The company's lead product candidate is KarXT, an M1/M4-preferring muscarinic agonist, which has the potential to offer a unique and mechanistically differentiated treatment option for schizophrenia and psychosis in Alzheimer's disease.

The firm announced positive top-line results in March 2023 from the Phase III EMERGENT-3 trial of KarXT, in schizophrenia. Shortly after it also announced a public stock offering, with the goal of raising $400 million.