MapLight Therapeutics (MPLT) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma advancing lead candidates ML-007C-MA (schizophrenia, AD psychosis) and ML-004 (autism spectrum disorder), with completed enrollment in Phase 2 ZEPHYR and IRIS trials and ongoing VISTA trial for AD psychosis.

• Topline results for ZEPHYR and IRIS Phase 2 trials expected by mid-August 2026; VISTA trial topline results anticipated in the second half of 2027.

• Ended Q1 2026 with $395.2 million in cash, cash equivalents, and investments, expected to fund operations through 2027.

• Net loss increased to $60.7 million for Q1 2026, up from $22.3 million in Q1 2025, reflecting higher R&D and G&A expenses.

Financial highlights

• Research and development expenses rose to $53.7 million in Q1 2026 from $19.8 million in Q1 2025, driven by clinical trial and employee-related costs.

• General and administrative expenses increased to $10.8 million from $3.8 million year-over-year, mainly due to higher stock-based compensation, public company costs, and professional fees.

• Interest income grew to $2.5 million, and other income, net, was $1.4 million for Q1 2026.

• Net cash used in operating activities was $51.2 million, offset by $67.0 million provided by investing activities.

• Accumulated deficit reached $421.2 million as of March 31, 2026.

Outlook and guidance

• Existing cash and investments expected to fund operations through 2027.

• Anticipates continued increases in R&D and G&A expenses as clinical programs advance and public company operations expand.

• No revenue expected until regulatory approval and commercialization of product candidates.

• Topline results from ZEPHYR and IRIS Phase 2 trials expected by mid-August 2026; VISTA trial results anticipated in the second half of 2027.