MapLight Therapeutics (MPLT)
Market Price (2/1/2026): $17.71 | Market Cap: $733.7 MilSector: Health Care | Industry: Biotechnology
MapLight Therapeutics (MPLT)
Market Price (2/1/2026): $17.71Market Cap: $733.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30% | Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -76% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -108 Mil | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% | ||
| Key risksMPLT key risks include [1] a critical dependence on its sole clinical-stage product candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -76% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -108 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| Key risksMPLT key risks include [1] a critical dependence on its sole clinical-stage product candidate, Show more. |
Qualitative Assessment
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MapLight Therapeutics (MPLT) stock has gained about 5% since 10/31/2025 because of the following key factors:
1. Successful Initial Public Offering (IPO) and Strong Capital Position: MapLight Therapeutics completed its Initial Public Offering on October 27, 2025, pricing shares at $17.00 and seeing them open at $19.00 on the Nasdaq Global Market. The company successfully raised approximately $258.9 million through the IPO and a concurrent private placement. This substantial capital infusion, which included an estimated $450 million in cash and cash equivalents as of December 31, 2025, is expected to fund operations through 2027, providing significant financial stability for its ongoing development programs.
2. Positive Analyst Coverage and Price Targets: Shortly after its market debut, MapLight Therapeutics garnered favorable attention from financial analysts. On November 21, 2025, Stifel Nicolaus initiated coverage with a "buy" rating and set a price target of $28.00. Overall, as of the same date, four analysts covering MapLight Therapeutics held a consensus "Strong Buy" rating with an average price target of $31, forecasting a substantial increase in the stock price over the next year.
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1. Successful Initial Public Offering (IPO) and Strong Capital Position: MapLight Therapeutics completed its Initial Public Offering on October 27, 2025, pricing shares at $17.00 and seeing them open at $19.00 on the Nasdaq Global Market. The company successfully raised approximately $258.9 million through the IPO and a concurrent private placement. This substantial capital infusion, which included an estimated $450 million in cash and cash equivalents as of December 31, 2025, is expected to fund operations through 2027, providing significant financial stability for its ongoing development programs.
2. Positive Analyst Coverage and Price Targets: Shortly after its market debut, MapLight Therapeutics garnered favorable attention from financial analysts. On November 21, 2025, Stifel Nicolaus initiated coverage with a "buy" rating and set a price target of $28.00. Overall, as of the same date, four analysts covering MapLight Therapeutics held a consensus "Strong Buy" rating with an average price target of $31, forecasting a substantial increase in the stock price over the next year.
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Stock Movement Drivers
Fundamental Drivers
The 4.6% change in MPLT stock from 10/31/2025 to 1/31/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 1312026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.92 | 17.69 | 4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 26 | 26 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 1/31/2026| Return | Correlation | |
|---|---|---|
| MPLT | 4.6% | |
| Market (SPY) | 1.5% | 13.9% |
| Sector (XLV) | 7.3% | 4.4% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 1/31/2026| Return | Correlation | |
|---|---|---|
| MPLT | ||
| Market (SPY) | 9.8% | 6.7% |
| Sector (XLV) | 19.2% | 7.1% |
Fundamental Drivers
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Market Drivers
1/31/2025 to 1/31/2026| Return | Correlation | |
|---|---|---|
| MPLT | ||
| Market (SPY) | 16.0% | 6.7% |
| Sector (XLV) | 6.8% | 7.1% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 1/31/2026| Return | Correlation | |
|---|---|---|
| MPLT | ||
| Market (SPY) | 76.6% | 6.7% |
| Sector (XLV) | 21.4% | 7.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MPLT Return | - | - | - | - | -4% | 6% | 1% |
| Peers Return | -16% | -28% | -41% | -66% | -32% | 6% | -91% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 86% |
Monthly Win Rates [3] | |||||||
| MPLT Win Rate | - | - | - | - | 33% | 100% | |
| Peers Win Rate | 36% | 50% | 53% | 29% | 56% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| MPLT Max Drawdown | - | - | - | - | -30% | -9% | |
| Peers Max Drawdown | -30% | -45% | -60% | -67% | -49% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, ACSB, AKTS, ALPS, APRI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/30/2026 (YTD)
How Low Can It Go
MPLT has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to VRTX, ACSB, AKTS, ALPS, APRI
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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About MapLight Therapeutics (MPLT)
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. Our discovery platform holds the potential to fill this void by identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation. We believe our deep understanding of these causal links between the modulation of defined neural circuits and the resulting changes in disease-specific behaviors will enable us to develop therapeutics that can deliver efficacy, safety, tolerability and ease-of-use advantages to patients and prescribers. Our lead product candidate, ML-007C-MA, is a fixed-dose combination of an M1/M4 muscarinic agonist, ML-007, co-formulated with a peripherally acting anticholinergic, or PAC, which we are initially developing for the treatment of schizophrenia and Alzheimer’s disease psychosis, or ADP. ML-007C-MA is designed to activate both M1 and M4 muscarinic receptors in the CNS to drive efficacy, while synchronizing the pharmacokinetics of the agonist and antagonist components to mitigate peripheral cholinergic side effects. ML-007 alone, co-administered, or co-formulated with PAC has been evaluated in four Phase 1 trials, with a total of 270 healthy participants enrolled and more than 1,500 doses of ML-007 administered. Based on our clinical and preclinical data, we believe that ML-007C-MA has demonstrated the potential to be a well-tolerated treatment option with convenient dosing, while achieving or exceeding CSF exposures expected to result in improvement across key symptom domains. We are currently conducting ZEPHYR, a Phase 2 trial evaluating ML-007C-MA for the treatment of schizophrenia, and expect topline results in the second half of 2026. We are also conducting VISTA, a Phase 2 trial evaluating ML-007C-MA for the treatment of ADP, and expect topline results in the second half of 2027. There remains a significant unmet need in both schizophrenia and ADP for medicines that can effectively treat the breadth of symptoms while reducing the significant safety and tolerability risks for patients. Schizophrenia is one of the most common psychotic disorders and affects over 20 million people globally, including more than 3 million people in the United States. Schizophrenia remains one of the leading causes of disability and is associated with an increased risk for premature mortality. Atypical antipsychotics represent the current standard of care and primarily exert their therapeutic effects by binding to and inhibiting the activity of dopamine D2 receptors in the brain. These dopaminergic antipsychotics are associated with risk of highly morbid side effects of extra pyramidal symptoms, or EPS, metabolic abnormalities, hyperprolactinemia, QTc prolongation and sedation. Furthermore, these medications are approved by the Food and Drug Administration, or the FDA, only for the treatment of the positive symptoms of schizophrenia and do not address the negative symptoms nor cognitive impairment. Meta-analyses of real-world usage of dopaminergic antipsychotics have shown poor treatment adherence and high discontinuation rates due to lack of efficacy and/or undesirable side effects. ADP represents another significant unmet need, as approximately 40% of the approximately 7 million people in the United States living with Alzheimer’s disease also experience symptoms of psychosis. These symptoms are associated with a worsened prognosis and are predictive of earlier progression to nursing home care, severe dementia and death. There are currently no therapies approved for the treatment of ADP, although there is widespread use of off-label dopaminergic antipsychotics. However, based on a meta-analysis, the efficacy of these medications for ADP was shown to be modest at best. Furthermore, dopaminergic antipsychotics are associated with significant side effects, including EPS, metabolic syndrome, cerebrovascular accidents, falls and increased mortality risk in elderly patients with dementia-related psychosis. We believe targeting muscarinic receptors represents a compelling therapeutic alternative to dopaminergic antipsychotics for the treatment of schizophrenia and ADP. Muscarinic receptors are localized to brain circuits known to be critical for psychosis and cognition, and alterations in muscarinic receptor binding have been observed in post-mortem brain tissue from schizophrenia and Alzheimer’s disease patients. The recent FDA approval of COBENFY, an M1/M4 muscarinic agonist, represents the first product with a novel mechanism approved for the treatment of schizophrenia in decades. Muscarinic receptor targeted approaches have shown improvements in both positive and negative symptoms of schizophrenia, as demonstrated in multiple randomized controlled clinical trials conducted by third parties. Additionally, in these trials and other open-label extension trials, muscarinic agonists were shown not to cause the serious side effects of EPS and metabolic disturbance associated with dopaminergic antipsychotics. However, some of these same clinical trials have also demonstrated a high rate of both pro- and anticholinergic side effects, which we believe are caused by a mismatch of agonist and antagonist exposures in the periphery. To mitigate these cholinergic side effects, certain muscarinic agonists have required inconvenient dosing regimens (frequency, titration and fasting requirements) that are likely to result in patient compliance and adherence challenges. Furthermore, although exploratory analyses in these trials suggested a positive effect on cognition symptoms in patients with baseline cognitive impairment, these analyses were not adequately powered to assess statistical significance. These findings suggest that despite the approval of a first agent within the new muscarinic class, there remains a significant opportunity for improvement across efficacy, safety and tolerability, and ease of use. Based on the results of our recent Phase 1 Study 013, we believe ML-007C-MA has demonstrated the potential to be a well-tolerated treatment option with convenient dosing, while achieving or exceeding CSF exposures expected to result in improvement across key symptom domains. Study 013 evaluated the safety, tolerability and pharmacokinetics, or PK, of ML-007C-MA in healthy adult and elderly participants that were dosed for up to 14 days. ML-007C-MA was generally well tolerated at the doses being evaluated in our ongoing Phase 2 trials. Most treatment-emergent adverse events, or TEAEs, were mild, self-limited and transient in nature. The mean plasma concentration ratio of ML-007 and PAC remained within the target range established to minimize adverse events over the majority of the dosing interval. ML-007C-MA also achieved and maintained cerebrospinal fluid, or CSF, exposures above the anticipated clinically relevant levels with both once- and twice-daily dosing regimens. Based on the PK parameters observed in fasted and fed states, ML-007C-MA will not require administration in a fasted state. Together, the safety and PK observations supported advancing ML-007C-MA to Phase 2 trials in both adult and elderly participants. Our second product candidate, ML-004, is a 5-HT1B/1D agonist that we are developing for the treatment of social communication deficit and/or irritability in autism spectrum disorder, or ASD. Historical clinical development efforts for ASD have been challenging given the biological heterogeneity of symptoms across age, developmental level and sex, and the lack of validated outcome measures. There are currently no FDA-approved therapies for the core symptoms of ASD, social communication deficit and repetitive/restricted behavior. The only two therapies approved for ASD-associated irritability are atypical antipsychotics, which are associated with serious side effects. ML-004 is an immediate-release, or IR, and extended-release, or ER, formulation of zolmitriptan. We are currently conducting IRIS, a Phase 2 trial, to evaluate the efficacy of ML-004 for the improvement of social communication deficits in patients with ASD. Change from baseline in irritability symptoms is a secondary endpoint. We expect to report topline results from this trial in the second half of 2026. Based on the results from the IRIS trial, we intend to explore potential strategies for further development of ML-004. In addition, we are advancing two preclinical programs, ML-021 and ML-009. ML-021 is an M4 antagonist that we are developing for the treatment of motor deficits in Parkinson’s disease. We have conducted multiple preclinical in vitro and in vivo studies using ML-021 and expect to complete investigational new drug application, or IND, -enabling studies for ML-021 in the second half of 2026. ML-009 is a G-protein-coupled receptor 52 positive allosteric modulator, or GPR52 PAM, that we are developing for the treatment of hyperactivity, impulsivity and agitation-related disorders. We have conducted multiple preclinical in vitro and in vivo studies using multiple product candidates and expect to nominate a preclinical candidate to advance to IND-enabling studies in 2026. Our current and future pipeline is supported by our platform, which is built on our deep understanding of neural circuits that perform specific functions in the brain. We leverage our platform technologies to define how the activity of specific neural circuits is causally linked to disease symptoms and then identify druggable targets within those circuits that correct aberrant circuit activity. Utilizing this approach, we are advancing a robust pipeline of product candidates for the treatment of highly prevalent CNS conditions that collectively afflict millions of people and impose substantial disease burden and costs on patients, families, caregivers and society. We were incorporated under the laws of the State of Delaware in November 2018 as Alvarado Therapeutics, Inc. In August 2019, we changed our name to MapLight Therapeutics, Inc. Our principal executive offices are located in Redwood City, California.
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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.)
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- 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.
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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.
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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.
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The key risks to MapLight Therapeutics (MPLT) primarily revolve around the inherent challenges of a clinical-stage biopharmaceutical company.
- Clinical Trial and Regulatory Risk: MapLight Therapeutics' product candidates are still in clinical trials and lack FDA approval, leading to significant commercial uncertainty. There is no guarantee that successful clinical trial outcomes will lead to regulatory approval, and the relationship between preclinical study results and clinical trial results can be unpredictable. Past clinical trial results may not indicate future results.
- Dependence on Lead Product Candidate: The company is highly dependent on the successful development and commercialization of its lead product candidate, ML-007C-MA. While MapLight has other pipeline products, ML-007C-MA is its only clinical-stage product, making its success critical to the company's future.
- Need for Additional Capital: As a pre-revenue, clinical-stage company, MapLight Therapeutics requires substantial additional financing to fund its ongoing operations and product development. The failure to secure sufficient additional capital on acceptable terms could lead to delays, limitations, reductions, or even termination of its product development and future commercialization efforts.
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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.
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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.
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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.
- 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.
- 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.
- 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.
- 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.
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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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| MapLight Therapeutics Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 18.97 |
| Mkt Cap | 60.4 |
| Rev LTM | 5,862 |
| Op Inc LTM | -100 |
| FCF LTM | 1,612 |
| FCF 3Y Avg | 2,064 |
| CFO LTM | 1,803 |
| CFO 3Y Avg | 2,419 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.3% |
| Rev Chg 3Y Avg | 10.5% |
| Rev Chg Q | 11.0% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Mgn LTM | -0.8% |
| Op Mgn 3Y Avg | 26.2% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 31.7% |
| CFO/Rev 3Y Avg | 23.1% |
| FCF/Rev LTM | 28.5% |
| FCF/Rev 3Y Avg | 19.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 60.4 |
| P/S | 10.2 |
| P/EBIT | 10.1 |
| P/E | 12.8 |
| P/CFO | 12.9 |
| Total Yield | -5.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.9% |
| D/E | 0.0 |
| Net D/E | -0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.6% |
| 3M Rtn | 4.6% |
| 6M Rtn | 1.7% |
| 12M Rtn | 2.0% |
| 3Y Rtn | 25.1% |
| 1M Excs Rtn | 2.9% |
| 3M Excs Rtn | 6.2% |
| 6M Excs Rtn | -7.3% |
| 12M Excs Rtn | -10.6% |
| 3Y Excs Rtn | -47.2% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 |
|---|---|---|
| Research and development of central nervous system (CNS) disorder therapies | 0 | |
| Single segment | 0 | |
| Total | 0 | 0 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Research and development of central nervous system (CNS) disorder therapies | -56 | |
| Total | -56 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Single segment | 39 | |
| Total | 39 |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 12/4/2025 | 8.4% | 20.6% | 0.5% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 0 | 0 | 0 |
| Median Positive | 8.4% | 20.6% | 0.5% |
| Median Negative | |||
| Max Positive | 8.4% | 20.6% | 0.5% |
| Max Negative | |||
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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