Three major late-stage readouts are expected in 2026: AriBio’s AR1001 (a small-molecule drug originally developed for erectile dysfunction, now in a 1,535-person Phase 3 trial), Bristol Myers Squibb’s KarXT (a schizophrenia drug being tested for agitation, psychosis, and cognitive symptoms in Alzheimer’s), and Cognito Therapeutics’ Spectris headset (a 670-person Phase 3 trial of a brain-stimulating light-and-sound device).