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MapLight Therapeutics (NASDAQ: MPLT) names interim CFO as Setia departs

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

MapLight Therapeutics, Inc. reported that Chief Financial Officer Vishwas Setia separated from the company effective June 18, 2026. The company stated that his departure is wholly unrelated to its financial or operating results, internal controls, clinical programs, or financial reporting practices.

Under a separation agreement, Mr. Setia will receive continued health coverage for himself and his dependents under COBRA for up to three months and has provided a release of claims. The board appointed Jonathan Gillis, the Chief Administrative and Accounting Officer, as interim Chief Financial Officer and interim principal financial officer, while he continues as principal accounting officer.

Positive

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Insights

CFO exits abruptly; interim finance leadership named the same day.

The company disclosed that CFO Vishwas Setia separated from his role effective June 18, 2026, and emphasized that the departure is wholly unrelated to financial results, internal controls, clinical programs, or reporting practices. This language is intended to limit concerns about financial reporting integrity.

The separation agreement offers limited benefits: a claim release and up to three months of COBRA health coverage, with no severance payment. The board quickly installed existing Chief Administrative and Accounting Officer Jonathan Gillis as interim CFO and interim principal financial officer, while he retains principal accounting officer duties, suggesting continuity in core finance and accounting functions.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
COBRA coverage period up to three months Health coverage continuation for former CFO under Separation Agreement
Quarter for filing exhibit quarter ending June 30, 2026 Separation Agreement to be filed with Form 10-Q
principal financial officer financial
"appointed Jonathan Gillis ... as the Company’s interim Chief Financial Officer and interim principal financial officer"
The principal financial officer is the senior executive who runs a company's financial operations: preparing and certifying financial reports, managing accounting controls, budgets and cash flow, and advising on financial strategy. Investors care about this role because its competence affects how trustworthy the company’s numbers are, how well it manages risk and capital needs, and the credibility of forecasts—like the chief navigator steering a firm's financial course.
principal accounting officer financial
"Mr. Gillis will also continue his role as the Company’s principal accounting officer"
The Principal Accounting Officer is the person responsible for making sure a company's financial records are accurate and follow the rules. They play a key role in preparing financial reports that show how well the company is doing. This helps investors, managers, and regulators trust the company's financial information.
COBRA financial
"payment of continued health coverage for Mr. Setia and his dependents under COBRA for up to three months"
COBRA is a U.S. federal law that lets employees and their dependents temporarily keep employer-sponsored health insurance after job loss, reduction in hours, or other qualifying events by paying the premiums themselves. Investors should care because offering COBRA can affect a company’s cash flow, administrative costs and legal disclosures when workforce changes occur—similar to a former club member paying to keep their membership active after leaving the club.
definitive proxy statement regulatory
"set forth under the caption “Executive Officers” in the Company’s definitive proxy statement filed"
A Definitive Proxy Statement is a detailed document that a company sends to its shareholders before a big meeting, like voting on important decisions. It explains what's being voted on and gives important information so shareholders can make informed choices. It matters because it helps shareholders understand and participate in key company decisions.
Emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

FAQ

Why did MapLight Therapeutics (MPLT) CFO Vishwas Setia leave the company?
MapLight Therapeutics reported that CFO Vishwas Setia separated from the company effective June 18, 2026. The company specifically stated his departure is wholly unrelated to its financial or operating results, internal controls, clinical programs, or any concerns over financial or reporting practices.

Who is serving as interim CFO at MapLight Therapeutics (MPLT)?
The board appointed Jonathan Gillis as interim Chief Financial Officer and interim principal financial officer effective June 18, 2026. Gillis was already serving as Chief Administrative and Accounting Officer and will continue as the company’s principal accounting officer while taking on the interim finance leadership roles.

What does the separation agreement provide to former CFO Vishwas Setia at MapLight Therapeutics?
The separation agreement includes a release of claims against the company and payment of continued health coverage under COBRA for Mr. Setia and his dependents for up to three months. He is not entitled to receive any severance payment in connection with his separation from MapLight Therapeutics.

Will MapLight Therapeutics file the full separation agreement with the SEC?
Yes. MapLight Therapeutics stated it intends to file the full Separation Agreement with Vishwas Setia as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending June 30, 2026, allowing investors to review the complete terms when that report is available.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →
false 0001770069 0001770069 2026-06-18 2026-06-18
 
 

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): June 18, 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)

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 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 18, 2026, Vishwas Setia was separated as the Chief Financial Officer of MapLight Therapeutics, Inc. (the “Company”), effective immediately, following a review of a human resources violation. Mr. Setia’s separation was wholly unrelated to the Company’s financial or operating results, internal controls or clinical programs, or any concerns or disagreements regarding the Company’s financial or reporting practices.

Mr. Setia is not entitled to receive any severance payment in connection with his separation. However, the Company and Mr. Setia entered into a Separation Agreement on June 18, 2026, which contains (i) a release of claims against the Company and (ii) payment of continued health coverage for Mr. Setia and his dependents under COBRA for up to three months.

The description of the Separation Agreement provided herein is not complete and is qualified in its entirety by reference to the Separation Agreement, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending June 30, 2026.

In connection with the separation of Mr. Setia, the board of directors of the Company appointed Jonathan Gillis, the Company’s Chief Administrative and Accounting Officer, as the Company’s interim Chief Financial Officer and interim principal financial officer, effective June 18, 2026. Mr. Gillis will also continue his role as the Company’s principal accounting officer. Information regarding Mr. Gillis’s background and business experience is set forth under the caption “Executive Officers” in the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on April 29, 2026, and is incorporated herein by reference.

 

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.
Dated: June 18, 2026     By:  

/s/ Christopher A. Kroeger

      Christopher A. Kroeger, M.D.
      Chief Executive Officer

Source: View Original Filing on SEC EDGAR

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