MapLight Therapeutics (MPLT) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on CNS disorders, leveraging a proprietary platform to identify and modulate disease-relevant neural circuits.

• Lead candidate ML-007C-MA targets schizophrenia and Alzheimer's disease psychosis (ADP) via M₁/M4 muscarinic agonism, with ongoing Phase 2 trials in both indications.

• Pipeline includes ML-004 for autism spectrum disorder (ASD), ML-021 for Parkinson's disease, and ML-009 for hyperactivity/impulsivity, with global rights retained for all programs.

• Founded by leaders in neuroscience, supported by a seasoned management team and scientific founders with deep industry and academic experience.

Financial performance and metrics

• Net losses: $77.6M (2024), $55.7M (2023), $52.2M (first half 2025); accumulated deficit of $251.6M as of June 30, 2025.

• Cash, cash equivalents, and short-term investments: $60.5M as of June 30, 2025; $200M raised in Series D preferred stock in July and September 2025.

• Research and development expenses: $68.5M (2024), $49.7M (2023), $46.6M (first half 2025).

• No product revenue to date; operations funded primarily by equity financings and grants.

Use of proceeds and capital allocation

• Net proceeds from the IPO, combined with existing cash, will fund clinical development of ML-007C-MA (schizophrenia and ADP), ML-004 (ASD), preclinical programs, and general corporate purposes.

• Proceeds may also be used for in-licensing, acquisitions, or investments in complementary technologies.

• Management expects current resources plus IPO proceeds to fund operations through a specified period, but not through regulatory approval of any product candidate.