MapLight Therapeutics is like a next-generation Karuna Therapeutics (now part of BMS), aiming to develop even better-tolerated M1/M4 muscarinic agonists for schizophrenia and other CNS disorders.

Think of them as a specialized CNS biotech, similar to Neurocrine Biosciences, but with a unique platform for identifying and precisely targeting specific neural circuits in the brain.

MapLight Therapeutics (MPLT) has the following major product candidates:

• ML-007C-MA: A fixed-dose combination of an M1/M4 muscarinic agonist and a peripherally acting anticholinergic, being developed for schizophrenia and Alzheimer’s disease psychosis.
• ML-004: A 5-HT1B/1D agonist being developed for social communication deficit and/or irritability in autism spectrum disorder.
• ML-021: An M4 antagonist in preclinical development for the treatment of motor deficits in Parkinson’s disease.
• ML-009: A G-protein-coupled receptor 52 positive allosteric modulator (GPR52 PAM) in preclinical development for hyperactivity, impulsivity, and agitation-related disorders.

MapLight Therapeutics (MPLT) is a clinical-stage biopharmaceutical company. As such, it is currently focused on the research and development of product candidates and does not yet have any FDA-approved products available for commercial sale.

Therefore, MapLight Therapeutics does not currently have major customers that purchase its products or services. Its primary activities are centered on advancing its drug candidates through clinical trials, funded by investors, with the aim of eventually bringing therapies to market for patients suffering from central nervous system disorders.

Christopher Kroeger, M.D. Chief Executive Officer, Founder, Board Member

Christopher Kroeger is the co-founder and Chief Executive Officer of MapLight Therapeutics. He brings over 20 years of experience in leading, building, and advising development-stage therapeutic and medical device companies. He has also founded at least one other company.

Vishwas Setia Chief Financial Officer

Vishwas Setia was appointed Chief Financial Officer of MapLight Therapeutics in March 2024. Prior to joining MapLight, Mr. Setia spent a decade as a Managing Director in the healthcare investment banking group at Bank of America Securities. In this role, he gained expertise in capital markets, mergers and acquisitions, and structured transactions, contributing to over $15 billion in equity transactions and more than $100 billion in M&A activities. His background also includes a consulting role at ZS Associates, where he provided sales and marketing advisory to pharmaceutical companies. He holds an MBA from Northwestern University - Kellogg School of Management.

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

Erin Pennock Foff serves as the Chief Medical Officer at MapLight Therapeutics. The MapLight team, including Dr. Foff, collectively brings decades of experience in successful drug development.

James Lillie, Ph.D. Chief Scientific Officer

James Lillie is the Chief Scientific Officer at MapLight Therapeutics. The MapLight team, including Dr. Lillie, collectively brings decades of experience in successful drug development.

Anatol Kreitzer, Ph.D. Chief Discovery Officer

Anatol Kreitzer holds the position of Chief Discovery Officer at MapLight Therapeutics. The MapLight team, including Dr. Kreitzer, collectively brings decades of experience in successful drug development.

The most significant risk for MapLight Therapeutics is the **successful completion of clinical trials and subsequent regulatory approval** for its product candidates. The company's lead candidate, ML-007C-MA, is currently in Phase 2 trials for schizophrenia (ZEPHYR) and Alzheimer’s disease psychosis (VISTA), with topline results expected in the second half of 2026 and 2027, respectively. ML-004, another product candidate, is in a Phase 2 trial (IRIS) for autism spectrum disorder, with results anticipated in the second half of 2026. The entire commercial future of the company is highly dependent on these trials demonstrating favorable efficacy, safety, and tolerability, and ultimately receiving approval from regulatory bodies like the FDA. Clinical success, however, does not guarantee regulatory approval.

Another key risk stems from **market competition and the need for differentiation**. While MapLight believes its muscarinic receptor-targeted approach offers advantages over current treatments for schizophrenia and Alzheimer’s disease psychosis, the competitive landscape is evolving. The recent FDA approval of COBENFY, another M1/M4 muscarinic agonist, for schizophrenia introduces a direct competitor in this novel mechanism class. MapLight will need to demonstrate clear improvements in efficacy, safety, tolerability, and ease-of-use compared to existing and newly approved therapies to gain significant market share.

Finally, the company faces risks associated with its **early-stage pipeline and dependence on lead candidates**. Beyond ML-007C-MA and ML-004, MapLight's other programs, ML-021 and ML-009, are in preclinical development. ML-021 is expected to complete IND-enabling studies in the second half of 2026, and a preclinical candidate for ML-009 is expected to be nominated in 2026. This means that a substantial portion of the company's long-term growth and diversification relies on the successful, yet highly uncertain, progression of these very early-stage assets through discovery, preclinical development, and into clinical trials.

The recent FDA approval and market entry of COBENFY, an M1/M4 muscarinic agonist, represents an emerging threat. COBENFY is the first product with a novel mechanism approved for the treatment of schizophrenia in decades, entering the market with a similar mechanism of action to MapLight's lead candidate, ML-007C-MA, which is currently in Phase 2 trials for the same indication. While MapLight aims to differentiate ML-007C-MA by mitigating peripheral side effects and offering convenient dosing compared to other muscarinic agonists, COBENFY's prior market establishment could impact ML-007C-MA's market opportunity and require it to demonstrate significant superiority to capture market share.

1. Positive topline results from the ZEPHYR Phase 2 trial of ML-007C-MA for schizophrenia. The company expects to report these results in the second half of 2026, which, if positive, would significantly de-risk the lead product candidate and could lead to lucrative licensing agreements or collaboration deals with milestone payments.
2. Positive topline results from the IRIS Phase 2 trial of ML-004 for autism spectrum disorder (ASD). These results are also anticipated in the second half of 2026. Successful outcomes from this trial would enhance the value of ML-004 and potentially attract partnerships that could include upfront and milestone payments.
3. Positive topline results from the VISTA Phase 2 trial of ML-007C-MA for Alzheimer’s disease psychosis (ADP). Expected in the second half of 2027, favorable results from this trial would further validate ML-007C-MA's potential across multiple large indications, significantly increasing its value and opening additional avenues for partnerships or further investment.
4. Advancement of preclinical programs (ML-021 and ML-009) towards Investigational New Drug (IND) applications. MapLight Therapeutics expects to complete IND-enabling studies for ML-021 in the second half of 2026 and nominate a preclinical candidate for ML-009 to advance to IND-enabling studies in 2026. Progressing these programs to IND status enhances the overall pipeline value and could lead to early-stage collaborations or licensing agreements that generate revenue through milestone payments.

Share Issuance

• MapLight Therapeutics completed its Initial Public Offering (IPO) in October 2025, offering 14,750,000 shares of common stock at $17.00 per share.
• The underwriters fully exercised their option to purchase an additional 2,212,500 shares of common stock, and a concurrent private placement of 476,707 shares was made to affiliates of Goldman Sachs & Co. LLC.
• The gross proceeds from the IPO and concurrent private placement totaled $296.3 million, with net proceeds of $269.8 million after deducting offering expenses.

Inbound Investments

• In October 2023, MapLight Therapeutics closed an oversubscribed $225 million Series C financing, with new investors including Novo Holdings, 5AM Ventures, and Cowen Healthcare Investments.
• The company completed an oversubscribed $372.5 million Series D financing in July 2025, co-led by Forbion and Life Sciences at Goldman Sachs Alternatives.
• New investors in the Series D round included Sanofi, T. Rowe Price Investment Management, Inc., and Avego BioScience Capital, alongside existing investors.