MapLight Therapeutics, Inc.

What they do

MapLight Therapeutics is a clinical-stage biopharmaceutical company focused on developing small-molecule drug candidates for central nervous system (CNS) disorders. Its lead candidate, ML-007C-MA, is a muscarinic agonist being developed for schizophrenia and Alzheimer's disease psychosis (ADP). A second candidate, ML-004, a 5-HT1B/1D agonist, is being evaluated for autism spectrum disorder. The company has no approved products or commercial revenue, and all operations are research and development-focused.

Revenue drivers

• ML-007C-MA (schizophrenia) — The most advanced program; positive Phase 2 ZEPHYR data support a planned registrational Phase 3 trial, but the product is not yet approved or generating revenue.
• ML-007C-MA (Alzheimer's disease psychosis) — Phase 2 VISTA trial is enrolling; received FDA Fast Track designation in December 2025. No revenue yet.
• ML-004 (autism spectrum disorder) — Phase 2 IRIS trial reported; company is evaluating the path forward, including potential collaborations. No revenue yet.

Recent performance

Net loss widened from $77.6 million in 2024 to $161.2 million in 2025. Operating cash flow used was $138.1 million in 2025, compared to $78.8 million in 2024. As of June 30, 2026, the company had $71.6 million in cash and equivalents, $233.1 million in short-term investments, and $46.6 million in long-term investments, totaling $351.3 million in cash, cash equivalents, and investments. The company reported no revenue in the latest quarter, consistent with its pre-commercial stage. The company closed a $150 million private placement in August 2026.

Strategy

Management states it is prioritizing resources on advancing ML-007C-MA in both schizophrenia and ADP. In schizophrenia, the company plans an End-of-Phase 2 meeting with the FDA to discuss a registrational Phase 3 trial (ZEPHYR-2). In ADP, the company is continuing enrollment in the Phase 2 VISTA trial. For ML-004, following an End-of-Phase 2 discussion, the company intends to evaluate strategic collaborations or funding alternatives. The company also emphasizes capital discipline to extend its cash runway through 2028.

Risks

• Clinical and regulatory risk — All product candidates are in clinical development; positive Phase 2 results do not guarantee success in Phase 3 or regulatory approval.
• Cash burn and dilution — Operating losses and cash burn are large ($138.1 million in 2025), and the company relies on equity raises, including the recent $150 million private placement, which dilutes existing shareholders.
• Competition and market adoption — If approved, ML-007C-MA will compete with existing antipsychotics and other muscarinic agonists; tolerability and efficacy must translate into real-world use.
• Drug development failure in VISTA — The ADP program depends on the Phase 2 VISTA trial, which is still enrolling; a negative or neutral result would impair the pipeline.

Outlook

Management expects to report topline results from the Phase 2 VISTA trial in the second half of 2027 and for the planned Phase 3 ZEPHYR-2 trial in 2028. The company plans to engage with the FDA in an End-of-Phase 2 meeting to discuss the registrational path for ML-007C-MA in schizophrenia. With the recent $150 million private placement, management states the cash runway extends through 2028, covering both VISTA and ZEPHYR-2 readouts. For ML-004, the company will assess strategic options following the End-of-Phase 2 discussion.