Background: Emraclidine is a novel, brain-penetrant, highly selective M4 receptor positive allosteric modulator in development for the treatment of schizophrenia. We aimed to evaluate the safety and tolerability of multiple ascending doses of emraclidine in patients with schizophrenia., Methods: We conducted a two-part, randomised, phase 1b trial in the USA. Eligible participants were aged 18-50 years (part A) or 18-55 years (part B) with a primary diagnosis of schizophrenia per the Diagnostic and Statistical Manual of Mental Disorders 5th edition, as confirmed by the Mini International Neuropsychiatric Interview, and extrapyramidal symptom assessments indicating normal to mild symptoms at screening. Part A evaluated the safety and tolerability of emraclidine in five cohorts of participants with stable schizophrenia who received ascending oral doses of emraclidine 5-40 mg (40 mg was administered as 20 mg twice daily) or placebo at a single US site. Part B was a double-blind, randomised, placebo-controlled study that enrolled adults with acute schizophrenia across five US sites; participants were randomly assigned (1:1:1) to receive emraclidine 30 mg once daily, emraclidine 20 mg twice daily, or placebo for 6 weeks (doses established in part A). The primary endpoint was safety and tolerability, assessed in the safety population (participants who received at least one dose of emraclidine or placebo). This trial is now complete and is registered with ClinicalTrials.gov, NCT04136873., Findings: Between Sept 23, 2019, and Sept 17, 2020, 118 patients were assessed for eligibility and 49 were randomly assigned across five cohorts in part A. 44 participants completed the study, with 36 participants receiving emraclidine and eight receiving placebo. The two highest doses tested were selected for part B. Between Oct 12, 2020, and May 7, 2021, 148 patients were assessed for eligibility and 81 were randomly assigned to emraclidine 30 mg once daily (n=27), emraclidine 20 mg twice daily (n=27), or placebo (n=27) in part B. Incidence of adverse events (14 [52%] of 27 participants in the emraclidine 30 mg once daily group, 15 [56%] of 27 in the emraclidine 20 mg twice daily group, and 14 [52%] of 27 in the placebo group), clinical assessments, and weight changes were similar across groups. The most common adverse event was headache (15 [28%] of 54 participants in the emraclidine groups, seven [26%] of 27 in the placebo group). Modest, transient increases in blood pressure and heart rate in emraclidine groups observed at treatment initiation diminished over time and were not considered clinically meaningful by week 6., Interpretation: These data support further investigation of emraclidine as a once-daily treatment for schizophrenia without need for titration and with a potentially favourable side-effect profile., Funding: Cerevel Therapeutics., Competing Interests: Declaration of interests JHK reports consulting agreements with Aptinyx, Atai Life Sciences, AstraZeneca, Biogen Idec, Biomedisyn Corporation, Bionomics, Boehringer Ingelheim International, Cadent Therapeutics, Clexio Bioscience, COMPASS Pathways, Concert Pharmaceuticals, Eisai, Epiodyne, EpiVario, Greenwich Biosciences, Heptares Therapeutics, Janssen Research & Development, Jazz Pharmaceuticals, Lohocla Research Corporation, Novartis, Otsuka America Pharmaceutical, Perception Neuroscience Holdings, PsychoGenics, RBNC Therapeutics, Spring Care, Sunovion Pharmaceuticals, Taisho Pharmaceutical Holdings, Takeda Industries, Tempero Bio, and Terran Biosciences; serves on the scientific advisory boards of Biohaven Pharmaceuticals, BioXcel Therapeutics (Clinical Advisory Board), Cadent Therapeutics (Clinical Advisory Board), and Cerevel Therapeutics; holds consulting agreements with EpiVario, Eisai, Jazz Pharmaceuticals, Lohocla Research Corporation, Novartis, PsychoGenics, RBNC Therapeutics, Tempero Bio, and Terran Biosciences; serves on the Board of Directors for Freedom Biosciences and holds stock or stock options in Biohaven Pharmaceuticals, Sage Pharmaceuticals, Spring Care, Biohaven Pharmaceuticals Medical Sciences, EpiVario, RBNC Therapeutics, Terran Biosciences, and Tempero Bio; has received research support from AstraZeneca, Novartis, and Cerevel Therapeutics; and serves as Editor of Biological Psychiatry and is a named inventor on a number of patents and patent applications—most recently, US Provisional Patent Application 63/125,181, filed on Dec 14, 2020. JMK has been a consultant or adviser to or has received honoraria from Acadia, Alkermes, Allergan, Cerevel Therapeutics, IntraCellular Therapies, Janssen or Johnson & Johnson, Karuna, LB Pharma, Lundbeck, Lyndra, Medscape, Merck, Neurocrine, Otsuka, Reviva, Roche, Sumitomo Dainippon, Saladex, Sunovion, Takeda, and Teva; has received grant support from Janssen, Lundbeck, Otsuka, and Sunovion; and is a shareholder of LB Pharma and a shareholder in Vanguard Research Group. CUC has been a consultant or adviser to or has received honoraria from AbbVie, Acadia, Alkermes, Allergan, Angelini, Aristo, Axsome Therapeutics, Cerevel Therapeutics, Compass, Damitsa, Gedeon Richter, Hikma, Holmusk, IntraCellular Therapies, Janssen or Johnson & Johnson, Karuna, LB Pharma, Lundbeck, MedAvante-ProPhase, MedInCell, Medscape, Merck, Mindpax, Mitsubishi Tanabe Pharma, Mylan, Neurocrine, Noven, Otsuka, Pfizer, Recordati, Rovi, Segirus, Servier, SK Life Science, Sumitomo Dainippon, Sunovion, Supernus, Takeda, Teva, and Viatris; has provided expert testimony for Janssen and Otsuka; has served on a Data Safety Monitoring Board for Lundbeck, Rovi, Supernus, and Teva; has received grant support from Janssen and Takeda; and has received royalties from UpToDate and is also a stock option holder of Cardio Diagnostics, Mindpax, and LB Pharma. DPW reports grants and research support from AbbVie, Acadia, Alkermes, Allergan, Avanir, Biogen, Boehringer Ingelheim, Cerevel, Indivior, IntraCellular, Janssen, Johnson & Johnson Research and Development, Lundbeck, Lupin, Lyndra, Novartis, Noven, Otsuka, Pfizer, Roche, Sunovion, and Takeda; has been a consultant for Biogen, Boehringer Ingelheim, Janssen, Lyndra, and Otsuka; and served as principal investigator on this trial. ML, SD, SP, IC, PI, LF, SV, PP, RS, and JR are employees of Cerevel Therapeutics and might hold stock or stock options in the company., (Copyright © 2022 Elsevier Ltd. All rights reserved.)