Iloperidone is part of the Atypical Antipsychotics class and treats Schizophrenia. Atypical antipsychotics are used to treat schizophrenia, bipolar disorder, and depression. Some can also treat Tourette's syndrome and irritability linked with autism spectrum disorders (ASD). They work by blocking dopamine and balancing serotonin. Iloperidone is only available as a generic drug.