A Study to Evaluate RL-007 in the Treatment of Cognitive Impairment Associated With Schizophrenia (CIAS)

Key Inclusion Criteria:

• Diagnosis of schizophrenia, per Diagnostic and Statistical Manual (DSM) 5, with aduration of at least 6 months

• Positive and Negative Symptoms Severity Score (PANSS) of less than or equal to 80 (inclusive)

• Currently treated on a single atypical antipsychotic (other than clozapine) at astable dose and clinically stable for at least 6 weeks before randomization

• Clinical Global Impression - Severity score < 5.

• Body mass index (BMI) <= 40.0 kg/m^2 at screening

• Participant has reliable housing that is not expected to change during the studyperiod with no expected significant life events that could affect study outcomesthroughout entire study period.

• Sufficient fluency in English to understand and complete study instructions andassessments

Key Exclusion Criteria:

• History of hospitalization for medical indication or psychiatric hospitalizationwithin 3 months prior to screening.

• Participants who present a serious risk of suicide, as evidenced by a) "yes" onitems 4 or 5 on the Columbia-Suicide Severity Rating Scale (C-SSRS) and meetingthese criteria within the past 6 months, or b) posing a significant suicide risk inthe Investigator's judgement.

• Participants who present a risk of serious harm to others, as evidence by anyhistory within the past 2 years and any expressed homicidal ideation (with orwithout plan).

• Current diagnosis of another major psychiatric disorder, intellectual disability, orany major neurological disease, brain injury, epilepsy, or severe brain trauma.

• Evidence or history of significant cognitive impairment, other than associated withschizophrenia, that in the judgement of the Investigator or Sponsor would confoundinterpretation of study data or prevent safe and satisfactory completion of thestudy protocol.

• Meets criteria for moderate to severe substance/drug abuse disorder (includingalcohol) per DSM-5 within the last 6 months prior to informed consent or a positivealcohol breath test or urine test for drugs of abuse at either Screening orRandomization Visits (except for benzodiazepines taken according to prescription andas an ongoing, stable regimen).

• Participant has undergone electroconvulsive therapy within the past 12 months.