MapLight Therapeutics (NASDAQ: MPLT) reports $450M cash, delays data

Rhea-AI Filing Summary

MapLight Therapeutics disclosed selected preliminary financial information and a development update. For the fiscal year ended December 31, 2025, the company estimates that its cash and cash equivalents were approximately $450 million as of December 31, 2025. This figure is preliminary, unaudited, and may change after completion of year-end closing procedures and the audit of its financial statements.

The company also announced a change in timing for topline data from its ongoing Phase 2 ZEPHYR and IRIS clinical trials, which are now expected in the third quarter of 2026. The cash figure and program updates were included in an updated corporate presentation and a press release furnished as exhibits and made available for investor meetings and on the company’s website.

Insights

Biotech equity analyst

Preliminary cash of $450M and Phase 2 data now targeted for Q3 2026.

MapLight Therapeutics reports an estimated $450 million in cash and cash equivalents as of December 31, 2025. The figure is explicitly described as preliminary, unaudited, and subject to change after year-end closing and the audit, so it mainly serves as an early indication of the company’s funding position rather than a finalized balance.

The company also revised expectations for topline results from its ongoing Phase 2 ZEPHYR and IRIS trials, which are now anticipated in the third quarter of 2026. This timing update clarifies when key data readouts are expected, but the excerpt does not provide prior guidance for comparison or any qualitative commentary on trial conduct, leaving the change as a scheduling detail rather than a clearly positive or negative event.

The updated corporate presentation and press release are being used in meetings with investors, analysts, and others and are furnished, not filed, under the disclosure rules referenced. Subsequent audited financial statements and future clinical updates will provide more definitive views of the company’s cash position and the status of these Phase 2 programs.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 09, 2026

MapLight Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-42914	83-2163243
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
800 Chesapeake Drive
Redwood City, California				94063
(Address of Principal Executive Offices)				(Zip Code)

Registrant's Telephone Number, Including Area Code: 617 984-6300

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Voting Common Stock, $0.0001 par value per share		MPLT		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 9, 2026, MapLight Therapeutics, Inc. (the "Company") released the Presentation (as defined below), which includes the following selected preliminary financial information for the fiscal year ended December 31, 2025: As of December 31, 2025, the Company's cash and cash equivalents were approximately $450 million.

The cash and cash equivalents information above and in the Presentation is preliminary, has not been audited and is subject to change upon completion of the Company's financial closing procedures and the preparation of the Company's audited financial statements for the year ended December 31, 2025. Accordingly, the unaudited preliminary cash and cash equivalents balance set forth above reflects the Company's preliminary estimate with respect to such information, based on information currently available to management, and may vary from its actual financial position as of December 31, 2025. This preliminary estimate is not a comprehensive statement or estimate of the Company's financial results or financial condition as of December 31, 2025. Additional information and disclosures would be required for a more complete understanding of the Company's financial position and results of operations as of December 31, 2025. The Company's independent registered public accounting firm has not conducted an audit or review of, and does not express an opinion or any other form of assurance with respect to, this preliminary estimate. A copy of the Presentation is furnished as Exhibit 99.1 hereto.

In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any of the Company's filings under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On January 9, 2026, the Company issued a press release announcing an update to its timing expectations for the disclosure of topline results from its ongoing Phase 2 ZEPHYR and IRIS clinical trials, which are now expected in the third quarter of 2026. A copy of this press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

On January 9, 2026, the Company updated its corporate presentation for use in meetings with investors, analysts and others (the "Presentation"). The Presentation is available on the Company's website and a copy is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B.2. of Form 8-K, the information in this Item 7.01, including Exhibit 99.1 and Exhibit 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any of the Company's filings under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Corporate Presentation, dated January 9, 2026
99.2		Press Release, dated January 9, 2026
104		Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MapLight Therapeutics, Inc.
Date:	January 9, 2026	By:	/s/ Christopher Kroeger
			Christopher A. Kroeger, M.D. Chief Executive Officer

FAQ

What preliminary cash balance did MapLight Therapeutics (MPLT) report as of December 31, 2025?

MapLight Therapeutics reported that its cash and cash equivalents were approximately $450 million as of December 31, 2025. This amount is preliminary, unaudited, and may change once year-end closing procedures and the audit of its financial statements are completed.

Are MapLight Therapeutics' reported cash and cash equivalents for 2025 audited?

No. The company states that the approximately $450 million in cash and cash equivalents as of December 31, 2025 is preliminary, has not been audited, and is subject to change upon completion of financial closing procedures and preparation of audited financial statements.

When does MapLight Therapeutics (MPLT) expect topline results from its Phase 2 ZEPHYR and IRIS trials?

MapLight Therapeutics announced that topline results from its ongoing Phase 2 ZEPHYR and IRIS clinical trials are now expected in the third quarter of 2026, according to a press release furnished with the report.

How did MapLight Therapeutics (MPLT) communicate its cash update and trial timing changes to investors?

The company included the preliminary cash figure and program updates in an updated corporate presentation and a press release. These materials were furnished as Exhibits 99.1 and 99.2 and are intended for use in meetings with investors, analysts, and others, as well as being made available on the company’s website.

Is the information about MapLight Therapeutics' cash and presentations considered "filed" with the SEC?

No. The company specifies that the information provided under Item 2.02 and Item 7.01, including Exhibits 99.1 and 99.2, is furnished and not deemed filed for purposes of Section 18 of the Exchange Act, and is not incorporated by reference into other filings except where expressly stated.

What exhibits did MapLight Therapeutics (MPLT) include with this 8-K filing?

The filing lists three exhibits: 99.1 (Corporate Presentation, dated January 9, 2026), 99.2 (Press Release, dated January 9, 2026), and 104 (Cover Page Interactive Data File formatted as inline XBRL).