MapLight Therapeutics, Inc. (MPLT), a clinical-stage biopharmaceutical company developing treatments for debilitating central nervous system disorders, reported fourth-quarter and full-year 2025 financial results and highlighted key clinical milestones expected over the next two years.
The company said it continues to advance a focused pipeline centered on muscarinic and serotonin-based therapies, with several mid-stage clinical trials approaching important readouts.
MapLight's pipeline includes
-ML-007C-MA, a Phase 2 muscarinic agonist being evaluated for schizophrenia in the ZEPHYR trial, with enrollment expected to complete in April 2026 and topline results planned for the third quarter of 2026. The same molecule is also in a Phase 2 VISTA trial for Alzheimer's disease psychosis, with results expected in the second half of 2027.
-ML-004, a Phase 2 serotonin 5-HT1B/1D agonist for autism spectrum disorder is being evaluated in the IRIS trial, which has completed enrollment, with topline data expected in the third quarter of 2026.
- The company is also advancing ML-055, a next-generation M1/M4 muscarinic agonist program, with candidate nomination expected in 2026.
- In addition, MapLight is developing ML-009, a preclinical GPR52 positive allosteric modulator targeting hyperactivity and impulsivity.
-And ML-021, a preclinical M4 antagonist being advanced for Parkinson's disease.
MapLight said it remains focused on high-quality trial execution and expects 2026 to be a pivotal year, with two Phase 2 readouts and continued progress across its muscarinic and serotonin-based programs.
Net loss was $79.5 million for the fourth quarter of 2025, compared to $21.2 million for the prior year period.
For the full year 2025, net loss was $161.2 million, compared to $77.6 million for the full year 2024.
MapLight ended 2025 with $453.1 million in cash, cash equivalents and investments, which it expects will fund operations through 2027.
MPLT has traded between $12.24 and $21.55 over the past year. The stock closed Wednesday's trading at $18.14, up 6.83%. In pre-market, the stock is down 7.50% at $16.78.
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