MapLight Therapeutics (NASDAQ:MPLT), a biopharmaceutical company focused on circuit-specific therapies for central nervous system (CNS) disorders, today reported financial results for the fourth quarter and full year ended December 31, 2025.
MapLight ended 2025 with a strong financial foundation, reporting cash, cash equivalents, and investments totaling $453.1 million.
Management expects this capital to fund operations through 2027, covering multiple critical clinical milestones across its neuropsychiatric and neurodegenerative pipeline.
The increase in full-year R&D and G&A expenses compared to 2024 was primarily attributed to the expansion of late-stage clinical trials, manufacturing scale-up, and non-cash stock-based compensation following the company's transition to the public markets.
Meanwhile, the company provided a significant update on its lead candidates as several Phase 2 trials reach pivotal stages.
The Phase 2 ZEPHYR trial, evaluating ML-007C-MA for schizophrenia, is enrolling ahead of schedule with a target of 300 participants.
MapLight expects to complete enrollment in April 2026, with topline results anticipated in the third quarter of 2026.
Simultaneously, enrollment is now complete for the Phase 2 IRIS study of ML-004 in autism spectrum disorder, with topline results also slated for the third quarter of 2026.
Beyond its lead assets, MapLight’s program for Alzheimer’s Disease Psychosis, ML-007C-MA, was recently granted FDA Fast Track designation.
The ongoing Phase 2 VISTA trial in this indication is currently enrolling, with topline data projected for the second half of 2027.