MapLight Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

Rhea-AI Summary

MapLight Therapeutics (Nasdaq: MPLT) reported Q4 and full‑year 2025 results and a clinical update on March 26, 2026. Cash, cash equivalents and investments were $453.1 million at year‑end, expected to fund operations through 2027. Key clinical milestones: Phase 2 ZEPHYR (schizophrenia) enrollment expected April 2026 (n=300) with topline results in Q3 2026; IRIS (ML‑004 for ASD) enrollment complete with topline in Q3 2026; VISTA (ADP) topline expected H2 2027; FDA Fast Track granted for ML‑007C‑MA in ADP. R&D and G&A expenses and net loss rose in 2025 versus 2024 due largely to clinical, CMC and IPO‑related stock compensation costs.

Positive

• Cash balance of $453.1M expected to fund operations through 2027
• Phase 2 ZEPHYR target enrollment n=300 expected April 2026
• IRIS Phase 2 enrollment complete with topline results expected Q3 2026
• FDA Fast Track designation for ML‑007C‑MA in Alzheimer’s disease psychosis

Negative

• Full‑year R&D expenses rose to $138.3M from $68.5M (+>100%)
• Full‑year net loss widened to $161.2M from $77.6M (+>100%)
• Fourth‑quarter net loss of $79.5M versus $21.2M prior year quarter

Market Reaction – MPLT

+4.91% $19.03

15m delay 4 alerts

+4.91% Since News

$19.03 Last Price

$17.62 $19.15 Day Range

+$39M Valuation Impact

$830M Market Cap

0.1x Rel. Volume

Following this news, MPLT has gained 4.91%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $19.03. This price movement has added approximately $39M to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Cash & investments: $453.1M ZEPHYR target enrollment: 300 participants VISTA planned enrollment: 300 participants +5 more

8 metrics

Cash & investments $453.1M As of Dec 31, 2025; expected to fund operations through 2027

ZEPHYR target enrollment 300 participants Phase 2 schizophrenia trial; enrollment expected complete April 2026

VISTA planned enrollment 300 participants Phase 2 trial in Alzheimer’s disease psychosis

IRIS enrollment ≈160 participants Phase 2 ASD trial; adult and adolescent participants

Q4 2025 R&D $64.6M Versus $20.7M in Q4 2024; driven by trials and IPO-related stock comp

FY 2025 R&D $138.3M Versus $68.5M in FY 2024; higher clinical and employee expenses

FY 2025 net loss $161.2M Versus $77.6M in FY 2024

Q4 2025 net loss $79.5M Versus $21.2M in Q4 2024

Market Reality Check

Price: $18.14 Vol: Volume 173,393 is below 2...

normal vol

$18.14 Last Close

Volume Volume 173,393 is below 20-day average 209,073 (relative volume 0.83x), suggesting a modest participation in the 6.83% move. normal

Technical Shares at $18.14 are trading above the 200-day MA of $17.33, reflecting an uptrend heading into this earnings update.

Peers on Argus

No biotech peers were flagged in the momentum scanner, indicating MPLT’s 6.83% p...

No biotech peers were flagged in the momentum scanner, indicating MPLT’s 6.83% pre-news gain appears company-specific rather than part of a sector-wide move.

Previous Earnings Reports

1 past event · Latest: Dec 04 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Dec 04	Earnings and pipeline	Positive	+8.4%	Q3 2025 results, IPO proceeds and Phase 2 timelines drove an 8.39% gain.

Pattern Detected

The prior earnings report saw a positive price reaction, similar to today’s pre-news strength, suggesting earnings updates have recently been received favorably.

Recent Company History

Over the past few months, MapLight has paired clinical progress with strengthening finances. The prior earnings release on Dec 4, 2025 highlighted Phase 2 timelines for ZEPHYR, VISTA and IRIS, plus IPO proceeds that brought cash to $227.2M, funding operations through 2027. Subsequent updates detailed fast track status for ML-007C-MA and narrowed Q3 2026 topline timing. Today’s fourth quarter and full-year 2025 results extend that story with a cash balance of $453.1M and reaffirmed Phase 2 milestones.

Historical Comparison

+8.4% avg move · In the last earnings event on Dec 4, 2025, MPLT moved +8.39%. Today’s earnings-linked +6.83% pre-new...

earnings

+8.4%

Average Historical Move earnings

In the last earnings event on Dec 4, 2025, MPLT moved +8.39%. Today’s earnings-linked +6.83% pre-news gain is directionally consistent with that pattern.

Earnings updates have tracked growing cash from $227.2M post-IPO in Q3 2025 to $453.1M at year-end 2025, while reiterating Phase 2 timelines for ZEPHYR, IRIS and VISTA.

Market Pulse Summary

This announcement outlines MapLight’s transition into a more capital-intensive development phase, pa...

Analysis

This announcement outlines MapLight’s transition into a more capital-intensive development phase, pairing a $453.1M year-end cash balance with higher R&D and G&A and a FY $161.2M net loss. Key milestones include ZEPHYR and IRIS topline data in Q3 2026 and the VISTA readout in the second half of 2027. Investors may watch execution on Phase 2 timelines, expense trajectory, and progress on ML-055 candidate nomination during 2026.

Key Terms

phase 2, randomized, double-blind, placebo-controlled, cgi-s, fast track designation, +2 more

6 terms

phase 2 medical

"Phase 2 ZEPHYR trial of ML-007C-MA for schizophrenia expected to reach..."

Phase 2 is the mid-stage clinical trial where a new drug or treatment is tested in a larger group of patients to see if it works and to keep checking safety after initial human testing. Think of it as a field test that proves whether a product actually delivers its promised benefit. Investors watch Phase 2 closely because its results strongly influence a medicine’s chances of reaching the market, the size of its potential sales, and the company’s valuation.

randomized, double-blind, placebo-controlled medical

"ZEPHYR is a randomized, double-blind, placebo-controlled trial evaluating..."

A "randomized, double-blind, placebo-controlled" process is a method used to test the effectiveness of a new treatment or intervention. Participants are randomly assigned to different groups, with one receiving the real treatment and the other a fake version, called a placebo. Neither the participants nor the researchers know who is receiving which, which helps ensure unbiased results. For investors, this rigorous approach increases confidence that the findings are accurate and not influenced by guesswork or bias.

cgi-s medical

"Key secondary endpoints include change in PANSS-Marder... and CGI-S score from baseline..."

CGI-S (Clinical Global Impressions – Severity) is a simple, clinician-rated scale that scores how severe a patient’s illness is at a given time, usually on a 1–7 range where higher scores mean worse symptoms. Investors watch CGI-S in clinical trial reports because it gives a quick, standardized snapshot of whether a treatment produces meaningful clinical improvement—like a single thermometer reading that summarizes how much a patient’s condition has changed.

fast track designation regulatory

"In December 2025, ML-007C-MA was granted Fast Track designation by the U.S. Food and Drug Administration..."

A "fast track designation" is a process that speeds up the review and approval of a product or project, allowing it to reach the market or be completed more quickly than usual. For investors, it can signal that a product may become available sooner, potentially leading to earlier revenue or benefits, and indicating a priority status that might influence company performance and market opportunities.

5-ht1b/1d agonist medical

"ML-004 (5-HT1B/1D Agonist) for the Treatment of Autism Spectrum Disorder..."

A 5-HT1B/1D agonist is a drug that binds to and activates two specific serotonin receptors in the brain—like keys fitting particular locks—to constrict dilated blood vessels and interrupt nerve signals that trigger migraine pain and related symptoms. Investors pay attention because clinical effectiveness, safety, patent protection and regulatory approvals determine commercial potential, market size and how trial results or labels can move a company’s valuation.

ind-enabling studies regulatory

"The Company expects to nominate a preclinical candidate to advance to IND-enabling studies in 2026."

Ind-enabling studies are early research efforts that test whether a new drug or treatment is safe and effective enough to move forward in development. They are like preliminary tests to ensure a product works as intended before investing more resources into large-scale trials. For investors, these studies are important because successful results can signal potential progress toward bringing a new product to market, impacting its future value.

AI-generated analysis. Not financial advice.

• Phase 2 ZEPHYR trial of ML-007C-MA for schizophrenia expected to reach target enrollment (n=300) in April 2026, with topline results expected in the third quarter of 2026
• Phase 2 IRIS trial for ML-004 for autism spectrum disorder has completed enrollment, with topline results expected in the third quarter of 2026
• Received FDA Fast Track designation for ML-007C-MA for Alzheimer’s disease psychosis; topline results from Phase 2 VISTA trial expected in the second half of 2027
• Expanded pipeline with a next-generation M₁/M₄ muscarinic agonist program, ML-055, with candidate nomination expected in 2026
• Ended the year with $453.1 million in cash, cash equivalents and investments, which is expected to fund operations through 2027
  

SAN FRANCISCO and BOSTON, March 26, 2026 (GLOBE NEWSWIRE) -- MapLight Therapeutics, Inc. (Nasdaq: MPLT), a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system disorders, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update.

“With a focused strategy, robust operational execution and a strong balance sheet, MapLight is well positioned to deliver on multiple key development milestones in 2026,” said Chris Kroeger, co-Founder and Chief Executive Officer of the Company. “While continuing to prioritize high-quality trial execution, we have maintained a robust enrollment pace in the ZEPHYR study and expect to reach target enrollment in April 2026. This is shaping up to be an exciting year for MapLight as we look forward to reporting topline results from our Phase 2 ZEPHYR trial and ML-004 Phase 2 IRIS trial in the third quarter. In addition, we expanded our earlier-stage pipeline with the addition of ML-055, our next-generation M₁/M₄ agonist program that we are rapidly advancing towards potential candidate nomination this year.”

Business Update and Upcoming Milestones

• ML-007C-MA (M₁/M₄ Muscarinic Agonist) for the Treatment of Schizophrenia and Alzheimer’s Disease Psychosis (ADP):
  
  
  • Phase 2 ZEPHYR trial for schizophrenia is expected to reach target enrollment in April 2026, with topline results expected in the third quarter of 2026. ZEPHYR is a randomized, double-blind, placebo-controlled trial evaluating the efficacy, safety, and tolerability of ML-007C-MA in inpatient adult participants with schizophrenia experiencing an acute exacerbation of psychosis. The study is expected to enroll approximately 300 participants, randomized 1:1:1 to receive either placebo, ML-007C-MA 210/3 mg twice daily, or ML-007C-MA 330/6 mg once daily. The primary endpoint for the trial is the change in Positive and Negative Syndrome Scale (PANSS) total score from baseline to Week 5. Key secondary endpoints include change in PANSS-Marder positive and negative factor scores and CGI-S score from baseline to Week 5.
    
  • Topline results from Phase 2 VISTA trial for ADP expected in the second half of 2027. VISTA is a randomized, double-blind, placebo-controlled trial evaluating ML-007C-MA for the treatment of ADP. The Company expects to enroll approximately 300 participants in the trial. In December 2025, ML-007C-MA was granted Fast Track designation by the U.S. Food and Drug Administration (FDA) for the treatment of hallucinations and delusions associated with ADP.
    
• ML-004 (5-HT_1B/1D Agonist) for the Treatment of Autism Spectrum Disorder (ASD): The Company has completed enrollment in the IRIS Phase 2 trial, with topline results expected in the third quarter of 2026. The IRIS study is a randomized, double-blind, placebo-controlled trial evaluating ML-004 for the improvement of core social communication deficits, with change in irritability symptoms as a key secondary endpoint. The trial randomized approximately 160 adult and adolescent participants.
  
• ML-055 (Next-Generation M₁/M₄ Muscarinic Agonist) for the Treatment of Neuropsychiatric Conditions: Preclinical in vitro and in vivo studies evaluating multiple potential candidates in the Company’s ML-055 M₁/M₄ muscarinic agonist program have demonstrated significantly greater potency relative to ML-007 and the potential for once-daily dosing and a long-acting injectable formulation. The Company expects to nominate a preclinical candidate to advance to IND-enabling studies in 2026.

Fourth Quarter and Full Year 2025 Financial Results

• Cash Position: Cash, cash equivalents and investments were $453.1 million as of December 31, 2025. Based on current operational plans and assumptions, the Company expects that its current cash, cash equivalents and investments will be sufficient to fund operations through 2027.
• R&D Expenses: Research and development (R&D) expenses were $64.6 million for the fourth quarter of 2025, as compared to $20.7 million for the prior year period. For the full year 2025, R&D expenses were $138.3 million, as compared to $68.5 million for the full year 2024. R&D expenses increased primarily due to clinical trial and CMC expenses and employee-related expenses, including stock-based compensation related to the vesting of restricted stock units in connection with the effectiveness of the IPO, which were partially offset by decreases in preclinical program expenses.
• G&A Expenses: General and administrative (G&A) expenses were $18.8 million for the fourth quarter of 2025, as compared to $2.1 million for the prior year period. For the full year 2025, G&A expenses were $30.7 million, as compared to $14.4 million for the full year 2024. G&A expenses increased primarily due to employee-related expenses, including stock-based compensation related to the vesting of restricted stock units in connection with the effectiveness of the IPO, in addition to professional fees and other expenses.
• Net Loss: Net loss was $79.5 million for the fourth quarter of 2025, as compared to $21.2 million for the prior year period. For the full year 2025, net loss was $161.2 million, as compared to $77.6 million for the full year 2024.

About MapLight Therapeutics

MapLight Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system disorders. The Company was founded by globally recognized leaders in psychiatry and neuroscience research to address the lack of circuit-specific pharmacotherapies available for patients. The Company’s discovery platform holds the potential to fill this void by identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation.

For more information, please visit www.maplightrx.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, the Company’s expectations regarding plans for and potential benefits of its current and future product candidates and programs, plans for its current and future clinical trials, plans for clinical trial design, the anticipated timing of the initiation of, enrollment in and results from the Company’s clinical trials, the timing of candidate selection in the ML-055 program, the potential once-daily dosing and a long-acting injectable formulation of ML-055 and the sufficiency of the Company’s cash, cash equivalents and investments to fund its operations through 2027. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar expressions, are intended to identify forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to the Company on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in the Company’s filings with the U.S. Securities and Exchange Commission (SEC)), many of which are beyond the Company’s control and subject to change. Actual results could be materially different. Risks and uncertainties include: global macroeconomic conditions and related volatility; expectations regarding the initiation, progress, and expected results of the Company’s preclinical studies, clinical trials and research and development programs; the unpredictable relationship between preclinical study results and clinical trial results; the risk that results obtained in any clinical trials to date may not be indicative of results obtained in ongoing or future trials; the timing or likelihood of regulatory filings and approvals; expectations regarding the Company’s ability to fund its current operations and to secure sufficient additional capital, when required, to fund product development or future commercialization efforts; and other risks and uncertainties identified in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent disclosure documents the Company may file with the SEC. The Company claims the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. The Company expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

MapLight Therapeutics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Operating expenses:
Research and development		$	64,623			$	20,714			$	138,349			$	68,523
General and administrative			18,755				2,064				30,734				14,423
Total operating expenses			83,378				22,778				169,083				82,946
Loss from operations			(83,378	)			(22,778	)			(169,083	)			(82,946	)
Other income (expense), net:
Interest income			2,471				899				5,518				4,504
Loss from equity method investment			—				—				—				(986	)
Other income, net			1,359				650				2,413				1,848
Total other income, net			3,830				1,549				7,931				5,366
Net loss		$	(79,548	)		$	(21,229	)		$	(161,152	)		$	(77,580	)
Net loss per share - basic and diluted		$	(2.47	)		$	(27.95	)		$	(18.56	)		$	(105.38	)
Weighted-average number of common shares outstanding - basic and diluted			32,148,977				759,493				8,680,741				736,178

Select Condensed Consolidated Balance Sheet Data
(Unaudited)
(in thousands)
		December 31,
		2025				2024
Cash, cash equivalents and investments		$	453,096		$	120,175
Total assets			479,512			136,916
Total current liabilities			16,229			15,920
Total liabilities			21,140			21,721
Total stockholders' equity (deficit)			458,372			(193,628	)

For investor inquiries: investors@maplightrx.com

For media inquiries: media@maplightrx.com

FAQ

When will MapLight (MPLT) report topline results for the Phase 2 ZEPHYR trial?

Topline results are expected in Q3 2026, with target enrollment reached in April 2026. According to the company, ZEPHYR will randomize ~300 participants to placebo or two ML‑007C‑MA dosing arms and assess PANSS change at Week 5.

What did MapLight (MPLT) announce about ML‑004 IRIS Phase 2 enrollment and timing?

The company completed enrollment in the IRIS Phase 2 trial and expects topline results in Q3 2026. According to the company, IRIS randomized ~160 adult and adolescent participants evaluating social communication and irritability endpoints.

How long is MapLight's (MPLT) reported cash runway based on the March 26, 2026 release?

$453.1 million in cash, cash equivalents and investments is expected to fund operations through 2027. According to the company, this projection is based on current operational plans and assumptions.

What is the significance of FDA Fast Track designation for ML‑007C‑MA (MPLT)?

Fast Track designation can accelerate development and review for ML‑007C‑MA in ADP. According to the company, the FDA granted Fast Track for hallucinations and delusions associated with Alzheimer’s disease psychosis.

Why did MapLight (MPLT) R&D and G&A expenses increase in 2025?

R&D rose to $138.3M and G&A rose to $30.7M due mainly to clinical, CMC and employee costs. According to the company, increases included trial expenses and IPO‑related restricted stock unit vesting.