Latuda has been licensed to treat the symptoms of schizophrenia, a group of mental disorders that involve abnormal thinking. Latuda® (lurasidone hydrochloride) is a prescription antipsychotic medication approved for the treatment of schizophrenia in adults. It is also approved to treat bipolar depression. One of the most confusing and disabling mental illnesses, schizophrenia is a group of mental disorders that involve abnormal thinking.