MapLight Therapeutics (MPLT) Q2 2026 earnings summary

Executive summary

• Clinical-stage biopharma advancing ML-007C-MA for schizophrenia and Alzheimer's disease psychosis (ADP), with positive Phase 2 results in schizophrenia and ongoing Phase 2 in ADP; topline ADP results expected H2 2027.

• ML-004, a 5-HT1B/1D agonist, completed Phase 2 in autism spectrum disorder (ASD), showing clinically meaningful improvements in adolescent irritability despite not meeting the primary endpoint; next steps under FDA discussion.

• Strategic focus on ML-007C-MA, pausing preclinical and discovery-stage programs to prioritize late-stage assets.

• Net loss for six months ended June 30, 2026 was $120.9 million, up from $52.2 million year-over-year; accumulated deficit reached $481.4 million.

• Raised $150 million in August 2026 private placement to support operations and clinical milestones through 2028.

Financial highlights

• Research and development expenses rose to $107.1 million for the six months ended June 30, 2026, driven by clinical trial and employee-related costs.

• General and administrative expenses increased to $20.9 million for the six months ended June 30, 2026, mainly due to higher personnel and public company costs.

• Cash, cash equivalents, and investments totaled $351.3 million as of June 30, 2026.

• Net loss for Q2 2026: $60.2 million, compared to $29.8 million in Q2 2025.

• $150 million raised in August 2026 private placement, extending cash runway through 2028.

Outlook and guidance

• Existing cash and proceeds from the August 2026 private placement expected to fund operations and key clinical milestones through 2028.

• Topline results for VISTA (ADP) expected in H2 2027; ZEPHYR-2 (schizophrenia) topline results anticipated in 2028.

• End-of-Phase 2 FDA meetings planned for both ML-007C-MA and ML-004 to discuss registrational pathways.

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