0001193125-26-125072
SEC filingMapLight 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.
MapLight Therapeutics, Inc. reported a net loss of $161.2 million for the year ended December 31, 2025. Operating expenses totaled $169.1 million, including $138.3 million in research and development expenses and $30.7 million in general and administrative expenses, resulting in a loss from operations of $169.1 million. This was partially offset by $7.9 million in total other income, net, comprising $5.5 million in interest income, a $986K loss from equity method investment, and $2.4 million in other income. Comprehensive loss was $161.5 million, reflecting a $391K unrealized loss on available-for-sale investments. Net loss per basic and diluted share was $19, based on 8.7 million weighted-average common shares outstanding. No prior year comparative financial results are provided in the XBRL data. The company, post-IPO, shows a strengthened balance sheet with total assets of $479.5 million and stockholders' equity of $458.4 million. (148 words)
No revenue was reported for the fiscal year ended December 31, 2025. As a clinical-stage biopharmaceutical company focused on research and development, MapLight Therapeutics did not generate product revenue or other income from operations during the period. All disclosed financial activity centered on operating expenses and investment income. No segment breakdown or geographic revenue mix is provided in the filing. (68 words)
Without revenue, traditional gross and operating margins are not applicable. The company incurred a full operating loss equal to its expenses of $169.1 million. Net loss margin is effectively 100% negative relative to zero revenue. Cost structure was dominated by R&D at 81.8% of operating expenses ($138.3M / $169.1M) and G&A at 18.2%. Stock-based compensation expense was $36.0 million in operating adjustments. No prior period trends available. (82 words)
Net cash used in operating activities was $138.1 million, adjusted from net loss by $36.0 million stock-based compensation, $13.1 million prepaid changes, and other items. Investing activities used $323.2 million, mainly $408.2 million purchases of investments offset by $85.5 million maturities. Financing provided $469.8 million, including $275.7 million IPO and private placement proceeds, $198.8 million Series D, and $120.0 million Series C. Cash, equivalents, and restricted cash ended at $80.0 million, up $8.5 million.
Balance sheet: Total assets $479.5 million (current $324.7 million: cash $46.7M, short-term investments $258.4M); liabilities $21.1 million (current $16.2M); equity $458.4 million (APIC $819.1M, deficit -$360.5M). No debt; low leverage. (132 words)
No specific financial guidance or projections are provided in the filing. Management notes no material change in planned use of IPO proceeds from the prospectus (net $261.6 million from 16.96 million shares sold October 26, 2025). The company does not anticipate paying dividends, intending to retain funds for operations and growth. Facilities in Redwood City, CA (13,734 sq ft, expires 2031) and Burlington, MA (6,205 sq ft, expires 2029, extendable) are sufficient. No material legal proceedings. Risks include cybersecurity threats, overseen by audit committee and Senior Director of Information Security. Common stock trades on Nasdaq as MPLT since October 27, 2025; 110 holders of record as of March 19, 2026. (128 words)