Here are 1-2 brief analogies for MapLight Therapeutics (MPLT):

• A clinical-stage Karuna Therapeutics (KRTX) for schizophrenia. (Both are/were clinical-stage biotechs with lead assets targeting schizophrenia using novel mechanisms, with Karuna recently achieving significant success in this area.)
• An early-stage Neurocrine Biosciences (NBIX) focused on developing treatments for brain disorders. (Both are biopharmaceutical companies specializing in Central Nervous System (CNS) disorders, with Neurocrine being a more established and successful peer in the field.)

• ML-007: A muscarinic M1/M4 receptor agonist currently in clinical development for the treatment of dementia with Lewy bodies and schizophrenia.
• ML-008: An M5-selective positive allosteric modulator (PAM) in preclinical development for other central nervous system disorders.

MapLight Therapeutics is a **private biotechnology company** and does not have a public stock symbol. The symbol "MPLT" does not correspond to a public company on major stock exchanges.

As a private company, MapLight Therapeutics does not publicly disclose its major customers. Information regarding its sales channels and specific customers is proprietary and not available in public financial filings or reports.

Christopher Kroeger, M.D., Ph.D., MBA Chief Executive Officer, Founder

Dr. Kroeger is the Founder of MapLight Therapeutics and has served as its President, Chief Executive Officer, and Director since 2018. He brings over 20 years of experience in leading, building, and advising therapeutic and medical device companies. Dr. Kroeger previously served as the CEO of Cardioxyl Pharmaceuticals, which he led to a sale to Bristol Myers Squibb for $2.1 billion. He was also the CEO of OvaScience, a publicly traded female fertility company, where he led a turnaround effort culminating in a merger with Millendo Therapeutics. Earlier in his career, he was a Partner at The Aurora Funds, a venture capital firm focused on early-stage biotechnology and medical device companies, and held positions at Genzyme and Decision Resources. He holds a Bachelor's in Biology from Harvard University, a Doctor of Medicine from Stanford University School of Medicine, and an MBA from Harvard Business School.

Vishwas Setia Chief Financial Officer

Mr. Setia was appointed Chief Financial Officer of MapLight Therapeutics on March 18, 2024. He brings a decade of investment banking experience in the biopharma industry, having previously served as a Managing Director in the healthcare investment banking group at Bank of America Securities. In this role, he helped execute over $15 billion in equity and equity-linked financings and more than $100 billion in M&A and partnership transactions. Mr. Setia holds an M.B.A. from the Kellogg School of Management at Northwestern University and a B.E. in Mechanical Engineering from Delhi College of Engineering.

Erin Pennock Foff, M.D., Ph.D. Chief Medical Officer

Dr. Foff serves as the Chief Medical Officer at MapLight Therapeutics.

James Lillie, Ph.D. Chief Scientific Officer

Dr. Lillie holds the position of Chief Scientific Officer at MapLight Therapeutics.

Jonathan Gillis Chief Administrative and Accounting Officer

Mr. Gillis transitioned to Chief Administrative and Accounting Officer on March 18, 2024, having previously served as MapLight's Chief Financial Officer. He brings over 15 years of combined public accounting and industry experience. Prior to joining MapLight, he was the Senior Vice President of Finance at OvaScience, where he oversaw finance, human resources, information technology, and legal functions, managed SEC filings, budgets, and investor relations, and was involved in public offerings and the merger with Millendo Therapeutics. His earlier career includes roles as a Senior Manager of External Reporting and Compliance at GFI Software and a Manager at PricewaterhouseCoopers LLP. He is a Certified Public Accountant and holds a B.S. and M.S. in Accounting from Babson College.

The most clear emerging threat to MapLight Therapeutics is the imminent market entry of Karuna Therapeutics' KarXT (xanomeline-trospium).

KarXT, targeting schizophrenia and potentially other psychoses, operates via a novel mechanism of action as a muscarinic acetylcholine receptor agonist. This is distinct from MapLight's lead candidate, ML-007, which is a serotonin 5-HT1A and 5-HT2A receptor modulator.

With positive Phase 3 trial results and an anticipated FDA approval in late 2024, KarXT is poised to become a significant new treatment option. Its novel mechanism and strong clinical profile could allow it to capture substantial market share and establish a new standard of care or highly differentiated alternative before ML-007 completes its development and enters the market, thereby posing a direct competitive threat to MapLight's pipeline in key therapeutic areas.

MapLight Therapeutics (MPLT) is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system (CNS) disorders. Their main product candidates target several conditions with significant addressable markets.

ML-007C-MA (Schizophrenia and Alzheimer's Disease Psychosis)

• Schizophrenia: The global schizophrenia market size was approximately USD 9.48 billion in 2023 and is projected to reach USD 15.24 billion by 2034, growing at a compound annual growth rate (CAGR) of 4.4% during 2024-2034. The United States represents the largest market for schizophrenia treatment. Another source indicates the global schizophrenia market was valued at USD 5.82 billion in 2024 and is expected to grow to USD 7.49 billion by 2029 at a CAGR of 5.5%. North America was the largest region in the schizophrenia market in 2024.
• Alzheimer's Disease Psychosis (Agitation): The global Alzheimer's agitation treatment market was valued at approximately USD 3.6 billion in 2023 and is projected to reach USD 8.2 billion by 2033, reflecting a CAGR of 8.7% from 2024 to 2033. North America is the largest market for Alzheimer's agitation clinical treatment, accounting for over 45% of the global market share. Another estimate suggests the global Alzheimer's agitation treatment market size was USD 4.9 billion in 2024, projected to reach USD 8.6 billion by 2034, with North America leading. The market size for psychosis in Parkinson's and Alzheimer's disease across the 7 major markets (United States, EU-4 (Italy, Spain, France, and Germany), the United Kingdom, and Japan) was approximately USD 1.2 billion in 2022.

ML-004 (Autism Spectrum Disorder)

• Autism Spectrum Disorder (ASD): The global autism spectrum disorder (ASD) therapeutics market was valued at approximately USD 2.1 billion in 2023 and is projected to reach USD 3.7 billion by 2033, growing at a CAGR of 6.0%. The largest share of the market is held by North America.

ML-021 (Parkinson's Disease)

• Parkinson's Disease (general diagnosis and treatment): The global Parkinson's disease diagnosis and treatment market size is projected to expand from USD 6.88 billion in 2024 to USD 16.14 billion by 2034, with a CAGR of 8.9%. In 2023, North America dominated this market with a 38% share.
• Parkinson's Disease Psychosis (PDP): The market for Parkinson's disease psychosis across the 7 major markets (7MM: United States, Germany, France, the United Kingdom, Italy, Spain, and Japan) reached a value of USD 526.1 million in 2024 and is expected to reach USD 694.3 million by 2035, exhibiting a CAGR of 2.59% during 2025-2035. The United States has the largest patient pool for Parkinson's disease psychosis and also represents the largest market for its treatment.

ML-009 (Hyperactivity and Impulsivity Disorders)

• Unable to specifically size the markets for hyperactivity and impulsivity disorders as a standalone product or service. However, attention deficit hyperactivity disorder (ADHD) is a related and significant market. The global attention deficit hyperactivity disorder (ADHD) therapeutics market size was valued at USD 17.5 billion in 2023 and is expected to reach USD 27.5 billion by 2030, with a CAGR of 6.6%. North America accounted for the largest revenue share in the ADHD market in 2023.

Expected Drivers of Future Revenue Growth for MapLight Therapeutics (MPLT)

MapLight Therapeutics (MPLT) is positioned for potential future revenue growth over the next 2-3 years, driven primarily by the advancement and potential commercialization of its pipeline assets targeting central nervous system (CNS) disorders.

1. Successful Clinical Development and Commercialization of ML-007C-MA for Schizophrenia: MapLight's lead candidate, ML-007C-MA, a novel M₁/M₄ muscarinic agonist, is currently in Phase 2 trials for the treatment of schizophrenia. Topline results from the ZEPHYR trial are anticipated in the second half of 2026. The global market for schizophrenia drug treatments is substantial and projected to exceed $11.1 billion by 2030, presenting a significant revenue opportunity upon successful development and approval.
2. Successful Clinical Development and Commercialization of ML-007C-MA for Alzheimer's Disease Psychosis (ADP): ML-007C-MA is also undergoing a Phase 2 study (VISTA trial) to evaluate its efficacy, safety, and tolerability as a potential treatment for Alzheimer's disease psychosis. Data for this indication are expected in 2027. Over 40% of Alzheimer's disease patients experience ADP, indicating a large target population and a considerable market for a successful therapeutic.
3. Advancement of ML-004 for Autism Spectrum Disorder (ASD): The company is conducting a Phase 2 trial (IRIS) to assess ML-004, a 5-HT1B/1D agonist, for improving social communication deficits in patients with ASD. Topline results from this trial are expected in the second half of 2026. With no FDA-approved therapies currently available for the core symptoms of ASD, ML-004 addresses a significant unmet medical need and could become a key revenue driver.
4. Pipeline Expansion Through Preclinical Programs: MapLight Therapeutics is advancing two preclinical programs, ML-021 for Parkinson's disease motor symptoms and ML-009 for hyperactivity and agitation-related disorders. The company expects to complete investigational new drug (IND)-enabling studies for ML-021 in the second half of 2026 and nominate a preclinical candidate for ML-009 in 2026. Successful progression of these programs into clinical trials would broaden MapLight's pipeline and offer additional long-term revenue streams.

Share Issuance

• MapLight Therapeutics completed its initial public offering (IPO) on October 29, 2025, selling 16,962,500 shares at $17.00 per share, including the full exercise of the underwriters' option to purchase additional shares.
• A concurrent private placement saw 476,707 shares of common stock sold at the IPO price to affiliates of Goldman Sachs.
• The gross proceeds from the IPO and the concurrent private placement totaled $296.3 million.

Inbound Investments

• In July 2025, MapLight Therapeutics completed an oversubscribed $372.5 million Series D financing round, co-led by Forbion and Life Sciences at Goldman Sachs Alternatives, with participation from new and existing investors including Sanofi and T. Rowe Price Investment Management, Inc.
• In November 2023, the company secured an oversubscribed $225 million Series C financing.

Capital Expenditures

• The company's capital resources are primarily allocated to operating expenses, including significant research and development (R&D) expenditures.
• MapLight plans to increase R&D expenses to fund ongoing clinical trial activities, advance preclinical programs into the clinic, and discover new product candidates.
• Proceeds from the IPO are earmarked for specific R&D efforts, including $100-$120 million for the Phase 2 ZEPHYR trial for schizophrenia, $50-$70 million for the Phase 2 VISTA study for Alzheimer's disease psychosis, and $15-$25 million for the Phase 2 IRIS study for autism spectrum disorder, with additional funds for preclinical studies.