MPLT · MapLight Therapeutics, Inc.

MapLight Therapeutics reported a net loss of $60.7 million for Q1 2026, compared to $22.3 million in Q1 2025, reflecting increased investment in clinical development. R&D expenses rose to $53.7 million from $19.8 million, driven by higher clinical trial costs and employee-related expenses, including a $5.3 million increase in stock-based compensation. G&A expenses increased to $10.8 million from $3.8 million, primarily due to higher employee costs and professional fees. The company ended the quarter with $395.2 million in cash, cash equivalents, and investments, which management expects to fund operations through 2027. Key clinical milestones include completion of enrollment in the Phase 2 ZEPHYR trial for schizophrenia and last patient visit in the Phase 2 IRIS trial for autism spectrum disorder, with topline results from both expected by mid-August 2026. Enrollment continues in the Phase 2 VISTA trial for Alzheimer's disease psychosis, with topline results anticipated in the second half of 2027. The company also highlighted its novel M1/M4 muscarinic agonist ML-007C-MA, which has potential differentiation in safety, tolerability, and ease of use compared to existing therapies. The increased net loss reflects the company's progress in advancing its pipeline, with significant upcoming catalysts that could impact valuation.