MPLT Stock — MapLight Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system, or CNS, disorders. We were founded by globally recognized leaders in psychiatry and neuroscience research to address the lack of circuit-specific pharmacotherapies available for patients.

Source: 10-K FY2025 via SEC EDGAR

Share price

$6.93

Market cap

$448.9M

Cash

$351.3M

Enterprise value

$97.6M

Balance sheet

Cash	$351.3M
Debt	$0.0M
Net cash	$351.3M
Enterprise value	$97.6M
Basic shares	46.4M shares
Fully diluted shares	56.3M shares
Fully diluted market cap	$390.4M
Cash per share	$7.58
Quarterly burn	$44.9M
Cash runway	7.8 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

46.4M

Pre-funded warrants

0.0M

Options

4.4M

RSUs

4.7M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.8M

FDSO

56.3M

Cap table as of 2026-06-30.

Price history

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Next catalyst

ML-007C-MA · Est. Sep 30, 2027 · half midpoint · guided in 8 mo

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	ML-007C-MA Phase 2b VISTA trial	Phase 2b	Not disclosed	H2 2027
Jan 12 - Feb 23 in 14 mo	ML-007C-MA	Phase 2	Psychosis Associated With Alzheimer's Disease	—
Apr 12 - May 24 in 30 mo	ML-007C-MA	Phase 2	Psychosis Associated With Alzheimer's Disease	—
Mar 15 - Apr 26 in 41 mo	ML-007C-MA	Phase 2	Schizophrenia	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ML-007C-MA

Phase 2 · Active Modality: fixed-dose combination of M1/M4 muscarinic agonist (ML-007) co-formulated with peripherally acting anticholinergic (PAC)

Aliases ML-007

Target M1/M4 muscarinic receptors

Indications

Schizophrenia (ZEPHYR Phase 2) (Phase 2)
Alzheimer's disease psychosis (VISTA Phase 2) (Phase 2)

Catalysts

— Q3 2026
— H2 2027

Status note Lead candidate. ZEPHYR Phase 2 in schizophrenia (300 participants) reached target enrollment Apr 2026; topline expected Q3 2026. VISTA Phase 2 in ADP topline expected H2 2027. Fast Track granted Dec 2025 for hallucinations and delusions associated with ADP.

ML-004

Phase 2 · Active Modality: 5-HT1B/1D agonist

Target 5-HT1B/1D

Indications

Social communication deficit and/or irritability in autism spectrum disorder (IRIS Phase 2) (Phase 2)

Status note Second clinical-stage candidate; topline results from the IRIS Phase 2 trial announced Jun 2026.

ML-009

Preclinical · Active Modality: G-protein-coupled receptor 52 positive allosteric modulator (GPR52 PAM)

Target GPR52

Partnerships Vanderbilt University: exclusive, royalty-bearing, worldwide sublicensable license (Nov 2024)

Indications

Hyperactivity, impulsivity and agitation-related disorders (Preclinical)

Status note Preclinical candidate nominated; advancing toward IND-enabling studies.

ML-055

Preclinical · Active Modality: M1/M4 muscarinic agonist

Target M1/M4 muscarinic receptors

Partnerships NeuroSolis, Inc.: asset purchase agreement for M1/M4 agonist molecules and associated IP (contingent issuance of up to 62,083 shares)

Indications

Neuropsychiatric conditions (Preclinical)

Status note Next-generation M1/M4 muscarinic agonist program; preclinical in vitro/in vivo studies ongoing.

ML-021

Preclinical · Active Modality: M4 antagonist

Target M4

Partnerships Michael J. Fox Foundation: research grants (Feb 2020-Aug 2022)

Indications

Motor deficits in Parkinson's disease (Preclinical)

Status note Preclinical candidate finalization for IND-enabling studies.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	ML-004 (IR)/(ER) tablet
Lead indication	Autism Spectrum Disorder
Lead phase	Phase 2
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05889273	Phase 2	Active, not recruiting	Sponsor	MapLight Therapeutics	—	Autism Spectrum Disorder	—
NCT06887192	Phase 2	Recruiting	Sponsor	MapLight Therapeutics	—	Psychosis Associated With Alzheimer's Disease	H2 2027 Est. Sep 30, 2027 · half midpoint
NCT07459660	Phase 2	Enrolling by invitation	Sponsor	MapLight Therapeutics	—	Psychosis Associated With Alzheimer's Disease	H2 2027 Est. Sep 30, 2027 · half midpoint
NCT07459647	Phase 2	Recruiting	Sponsor	MapLight Therapeutics	—	Schizophrenia	H2 2027 Est. Sep 30, 2027 · half midpoint

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for MapLight Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	364,705	no change	0.07%	2026-08-14
DAFNA Capital	171,006	no change	1.17%	2026-08-14
Boxer Capital	75,000	+75,000	0.20%	2026-08-14
ADAR1 Capital Management	26,497	-348,412	0.04%	2026-08-14
RA Capital Management	0	-248,294	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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MPLT — MapLight Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

MPLT — MapLight Therapeutics Inc.