This study focuses on individuals experiencing Bipolar Depression, which refers to periods of intense sadness or low mood that occur in people diagnosed with Bipolar I Disorder or Bipolar II Disorder. These conditions involve significant shifts in mood, energy, and activity levels. The purpose of the study is to evaluate the effectiveness and safety of a medication called azetukalner, also known by its code name XPF-010, in treating these depressive periods.

Participants in the study will be assigned to receive either a 20 mg oral capsule of azetukalner or a placebo. The study uses a double-blind method, meaning neither the participants nor the researchers know which treatment is being administered at any given time. This approach helps ensure that the results are not influenced by expectations. During the course of the study, participants will take the assigned capsule once daily.