MapLight Therapeutics (MPLT) Q4 2025 earnings summary

Executive summary

• Achieved significant clinical milestones, including completion of enrollment for the IRIS Phase 2 trial in autism and strong progress in the ZEPHYR Phase 2 trial for schizophrenia, with topline results for both expected in Q3 2026.

• Received FDA Fast Track designation for ML-007C-MA in Alzheimer's disease psychosis, with VISTA Phase 2 topline results anticipated in H2 2027.

• Expanded pipeline with ML-055, a next-generation muscarinic agonist, with candidate nomination expected in 2026.

Financial highlights

• Ended 2025 with $453.1 million in cash, cash equivalents, and investments, expected to fund operations through 2027.

• R&D expenses rose to $64.6 million in Q4 2025 (from $20.7 million in Q4 2024) and $138.3 million for FY 2025 (from $68.5 million in FY 2024), mainly due to clinical trial and employee-related costs.

• G&A expenses increased to $18.8 million in Q4 2025 (from $2.1 million in Q4 2024) and $30.7 million for FY 2025 (from $14.4 million in FY 2024), driven by higher employee and professional expenses.

• Net loss was $79.5 million for Q4 2025 (vs. $21.2 million prior year) and $161.2 million for FY 2025 (vs. $77.6 million prior year).

Outlook and guidance

• Current cash position is expected to fund operations through 2027 based on operational plans.

• Topline results for ZEPHYR (schizophrenia) and IRIS (autism) Phase 2 trials expected in Q3 2026; VISTA (Alzheimer's psychosis) Phase 2 results expected in H2 2027.

• ML-055 candidate nomination for IND-enabling studies anticipated in 2026.