SandboxAQ and MapLight Therapeutics Announce Strategic Collaboration to Discover and Develop Novel CNS Therapies

Rhea-AI Summary

MapLight Therapeutics (Nasdaq: MPLT) and SandboxAQ announced a strategic collaboration on Dec 16, 2025 to discover and develop potential first‑in‑class therapies targeting a novel GPCR for central nervous system disorders. Under the agreement SandboxAQ received an upfront payment and is eligible for up to $200 million in preclinical, development, regulatory, and commercial milestone payments.

SandboxAQ will deploy large‑scale AI models and its AQBioSim molecular simulation platform to accelerate DMTA cycles; MapLight holds exclusive rights for potential clinical development and commercialization of collaboration compounds.

Positive

• Up to $200M in potential milestone payments
• MapLight holds exclusive clinical/commercial rights to collaboration compounds
• AQBioSim AI models enable faster DMTA cycles and large‑scale compound exploration

Negative

• Milestone payments of up to $200M are contingent on future preclinical and regulatory events
• SandboxAQ granted MapLight exclusivity for clinical development, limiting SandboxAQ's commercial upside

Key Figures

Milestone potential $200 million Aggregate preclinical, development, regulatory and commercial milestones in SandboxAQ collaboration

IPO + placement gross $296.5 million Gross proceeds from Oct 2025 IPO and private placement (earnings release)

IPO + placement net $269.8 million Net proceeds from Oct 2025 IPO and private placement

Quarter-end cash $227.2 million Cash, cash equivalents and short-term investments at Q3 2025 end

IPO shares sold 16,962,500 shares Shares sold in IPO, including 2,212,500 from underwriters’ option

IPO price $17.00 Per-share price for MapLight’s initial public offering

Market cap $939,221,783 Market capitalization at latest pre-news close

IRIS enrollment ~160 participants Completed enrollment in IRIS Phase 2 trial (ML-004 in ASD)

Market Reality Check

$19.64 Last Close

Volume Volume 281,458 is roughly in line with the 20-day average of 275,539 (relative volume 1.02). normal

Technical Shares at $21.08 are trading above the 200-day MA of $16.11 and about 2% below the 52-week high of $21.55.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Earnings & pipeline	Positive	+7.7%	Quarterly results, cash runway to 2027, multiple Phase 2 timelines.
Oct 29	IPO completion	Positive	-1.2%	IPO and private placement closing with full underwriter option exercise.

Pattern Detected

Limited history shows a strong positive reaction to the first earnings update and a modest decline following IPO completion, indicating mixed alignment between corporate milestones and short-term price moves.

Recent Company History

Over the past months, MapLight Therapeutics listed on Nasdaq and then reported its first public quarterly results. The IPO on Oct 29, 2025 raised substantial capital but saw a modest -1.19% next-day move, while the Q3 2025 update on Dec 4, 2025 highlighted multiple Phase 2 timelines and a cash balance of $227.2 million, coinciding with a +7.74% reaction. Today’s partnership announcement fits a pattern of R&D and funding-focused catalysts shaping the story post-IPO.

Market Pulse Summary

This announcement highlights a strategic collaboration combining MapLight’s CNS expertise with SandboxAQ’s AI-driven discovery platform to pursue a novel GPCR target, with potential milestones up to $200 million. In context of MapLight’s recent IPO and Q3 2025 cash of $227.2 million, it reinforces an R&D-focused growth story. Investors may watch future preclinical data, progress of existing Phase 2 programs, and how this partnership integrates with the broader CNS pipeline over time.

Key Terms

G protein-coupled receptor medical

"targeting a novel G protein-coupled receptor (GPCR) for the treatment of central"

A G protein-coupled receptor is a protein on a cell’s surface that acts like an antenna: it detects signals such as hormones, neurotransmitters or drugs outside the cell and passes that message inside to change cell behavior. Investors care because roughly a third of marketed medicines act on these receptors, so a company’s success in targeting or modulating a specific receptor can determine the value of drug candidates, regulatory risk, and future revenue potential.

GPCR medical

"targeting a novel G protein-coupled receptor (GPCR) for the treatment of central"

G protein-coupled receptors (GPCRs) are a large family of proteins on cell surfaces that act like locks sensing chemical signals — when the right key binds, they trigger internal cell responses. They matter to investors because GPCRs are the target of many marketed drugs and experimental therapies; success or failure in developing a GPCR-targeting drug can change a company’s revenue prospects, clinical progress, and licensing value, much like winning control of a widely used distribution channel.

central nervous system medical

"receptor (GPCR) for the treatment of central nervous system (CNS) disorders."

The central nervous system (CNS) is the body's main control center, made up of the brain and spinal cord, that processes information and directs movement, sensation and basic functions like breathing. For investors, CNS-related products and research matter because they face long development times, strict safety testing and regulatory hurdles; success or failure can dramatically affect a company’s costs, timelines and potential market value.

CNS medical

"receptor (GPCR) for the treatment of central nervous system (CNS) disorders."

CNS stands for the central nervous system, the brain and spinal cord that control thought, movement and bodily functions. For investors, CNS-focused products and research matter because therapies aimed at this “delicate wiring” are scientifically challenging, often carry higher development and regulatory risk, and can take longer to prove safe and effective — but successful treatments also tend to command large markets and premium pricing.

ligand-receptor medical

"activity, predict ligand-receptor interactions, and optimize drug properties."

A ligand is a small molecule, hormone, or antibody that binds to a specific protein on a cell called a receptor, which acts like a lock; the ligand is the key that fits and triggers a response inside the cell. Investors care because many drugs, diagnostics and therapies work by targeting particular ligand‑receptor pairs, so evidence that a binding interaction is effective or safe can directly affect a biotech company’s clinical prospects, regulatory risk and potential market value.

AI-generated analysis. Not financial advice.

SAN FRANCISCO and BOSTON, Dec. 16, 2025 (GLOBE NEWSWIRE) -- SandboxAQ and MapLight Therapeutics, Inc. (Nasdaq: MPLT) announced today that the companies have entered into a strategic collaboration to discover and develop potential first-in-class therapies targeting a novel G protein-coupled receptor (GPCR) for the treatment of central nervous system (CNS) disorders.

Under the terms of the agreement, SandboxAQ received an upfront payment and will be eligible to receive additional preclinical, development, regulatory, and commercial milestone payments of up to $200 million in aggregate. The companies will jointly conduct preclinical research activities and MapLight will have exclusive rights for potential clinical development and commercialization of collaboration compounds.

“We are excited to advance research efforts for this novel target that was identified and validated using our discovery platform,” said James Lillie, Chief Scientific Officer at MapLight. “We look forward to collaborating with SandboxAQ to leverage their AI platform to discover and advance novel therapies that have the potential to address significant unmet patient needs across a spectrum of CNS conditions.”

As part of the collaboration, SandboxAQ will deploy large-scale AI models and high-fidelity molecular simulation designed to rapidly explore receptor structure-functional activity, predict ligand-receptor interactions, and optimize drug properties. These models and simulations enable exploration of compounds at a larger scale, rapid DMTA (Design-Make-Test-Analyze) cycles and faster convergence to potential drug candidates.

“Our AQBioSim platform allows us to simulate and predict molecular interactions with GPCRs with a level of precision that simply wasn’t possible before,” said Andrea Bortolato, VP of Drug Discovery at SandboxAQ. “Our platform enables a systematic, data-driven exploration of chemical space that has eluded traditional approaches, thereby accelerating the generation and optimization of potential drug candidates. By combining our platform with MapLight’s CNS expertise, we aim to deliver potential first-in-class therapies for a promising GPCR target.”

About SandboxAQ

SandboxAQ is a B2B company delivering solutions at the intersection of AI and quantum techniques. The company's Large Quantitative Models (LQMs) deliver critical advances in life sciences, financial services, navigation, and other sectors. The company emerged from Alphabet Inc. as an independent, growth-backed company funded by leading investors and strategic partners. For more information, visit http://www.sandboxaq.com.

Media contact: press@sandboxaq.com

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. 

Investor contact: investors@maplightrx.com
Media contact: media@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 its plans for and potential benefits of its current and future product candidates and programs, the outcome and benefits of its collaboration with SandboxAQ, and the ability of SandboxAQ’s AI platform to simulate and predict molecular interactions with GPCRs and accelerate the discovery of potential first-in-class novel therapies for CNS conditions. 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 study 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 Quarterly Report on Form 10-Q filed with the SEC on December 4, 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.

FAQ

What did MapLight (MPLT) announce on December 16, 2025?

MapLight announced a strategic collaboration with SandboxAQ to discover and develop GPCR‑targeted CNS therapies, with SandboxAQ eligible for up to $200 million in milestone payments.

How much can SandboxAQ earn from the MapLight (MPLT) collaboration?

SandboxAQ is eligible to receive upfront consideration plus up to $200 million in aggregate preclinical, development, regulatory, and commercial milestone payments.

What rights does MapLight (MPLT) receive under the collaboration?

MapLight will have exclusive rights for potential clinical development and commercialization of compounds arising from the collaboration.

How will SandboxAQ’s AI platform be used in the MPLT collaboration?

SandboxAQ will deploy large‑scale AI models and AQBioSim molecular simulation to predict ligand‑receptor interactions and accelerate DMTA cycles.

Does the MPLT collaboration include clinical development funding?

The agreement includes upfront payment and milestone payments tied to preclinical, development, regulatory, and commercial milestones, but clinical funding details are contingent on future stages.

What therapeutic area is the MapLight and SandboxAQ collaboration targeting?

The collaboration targets a novel GPCR for the treatment of central nervous system (CNS) disorders.