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MapLight Therapeutics

MPLT Lead: Phase 2 5 Biotech Distilled articles ↓ 24 filings & releases ↓ Cash $71.6M (Jun 30, 2026) ↓ 5 verdicts ↓ 2 timing quotes ↓
Neurology Small Molecule

Market cap $385M 55.6M shares (vendor count, Nov 7, 2026) × $6.93 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-26

Catalyst timeline

5 trackedQuarter catalyst calendar →
  1. ML-055 next-gen M1 corporate update2026ML-055 next-gen M1 corporate update, 2026, routine
  2. ML-009 PAM corporate update2027ML-009 PAM corporate update, 2027, routine
  3. ML-021 M4 antagonist corporate update2027ML-021 M4 antagonist corporate update, 2027, routine
  4. ML-007C-MA VISTA Ph2 topline2H 2027ML-007C-MA VISTA Ph2 topline, 2H 2027, thesis-defining
  5. ZEPHYR-2 Study 311 topline2028ZEPHYR-2 Study 311 topline, 2028, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (6 active programs)

Technology platforms

MapLight Discovery Platform

Circuit-based CNS drug discovery platform combining optogenetics, single-cell transcriptomics, and STARmap spatial transcriptomics to identify neural circuits causally linked to CNS disease symptoms and discover druggable targets within those circuits for therapeutic modulation.

Capital (as filed)

Cash
$71.6M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$233M Jun 30, 2026
Long-term investments
$46.6M Jun 30, 2026
Operating cash flow
−$44.9M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$351M cash, runway through 2028 per the update of Aug 13, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on MapLight Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-07-28 Watch MapLight Therapeutics (MPLT) — Scientific Deep Dive for ML-007C-MA, ML-004, and Pipeline Products ZEPHYR met its primary endpoint but delivered a weak effect size (ES 0.37), the QD arm failed, the negative-symptom endpoint was unreported, composition-of-matter patents expire near plausible launch, and the balance sheet cannot fund a confirmatory Phase 3 to readout.
  2. 2026-07-31 Watch UPDATE: MapLight Therapeutics (MPLT) - Somebody Sold the Bounce Novo Holdings dumped ~1.6M shares into the post-ZEPHYR bounce, demonstrating a named clearing price of $12.00 and a thinning specialist crossover book; the four core scientific concerns remain unresolved.
  3. 2026-08-05 Speculative buy speculative UPDATE: MapLight Therapeutics (MPLT) - Now We Know Who Bought It Catalyst4, the controlling insider, committed ~$15.3M of its own working capital at ~$12.65 average to take its stake to 47.9%, providing a named funded buyer against the supply overhang while roughly half the market cap remains cash and VISTA offers a separate shot on goal in an indication with no approved therapies.
  4. 2026-08-14 Hold UPDATE: MapLight Therapeutics (MPLT) - The Missing Endpoint Shows Up The $150M raise at $11.38 clears the financing overhang and extends runway through 2028, but the newly disclosed PANSS negative Marder factor (ES 0.18, p=0.244) confirms the July silence was a miss, and the raise appeared to lack insider participation — together warranting a hold rather than adding.
  5. 2026-08-19 Speculative buy speculative UPDATE: MapLight Therapeutics (MPLT) - Catalyst4 Bought the Deal Catalyst4 funded 55.6% of the $150M PIPE at $11.38, taking its stake to 49.9% and deploying ~$98.7M of working capital in under three weeks, removing the 'marketed raise without insider participation' condition that had triggered the hold; weakness toward the deal price is a more defensible entry with the overhang cleared and runway through 2028.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (24)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 27, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

5 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)