myers Squibb Co.	2026-09-11
情绪易怒	临床3期	阿根廷	Bristol Myers Squibb Co.	2026-09-11
情绪易怒	临床3期	澳大利亚	Bristol Myers Squibb Co.	2026-09-11
情绪易怒	临床3期	加拿大	Bristol Myers Squibb Co.	2026-09-11
情绪易怒	临床3期	法国	Bristol Myers Squibb Co.	2026-09-11

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临床结果

适应症

分期

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研究	分期	人群特征	评价人数	分组	结果	评价	发布日期


NCT06572449 (CTgov)	临床3期	精神分裂症	173	KarXTdose+KarXT (Cohort 1)	窪選顧鬱蓋觸齋壓獵獵 = 構醖顧製網鏇選鏇膚構醖網鏇簾壓夢淵網鏇顧 (築範廠淵糧鬱網鑰獵艱, 構選餘製獵鹽顧夢遞襯 ~ 顧願淵顧鑰積鑰鏇鏇網) 更多	-	2026-06-22
				KarXT (Cohort 2)	窪選顧鬱蓋觸齋壓獵獵 = 築齋憲壓製繭蓋鹽餘憲醖網鏇簾壓夢淵網鏇顧 (築範廠淵糧鬱網鑰獵艱, 鹹膚獵顧網壓鏇憲襯簾 ~ 艱觸餘築醖鏇繭願艱鹽) 更多
NCT05145413 (ARISE \| KAR-012, CTgov)	临床3期	精神分裂症	396	Placebo	願膚築餘鏇淵醖齋壓憲(襯鑰鑰選齋遞積積鏇鹹) = 選夢壓憲蓋齋遞繭繭鏇夢憲憲襯鬱鹽願遞網壓 (願衊觸壓顧網顧簾製廠, 0.98) 更多	-	2026-05-05
NCT05919823 (UNITE-001 \| ZL-2701-001, CTgov)	临床3期	精神分裂症	202	trospium+KarXT+xanomeline (Double-Blind Part: KarXT)	齋壓醖繭繭積鹹鬱遞構(構鹽鹹簾壓鏇繭鏇壓膚) = 觸淵獵願鹹鏇襯積壓糧選繭獵壓願顧廠淵築選 (鏇窪鹽窪鏇範願蓋觸觸, 2.122) 更多	-	2025-11-21
				placebo+KarXT (Double-Blind Part: Placebo)	齋壓醖繭繭積鹹鬱遞構(構鹽鹹簾壓鏇繭鏇壓膚) = 壓壓蓋鹽鬱糧簾夢廠願選繭獵壓願顧廠淵築選 (鏇窪鹽窪鏇範願蓋觸觸, 2.074) 更多
NCT03697252 (EMERGENT-4, Pubmed \| Ann Pharmacother)	临床3期	精神分裂症	-	Xanomeline-Trospium	築鑰遞蓋鹹積製憲艱淵(構鏇齋膚遞憲顧觸鑰淵) = 蓋顧膚襯壓膚鏇醖觸積蓋齋獵襯醖鏇衊顧獵繭 (糧襯製壓選糧鏇壓醖夢 )	积极	2025-10-01
NCT04820309 (EMERGENT-5, CTgov)	临床3期	精神分裂症	566	Xanomeline and Trospium Chloride Capsules	遞壓衊範餘齋積膚遞淵 = 醖繭齋鹽築壓繭夢鬱壓鑰願夢壓襯築齋遞醖襯 (鑰艱製積窪遞憲齋鹽襯, 繭齋積構鑰壓鹽願積範 ~ 襯餘齋鏇簾網選廠獵壓) 更多	-	2025-09-17
NCT05145413 (ARISE \| KAR-012, Company_Website) 人工标引	临床3期	精神分裂症	-	Cobenfy + APD (mITT)	憲鏇蓋築壓願鑰網築壓(鹹糧窪繭獵壓窪艱憲憲) = 襯構鏇獵積廠製網廠鹽選襯選遞選夢製憲鏇壓 (鑰餘衊壓鬱簾齋窪簾蓋, 1.01) 未达到更多	不佳	2025-04-22
				Placebo + APD (mITT)	憲鏇蓋築壓願鑰網築壓(鹹糧窪繭獵壓窪艱憲憲) = 鏇簾鑰選襯積願廠獵鏇選襯選遞選夢製憲鏇壓 (鑰餘衊壓鬱簾齋窪簾蓋, 0.98) 未达到更多
NCT04738123 \| NCT04659161 \| NCT03697252 (EMERGENT-2, Pubmed \| J Clin Psychiatry)	N/A	精神分裂症	683	Xanomeline/Trospium	鑰壓鹹蓋膚選鹽蓋鹹醖(鹽繭網憲夢網淵鏇衊淵) = 願夢鏇憲鏇齋齋鏇繭鏇醖醖構艱廠簾壓遞構衊 (餘壓範構築膚遞衊願築 ) 更多	积极	2025-02-26
				Placebo	鑰壓鹹蓋膚選鹽蓋鹹醖(鹽繭網憲夢網淵鏇衊淵) = 製齋遞憲窪構餘憲選網醖醖構艱廠簾壓遞構衊 (餘壓範構築膚遞衊願築 ) 更多
NCT04738123 (EMERGENT-3 \| EMERGENT-1, EMERGENT-2, EMERGENT-3, CTgov)	临床3期	精神分裂症	256	Xanomeline and Trospium Chloride Capsules (KarXT)	範壓選顧觸選鏇選艱顧(窪壓餘廠選廠憲鬱鹹衊) = 願鹹顧鏇齋製鏇構願蓋醖範繭繭淵繭簾範膚壓 (遞網鬱鹹淵壓襯醖選顧, 1.584) 更多	-	2024-12-09
				Placebo (Placebo)	範壓選顧觸選鏇選艱顧(窪壓餘廠選廠憲鬱鹹衊) = 餘鬱鹹艱窪夢簾窪蓋簾醖範繭繭淵繭簾範膚壓 (遞網鬱鹹淵壓襯醖選顧, 1.552) 更多
NCT04659174 (EMERGENT-4, Company_Website) 人工标引	临床3期	精神分裂症	156	COBENFY	獵顧壓衊繭餘夢壓鏇蓋(願鏇襯廠餘壓獵鑰窪糧) = 鹽廠醖鏇膚願衊鑰壓製蓋鏇顧繭齋簾獵繭願簾 (築鏇鑰觸鏇築艱網鹽衊 )	积极	2024-10-31
				Placebo	-
NCT04820309 (EMERGENT-5, Company_Website) 人工标引	临床3期	精神分裂症	566	COBENFY	襯鏇齋鏇鹹廠製顧鬱獵(網選簾製觸衊膚觸餘淵) = 餘襯構壓襯窪襯艱構壓積遞鬱艱鑰願願繭糧鬱 (積網窪構獵夢簾簾願網 ) 更多	积极	2024-10-31