MapLight Therapeutics, Inc.

MapLight Therapeutics, Inc. (MPLT), a clinical-stage biopharmaceutical company, reported a net loss of $161.2 million for the fiscal year ended December 31, 2025, compared to no prior year figures provided in the filing. The loss was driven by total operating expenses of $169.1 million, comprising $138.3 million in research and development and $30.7 million in general and administrative expenses, with no revenue recognized as the company advances its pipeline. Loss from operations was $169.1 million, offset by $7.9 million in total other income, net, including $5.5 million interest income. Comprehensive loss totaled $161.5 million. Basic and diluted net loss per share was $19, based on 8.7 million weighted-average shares outstanding. The balance sheet reflects robust liquidity following capital raises, with total assets of $479.5 million, including $46.7 million in cash and cash equivalents, $258.4 million in short-term investments, and total current assets of $324.7 million. Total liabilities were $21.1 million, and stockholders' equity stood at $458.4 million, supported by $819.1 million in additional paid-in capital. Cash flows highlighted operational burn of $138.1 million used in operating activities, $323.2 million used in investing activities primarily for investment purchases, and $469.8 million provided by financing activities, including $275.7 million from the initial public offering and private placement, $198.8 million from Series D redeemable convertible preferred stock, and $120.0 million from Series C. This led to an $8.5 million increase in cash, cash equivalents, and restricted cash to $80.0 million at year-end. The IPO commenced trading on Nasdaq under MPLT on October 27, 2025. No dividends are anticipated, and facilities are deemed sufficient.

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