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MapLight Therapeutics, Inc. Financials

MPLT
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows MapLight Therapeutics, Inc. (MPLT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MPLT FY2025

MapLight's operating pattern is a capital-funded research burn, with FY2025 financing rebuilding the balance sheet while cash consumption accelerated.

The non-obvious shift is that operating cash burn worsened from -$78.8M in FY2024 to -$138.1M in FY2025, so the business became more costly to fund before any self-financing is visible. Yet balance-sheet strength improved because $469.8M of financing effectively recapitalized the company, turning equity from -$193.6M to positive territory even as the operating engine moved the other way.

Spending is concentrated in development work rather than overhead: FY2025 R&D was $138.3M versus SG&A of $30.7M, which means cash use is being directed mainly toward advancing programs, not supporting a large commercial structure. Low capital spending reinforces that point, since capex was only $473K against free cash flow of -$138.6M; this is an expense-heavy model, not an equipment-heavy one.

The balance sheet now looks liquid on a liability basis, with total assets of $479.5M against total liabilities of $21.1M, so solvency pressure is not the immediate constraint. But period-end cash was only $46.7M after -$323.2M of investing outflow, which shows that the big financing raise mostly passed through the business rather than simply piling up on the cash line.

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Financial Health Signals

Financial health score pending refresh

We are recalculating MapLight Therapeutics, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial
3/6

MapLight Therapeutics, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality
0.86x

For every $1 of reported earnings, MapLight Therapeutics, Inc. generates $0.86 in operating cash flow (-$138.1M OCF vs -$161.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
-$168.5M
YoY-104.9%

MapLight Therapeutics, Inc.'s EBITDA was -$168.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 104.9% from the prior year.

Net Income
-$161.2M
YoY-107.7%

MapLight Therapeutics, Inc. reported -$161.2M in net income in fiscal year 2025. This represents a decrease of 107.7% from the prior year.

EPS (Diluted)
$-18.56

MapLight Therapeutics, Inc. earned $-18.56 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
-$138.6M
YoY-74.2%

MapLight Therapeutics, Inc. generated -$138.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 74.2% from the prior year.

Cash & Debt
$46.7M
YoY+22.2%

MapLight Therapeutics, Inc. held $46.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
45M

MapLight Therapeutics, Inc. had 45M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
-35.2%

MapLight Therapeutics, Inc.'s ROE was -35.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
$138.3M
YoY+101.9%

MapLight Therapeutics, Inc. invested $138.3M in research and development in fiscal year 2025. This represents an increase of 101.9% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$473K
YoY-38.6%

MapLight Therapeutics, Inc. invested $473K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 38.6% from the prior year.

MPLT Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses $53.7M N/A $27.1M N/A $19.8M N/A $16.8M N/A
SG&A Expenses $10.8M N/A $4.4M N/A $3.8M N/A $4.1M N/A
Operating Income -$64.5M N/A -$31.5M N/A -$23.5M N/A -$20.9M N/A
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$60.7M N/A -$29.4M+1.4% -$29.8M-33.6% -$22.3M N/A -$19.0M-3.3% -$18.4M
EPS (Diluted) $-1.34 N/A $-37.18 N/A $-29.33 N/A $-25.08 N/A

MPLT Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $418.8M-12.7% $479.5M+86.4% $257.2M N/A N/A $136.9M N/A N/A
Current Assets $327.2M+0.8% $324.7M+32.4% $245.3M N/A N/A $114.6M N/A N/A
Cash & Equivalents $55.7M+19.2% $46.7M-27.2% $64.1M N/A N/A $38.3M N/A N/A
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $19.0M-10.3% $21.1M-96.0% $531.4M N/A N/A $330.5M N/A N/A
Current Liabilities $14.3M-12.0% $16.2M-12.6% $18.6M N/A N/A $15.9M N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $399.8M-12.8% $458.4M+267.2% -$274.2M-11.9% -$245.1M-13.5% -$215.8M-11.5% -$193.6M-12.3% -$172.4M-11.7% -$154.3M
Retained Earnings -$421.2M-16.8% -$360.5M-28.3% -$281.0M N/A N/A -$199.4M N/A N/A

MPLT Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$51.2M-9.3% -$46.8M N/A N/A -$25.6M-18.9% -$21.5M N/A N/A
Capital Expenditures $24K-93.6% $376K N/A N/A N/A $106K N/A N/A
Free Cash Flow -$51.2M-8.5% -$47.2M N/A N/A N/A -$21.6M N/A N/A
Investing Cash Flow $67.0M+127.6% -$242.6M N/A N/A $37.5M+15.8% $32.4M N/A N/A
Financing Cash Flow -$6.9M-102.5% $272.0M N/A N/A -$47K-1040.0% $5K N/A N/A
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

MPLT Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A N/A N/A N/A N/A
Return on Equity -15.2% N/A N/A N/A N/A N/A N/A N/A
Return on Assets -14.5% N/A -11.4% N/A N/A N/A N/A N/A
Current Ratio 22.91+2.9 20.01+6.8 13.22 N/A N/A 7.20 N/A N/A
Debt-to-Equity 0.050.0 0.05 N/A N/A N/A N/A N/A N/A
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Frequently Asked Questions

No, MapLight Therapeutics, Inc. (MPLT) reported a net income of -$161.2M in fiscal year 2025.

MapLight Therapeutics, Inc. (MPLT) reported diluted earnings per share of $-18.56 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

MapLight Therapeutics, Inc. (MPLT) had EBITDA of -$168.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

MapLight Therapeutics, Inc. (MPLT) has a return on equity of -35.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

MapLight Therapeutics, Inc. (MPLT) generated -$138.6M in free cash flow during fiscal year 2025. This represents a -74.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

MapLight Therapeutics, Inc. (MPLT) generated -$138.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

MapLight Therapeutics, Inc. (MPLT) had $479.5M in total assets as of fiscal year 2025, including both current and long-term assets.

MapLight Therapeutics, Inc. (MPLT) invested $473K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

MapLight Therapeutics, Inc. (MPLT) invested $138.3M in research and development during fiscal year 2025.

MapLight Therapeutics, Inc. (MPLT) had 45M shares outstanding as of fiscal year 2025.

MapLight Therapeutics, Inc. (MPLT) had a current ratio of 20.01 as of fiscal year 2025, which is generally considered healthy.

MapLight Therapeutics, Inc. (MPLT) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

MapLight Therapeutics, Inc. (MPLT) had a return on assets of -33.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, MapLight Therapeutics, Inc. (MPLT) had $46.7M in cash against an annual operating cash burn of $138.1M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

MapLight Therapeutics, Inc. (MPLT) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

MapLight Therapeutics, Inc. (MPLT) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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