MapLight Therapeutics (MPLT)
Market Price (8/16/2026): $11.7 | Market Cap: $531.5 MilSector: Health Care | Industry: Biotechnology
MapLight Therapeutics (MPLT)
Market Price (8/16/2026): $11.7Market Cap: $531.5 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 -57% 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 -82%, 3Y Excs Rtn is -110% | 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 -243 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 -48% High stock price volatilityVol 12M is 123% 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 -57% |
| 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 -82%, 3Y Excs Rtn is -110% |
| 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 -243 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 -48% |
| High stock price volatilityVol 12M is 123% |
| Key risksMPLT key risks include [1] a critical dependence on its sole clinical-stage product candidate, Show more. |
Qualitative Assessment
AI Analysis | Feedback
MapLight Therapeutics (MPLT) stock has lost about 65% since 4/30/2026 because of the following key factors:
1. Failure of ML-004 Phase 2 IRIS Trial to Meet Primary Endpoint in Fiscal Q2 2026.
MapLight Therapeutics announced on June 22, 2026, that its Phase 2 IRIS study of ML-004 for autism spectrum disorder (ASD) did not meet its primary endpoint in social communication deficits. While the study showed meaningful improvements in irritability in a prespecified subgroup of adolescents, the failure to achieve the primary objective of the trial was a significant setback for the company's pipeline.
2. Disappointing Market Reception to ML-007C-MA Phase 2 ZEPHYR Trial Results in Fiscal Q3 2026.
Despite MapLight Therapeutics announcing positive topline results on July 27, 2026, for its Phase 2 ZEPHYR trial of ML-007C-MA in schizophrenia, which met its primary endpoint with a statistically significant improvement in PANSS total score (effect size 0.37, p=0.015), the market reaction was negative, suggesting these results fell short of heightened investor expectations. [cite: 16 in previous search]
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MapLight Therapeutics (MPLT) stock has lost about 65% since 4/30/2026 because of the following key factors:
1. Failure of ML-004 Phase 2 IRIS Trial to Meet Primary Endpoint in Fiscal Q2 2026.
MapLight Therapeutics announced on June 22, 2026, that its Phase 2 IRIS study of ML-004 for autism spectrum disorder (ASD) did not meet its primary endpoint in social communication deficits. While the study showed meaningful improvements in irritability in a prespecified subgroup of adolescents, the failure to achieve the primary objective of the trial was a significant setback for the company's pipeline.
2. Disappointing Market Reception to ML-007C-MA Phase 2 ZEPHYR Trial Results in Fiscal Q3 2026.
Despite MapLight Therapeutics announcing positive topline results on July 27, 2026, for its Phase 2 ZEPHYR trial of ML-007C-MA in schizophrenia, which met its primary endpoint with a statistically significant improvement in PANSS total score (effect size 0.37, p=0.015), the market reaction was negative, suggesting these results fell short of heightened investor expectations. [cite: 16 in previous search]
3. Widespread Analyst Downgrades and Significant Price Target Reductions in Fiscal Q3 2026.
Following the clinical trial readouts, multiple investment firms drastically revised their outlooks on MapLight Therapeutics. For instance, on July 28, 2026, Canaccord Genuity cut its price target from $43 to $24, and Morgan Stanley downgraded the stock from Overweight to Equal-Weight, lowering its price target from $34 to $21. Subsequently, on August 10, UBS downgraded MapLight to Neutral from Buy and adjusted its price target from $52 to $13. [cite: 11 in previous search, 15 in previous search]
4. Insider Selling Exceeding USD 5 Million by CEO in Fiscal Q3 2026.
On July 14, 2026, Christopher Kroeger, the Chief Executive Officer of MapLight Therapeutics, sold 147,639 shares of company stock for a total value of approximately $5.4 million. This significant insider selling transaction occurred during a period leading up to and coinciding with the stock's decline, potentially signaling a lack of confidence from management and negatively impacting investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -63.1% change in MPLT stock from 4/30/2026 to 8/15/2026 was primarily driven by a -3.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8152026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.87 | 11.75 | -63.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 44 | 45 | -3.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/15/2026| Return | Correlation | |
|---|---|---|
| MPLT | -63.1% | |
| Market (SPY) | 8.0% | 0.2% |
| Sector (XLV) | 14.6% | 11.2% |
Fundamental Drivers
The -33.6% change in MPLT stock from 1/31/2026 to 8/15/2026 was primarily driven by a -42.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312026 | 8152026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.69 | 11.75 | -33.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 26 | 45 | -42.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 8/15/2026| Return | Correlation | |
|---|---|---|
| MPLT | -33.6% | |
| Market (SPY) | 12.5% | 10.7% |
| Sector (XLV) | 8.6% | 15.0% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/15/2026| Return | Correlation | |
|---|---|---|
| MPLT | ||
| Market (SPY) | 23.9% | 10.0% |
| Sector (XLV) | 30.0% | 13.0% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/15/2026| Return | Correlation | |
|---|---|---|
| MPLT | ||
| Market (SPY) | 75.6% | 10.0% |
| Sector (XLV) | 30.6% | 13.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MPLT Return | - | - | - | - | -4% | -34% | -37% |
| Peers Return | -7% | 32% | 41% | -1% | 13% | 1% | 94% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| MPLT Win Rate | - | - | - | - | 33% | 50% | |
| Peers Win Rate | 42% | 67% | 58% | 50% | 83% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MPLT Max Drawdown | - | - | - | - | - | -75% | |
| Peers Max Drawdown | -27% | -19% | -12% | -23% | -29% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, APMD, ATTO, BLSM, BRVE.
[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 8/14/2026 (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 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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MPLT has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MapLight Therapeutics (MPLT)
MapLight Therapeutics (MPLT) is a clinical-stage biopharmaceutical company focused on developing novel, circuit-specific pharmacotherapies for severe central nervous system (CNS) disorders. Their lead product candidate, ML-007C-MA, is a fixed-dose combination designed to activate M1/M4 muscarinic receptors while mitigating peripheral side effects. This candidate is currently in Phase 2 trials for two significant indications: schizophrenia, with topline results expected in the second half of 2026, and Alzheimer’s disease psychosis (ADP), with topline results anticipated in the second half of 2027. MPLT aims to address the substantial unmet need in both conditions, offering a potentially more effective and better-tolerated alternative to current dopaminergic antipsychotics, which often have limited efficacy for certain symptoms and significant safety concerns.
In addition to ML-007C-MA, MapLight is developing ML-004, a 5-HT1B/1D agonist, which is in Phase 2 trials for social communication deficits and irritability in autism spectrum disorder (ASD), with results expected in late 2026. The company's pipeline also includes preclinical programs such as ML-021, an M4 antagonist for Parkinson’s disease, and ML-009, a GPR52 positive allosteric modulator for hyperactivity and agitation-related disorders. MapLight's comprehensive approach is driven by a proprietary discovery platform that identifies neural circuits causally linked to disease symptoms, allowing them to target these circuits to correct aberrant activity and develop treatments for widespread CNS conditions.
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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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
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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.
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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.
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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.
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- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Biotechnology
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 8.0% | 74.9% | 121.6% | CAH 400% · MCK 346% · COR 176% |
| Health Care Services | 20 | 20.1% | 37.0% | 6.5% | HIMS 277% · RDNT 130% · DGX 71% |
| Managed Health Care | 8 | 36.7% | -2.3% | 5.2% | OSCR 167% · HQY 61% · ELV 14% |
| Health Care Facilities | 24 | 9.7% | -2.9% | -15.8% | THC 277% · NHC 240% · ENSG 120% |
| Health Care Equipment | 50 | -0.2% | -10.8% | -19.2% | POCI 10862% · UFPT 415% · GKOS 275% |
| Health Care Supplies | 12 | 39.2% | -12.9% | -26.9% | LNTH 304% · HAE 54% · MMSI 36% |
| Pharmaceuticals | 63 | 3.1% | -5.9% | -30.8% | LQDA 2752% · INDV 1525% · ETON 1288% |
| Health Care Technology | 21 | -21.4% | -53.0% | -71.5% | SPOK 144% · TALK -2% · HSTM -4% |
| Life Sciences Tools & Services | 108 | -6.6% | -33.4% | -71.9% | SNWV 1835% · ELMD 259% · MEDP 213% |
| Biotechnology ← | 365 | 7.1% | -28.4% | -78.4% | BRTX 112850% · DNTH 1698% · CELZ 1643% |
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 | 23.45 |
| Mkt Cap | 64.4 |
| Rev LTM | 6,294 |
| Op Inc LTM | 2,267 |
| FCF LTM | 1,810 |
| FCF 3Y Avg | 1,957 |
| CFO LTM | 2,059 |
| CFO 3Y Avg | 2,398 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 9.8% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 1,174.8% |
| Op Inc Chg 3Y Avg | 792.2% |
| Op Mgn LTM | 37.9% |
| Op Mgn 3Y Avg | 23.9% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 34.1% |
| CFO/Rev 3Y Avg | 19.6% |
| FCF/Rev LTM | 30.2% |
| FCF/Rev 3Y Avg | 15.7% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 |
|---|---|---|
| Research and development of therapies Central Nervous System (CNS) disorders | 0 | 0 |
| Total | 0 | 0 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Research and development of therapies Central Nervous System (CNS) disorders | -161 | -78 | -56 |
| Total | -161 | -78 | -56 |
| $ Mil | 2023 |
|---|---|
| Single segment | 91 |
| Total | 91 |
Price Behavior
| Market Price | $11.75 | |
| Market Cap ($ Bil) | 0.5 | |
| Distance from 52W High | -70.5% | |
| 50 Days | 200 Days | |
| DMA Price | $15.04 | $15.05 |
| DMA Trend | up | down |
| Distance from DMA | -21.9% | -21.9% |
| 3M | 1YR | |
| Volatility | 177.6% | 122.5% |
| Downside Capture | -101.58 | 83.93 |
| Upside Capture | -465.31 | 5.24 |
| Correlation (SPY) | 0.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -3.50 | -0.08 | 0.09 | 1.13 | -0.49 | 0.15 |
| Up Beta | 10.39 | 6.08 | 4.51 | 2.84 | -2.47 | -1.06 |
| Down Beta | -9.00 | 0.39 | -0.38 | -0.70 | 1.38 | -0.83 |
| Up Capture | -1033% | -402% | -244% | 0% | 13% | 1% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 35 | 69 | 94 | 94 |
| Down Capture | -275% | -158% | -46% | 91% | 80% | 45% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 19 | 28 | 56 | 94 | 94 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MPLT | |
|---|---|---|---|---|
| MPLT | -36.0% | 122.5% | 0.42 | - |
| Sector ETF (XLV) | 27.3% | 15.5% | 1.36 | 13.0% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | 10.0% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | 9.2% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | 16.7% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 6.9% |
| Bitcoin (BTCUSD) | -49.1% | 42.8% | -1.45 | 13.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MPLT | |
|---|---|---|---|---|
| MPLT | -8.5% | 122.5% | 0.42 | - |
| Sector ETF (XLV) | 6.3% | 15.0% | 0.24 | 13.0% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 10.0% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | 9.2% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | 16.7% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 6.9% |
| Bitcoin (BTCUSD) | 8.0% | 52.8% | 0.34 | 13.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MPLT | |
|---|---|---|---|---|
| MPLT | -4.4% | 122.5% | 0.42 | - |
| Sector ETF (XLV) | 10.2% | 16.6% | 0.50 | 13.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 10.0% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 9.2% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 16.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 6.9% |
| Bitcoin (BTCUSD) | 59.9% | 66.1% | 1.00 | 13.8% |
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Recent Forward Guidance
Updated 8/14/2026Latest: Q2 2026 Earnings Reported 8/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | 2,028 | Raised | Guidance: 2,027 for 2027 | ||||
Prior: Q1 2026 Earnings Reported 5/14/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | 2,027 | ||||||
Q4 2025 Earnings Reported 3/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | |||||||
Insider Activity
Updated 8/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 8042026 | 12.54 | 22,082 | 276,908 | 2,537,845 | Form |
| 2 | Catalyst4,, Inc. | See footnote | Buy | 7302026 | 13.00 | 1,000,000 | 13,000,000 | 271,786,957 | Form | |
| 3 | Catalyst4,, Inc. | See footnote | Buy | 7302026 | 12.63 | 3,000 | 37,890 | 251,421,482 | Form | |
| 4 | Catalyst4,, Inc. | See footnote | Buy | 7302026 | 11.04 | 206,225 | 2,276,904 | 219,754,077 | Form | |
| 5 | Cox, Troy | trust | Buy | 7282026 | 9.52 | 15,620 | 148,702 | 148,702 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 8042026 | 12.54 | 22,082 | 276,908 | 2,537,845 | Form |
| 2 | Catalyst4,, Inc. | See footnote | Buy | 7302026 | 13.00 | 1,000,000 | 13,000,000 | 271,786,957 | Form | |
| 3 | Catalyst4,, Inc. | See footnote | Buy | 7302026 | 12.63 | 3,000 | 37,890 | 251,421,482 | Form | |
| 4 | Catalyst4,, Inc. | See footnote | Buy | 7302026 | 11.04 | 206,225 | 2,276,904 | 219,754,077 | Form | |
| 5 | Cox, Troy | trust | Buy | 7282026 | 9.52 | 15,620 | 148,702 | 148,702 | Form | |
| 6 | Kreitzer, Anatol | Chief Discovery Officer | Direct | Sell | 7202026 | 37.60 | 17,173 | 645,719 | 6,576,607 | Form |
| 7 | Gillis, Jonathan | CAO and Interim CFO | Direct | Sell | 7202026 | 37.60 | 18,469 | 694,463 | 5,423,648 | Form |
| 8 | Kreitzer, Anatol | Chief Discovery Officer | Direct | Sell | 7202026 | 36.80 | 9,056 | 333,235 | 7,067,954 | Form |
| 9 | Gillis, Jonathan | CAO and Interim CFO | Direct | Sell | 7202026 | 36.80 | 8,455 | 311,112 | 5,987,067 | Form |
| 10 | Kreitzer, Anatol | Chief Discovery Officer | Direct | Sell | 7202026 | 36.49 | 10,055 | 366,940 | 7,340,082 | Form |
| 11 | Gillis, Jonathan | CAO and Interim CFO | Direct | Sell | 7202026 | 36.51 | 10,055 | 367,093 | 6,248,947 | Form |
| 12 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 7172026 | 37.90 | 2,077 | 78,718 | 8,507,110 | Form |
| 13 | Hanson, Kristopher | General Counsel | Direct | Sell | 7172026 | 37.90 | 1,130 | 42,827 | 5,526,692 | Form |
| 14 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 7172026 | 37.90 | 3,656 | 138,562 | 11,328,348 | Form |
| 15 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 7172026 | 37.90 | 16,779 | 635,924 | 47,240,644 | Form |
| 16 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 7172026 | 36.79 | 8,547 | 314,412 | 8,333,527 | Form |
| 17 | Hanson, Kristopher | General Counsel | Direct | Sell | 7172026 | 36.78 | 8,118 | 298,616 | 5,405,579 | Form |
| 18 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 7172026 | 36.77 | 15,047 | 553,334 | 11,126,146 | Form |
| 19 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 7172026 | 36.79 | 69,082 | 2,541,341 | 46,470,973 | Form |
| 20 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 7172026 | 36.70 | 7,643 | 280,506 | 8,627,885 | Form |
| 21 | Hanson, Kristopher | General Counsel | Direct | Sell | 7172026 | 36.70 | 7,260 | 266,427 | 5,690,793 | Form |
| 22 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 7172026 | 36.64 | 28,455 | 1,042,594 | 11,637,037 | Form |
| 23 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 7172026 | 36.69 | 61,778 | 2,266,457 | 48,878,844 | Form |
| 24 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 5182026 | 27.19 | 118,235 | 3,215,000 | 37,907,657 | Form |
| 25 | Hanson, Kristopher | General Counsel | Direct | Sell | 5112026 | 30.13 | 13,917 | 419,263 | 4,890,378 | Form |
| 26 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 5112026 | 30.11 | 13,980 | 421,002 | 45,543,180 | Form |
| 27 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 5112026 | 27.69 | 34,411 | 952,835 | 42,263,268 | Form |
| 28 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 5112026 | 28.54 | 4,438 | 126,640 | 9,874,894 | Form |
| 29 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 5112026 | 28.65 | 20,100 | 575,797 | 44,709,317 | Form |
| 30 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 5112026 | 28.28 | 721 | 20,390 | 6,864,376 | Form |
| 31 | Setia, Vishwas | Chief Financial Officer | Direct | Sell | 5062026 | 28.24 | 10,564 | 298,345 | 10,061,251 | Form |
| 32 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 5062026 | 28.76 | 24,052 | 691,749 | 10,080,491 | Form |
| 33 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 5062026 | 28.76 | 24,811 | 713,599 | 7,001,965 | Form |
| 34 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 5062026 | 28.76 | 23,701 | 681,583 | 45,460,551 | Form |
| 35 | Setia, Vishwas | Chief Financial Officer | Direct | Sell | 5062026 | 28.20 | 10,903 | 307,444 | 10,343,638 | Form |
| 36 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 5062026 | 28.20 | 10,576 | 298,216 | 10,561,333 | Form |
| 37 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 5062026 | 28.20 | 11,095 | 312,839 | 7,563,989 | Form |
| 38 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 5062026 | 28.20 | 10,472 | 295,289 | 45,244,256 | Form |
| 39 | Setia, Vishwas | Chief Financial Officer | Direct | Sell | 5062026 | 28.11 | 14,904 | 418,930 | 10,617,261 | Form |
| 40 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 5062026 | 27.96 | 15,652 | 437,629 | 10,768,070 | Form |
| 41 | Hanson, Kristopher | General Counsel | Direct | Sell | 5062026 | 27.89 | 13,917 | 388,177 | 4,915,957 | Form |
| 42 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 5062026 | 27.96 | 15,801 | 441,813 | 7,811,099 | Form |
| 43 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 5062026 | 27.96 | 15,571 | 435,363 | 45,154,971 | Form |
| 44 | Gillis, Jonathan | CAAO and PAO | Direct | Sell | 4292026 | 30.35 | 17,935 | 544,319 | 5,499,909 | Form |
| 45 | Gillis, Jonathan | CAAO and PAO | Direct | Sell | 4292026 | 29.74 | 51,900 | 1,543,369 | 5,922,314 | Form |
| 46 | Kreitzer, Anatol | Chief Discovery Officer | Direct | Sell | 4292026 | 29.66 | 45,422 | 1,347,066 | 6,263,197 | Form |
| 47 | Hanson, Kristopher | General Counsel | Direct | Sell | 4172026 | 27.37 | 298 | 8,157 | 5,205,276 | Form |
| 48 | Setia, Vishwas | Chief Financial Officer | Direct | Sell | 4172026 | 27.37 | 116 | 3,175 | 10,746,201 | Form |
| 49 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 4172026 | 27.37 | 2,783 | 76,175 | 8,078,943 | Form |
| 50 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 4172026 | 27.37 | 1,169 | 31,998 | 10,969,966 | Form |
| 51 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 4172026 | 27.37 | 10,052 | 275,141 | 44,631,340 | Form |
| 52 | Kreitzer, Anatol | Chief Discovery Officer | Direct | Sell | 4172026 | 26.61 | 3,316 | 88,239 | 6,828,445 | Form |
| 53 | Hanson, Kristopher | General Counsel | Direct | Sell | 4172026 | 26.80 | 1,529 | 40,977 | 5,104,408 | Form |
| 54 | Setia, Vishwas | Chief Financial Officer | Direct | Sell | 4172026 | 26.87 | 2,806 | 75,397 | 10,553,004 | Form |
| 55 | Lillie, James Woodruff | Chief Scientific Officer | Direct | Sell | 4172026 | 26.82 | 1,730 | 46,399 | 7,990,751 | Form |
| 56 | Foff, Erin Pennock | Chief Medical Officer | Direct | Sell | 4172026 | 26.84 | 2,044 | 54,861 | 10,788,231 | Form |
| 57 | Gillis, Jonathan | CAAO and PAO | Direct | Sell | 4172026 | 26.61 | 3,590 | 95,530 | 6,680,547 | Form |
| 58 | Kroeger, Christopher A | Chief Executive Officer | Direct | Sell | 4172026 | 26.93 | 9,135 | 246,006 | 44,181,789 | Form |
| 59 | Malenka, Robert C | Direct | Sell | 4172026 | 26.90 | 8,593 | 231,152 | 8,512,935 | Form | |
| 60 | Malenka, Robert C | Direct | Sell | 2242026 | 18.15 | 736 | 13,358 | 5,899,821 | Form | |
| 61 | Malenka, Robert C | Direct | Sell | 2242026 | 18.42 | 11,264 | 207,464 | 6,000,594 | Form | |
| 62 | Malenka, Robert C | Direct | Sell | 2242026 | 18.03 | 2,195 | 39,576 | 6,077,174 | Form | |
| 63 | Pavlov, George | Direct | Buy | 2202026 | 17.86 | 9,920 | 177,171 | 446,500 | Form | |
| 64 | Pavlov, George | Direct | Buy | 2202026 | 17.57 | 4,422 | 77,695 | 264,956 | Form | |
| 65 | Pavlov, George | Direct | Buy | 2202026 | 17.48 | 10,658 | 186,302 | 186,302 | Form | |
| 66 | Malenka, Robert C | Direct | Sell | 2182026 | 18.21 | 12,116 | 220,632 | 6,177,815 | Form | |
| 67 | Malenka, Robert C | Direct | Sell | 2122026 | 18.00 | 241 | 4,338 | 6,324,660 | Form | |
| 68 | Malenka, Robert C | Direct | Sell | 2122026 | 18.12 | 6,622 | 119,991 | 6,371,191 | Form | |
| 69 | Garnett, Timothy John | See footnote | Buy | 2122026 | 17.89 | 14,124 | 252,678 | 252,678 | Form | |
| 70 | Malenka, Robert C | Direct | Sell | 2042026 | 18.00 | 1 | 18 | 6,448,194 | Form | |
| 71 | Malenka, Robert C | Direct | Sell | 2042026 | 18.02 | 7,039 | 126,843 | 6,455,377 | Form | |
| 72 | Malenka, Robert C | Direct | Sell | 1302026 | 18.11 | 6,612 | 119,743 | 6,615,094 | Form | |
| 73 | Malenka, Robert C | Direct | Sell | 1302026 | 18.55 | 21,262 | 394,410 | 6,898,467 | Form | |
| 74 | Malenka, Robert C | Direct | Sell | 1302026 | 18.65 | 6,524 | 121,704 | 7,334,072 | Form | |
| 75 | Novo, Holdings A/s | Direct | Buy | 10302025 | 17.00 | 952,941 | 16,199,997 | 62,672,574 | Form | |
| 76 | Catalyst4,, Inc. | See footnote | Buy | 10292025 | 17.00 | 5,441,176 | 92,499,992 | 334,856,888 | Form |
Investor Activity (13F)
Updated Aug 16, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
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| Active Manager |
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Industry Resources
External Quote Links
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| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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