MPLTNasdaqPharmaceutical PreparationsUS GAAP · USD

MapLight Therapeutics, Inc.

MapLight Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing small-molecule therapies for central nervous system disorders. Its pipeline is built around muscarinic receptor programs, including ML-007C-MA for schizophrenia and Alzheimer's disease psychosis and ML-004 for autism spectrum disorders.

Kysy yhtiöstä
Liikevoitto (EBIT)−169milj. USD
−103,8 %v/v
Nettotulos−161milj. USD
−107,7 %v/v
Vapaa kassavirta−139milj. USD
−74,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2024–2025

−200−150−100−500milj. USD2024: EBIT −83 milj. USD20242025: EBIT −169 milj. USD2025−169
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Clinical-stage product candidates0 %

Drug candidates under preclinical and clinical development for CNS indications.

Discovery platform0 %

Internal platform used to identify circuit-specific pathways and new indications.

Licensed intellectual property0 %

In-licensed and acquired technology rights supporting the pipeline.

Collaborative development0 %

Strategic collaborations and licensing arrangements that may support development.

Asiakkaat

MapLight does not yet sell commercial products, so its direct customers are not patients or hospitals today. Its economic stakeholders are future pharmaceutical buyers, payors, and potential licensing or collaboration partners that would support development and eventual commercialization of its CNS programs.

Future patients in CNS indications

Patients with schizophrenia, Alzheimer's disease psychosis, and autism spectrum disorders who would use approved therapies if development succeeds.

Pharmaceutical collaboration partners

Potential partners that may fund, license, or co-develop MapLight's programs to reduce development risk and extend reach.

Healthcare payors and reimbursement systems

Public and private payors that would need to cover any approved therapy, affecting adoption and pricing power.

Clinicians and treatment centers

Psychiatrists, neurologists, and specialty care providers who would prescribe and administer approved CNS treatments.

Strategia

MapLight's strategy is to advance its muscarinic receptor pipeline through clinical development while expanding the number of indications it can address. The company is also focused on preserving capital, securing additional funding or collaborations, and building intellectual property protection until it can reach commercialization, if ever.

Advance lead programs through clinical and preclinical milestonesLyhyt aikaväli

Clinical progress is the main value driver for a company with no commercial revenue.

Broaden the platform into additional indicationsKeskipitkä aikaväli

More indications can improve the probability of success and expand the addressable market.

Secure external capital and strategic collaborationsLyhyt aikaväli

The company will need substantial additional funding before any product revenue is possible.

Build intellectual property and development capabilityKeskipitkä aikaväli

Patent protection and development execution are essential to future commercialization value.

Maantiede

MapLight is a U.S.-based company and currently expects commercialization efforts, if any, to begin in the United States. Its reported exposure is therefore concentrated in U.S. clinical development, regulatory review, and future market access, with additional dependence on third-party CROs, CMOs, and collaborators that may operate globally.

Riskit

MapLight faces the classic risks of a clinical-stage biotech: no product revenue, heavy cash burn, and uncertainty around clinical success, regulatory approval, and reimbursement. Its muscarinic CNS programs also face competitive pressure, IP risk, and dependence on third-party manufacturers and research vendors, which can disrupt timelines and increase costs.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Clinical development failure1Financing and dilution risk2Competitive displacement3Intellectual property protection4Third-party manufacturing and CRO dependence5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Clinical development failureVaikutus: KriittinenTodennäköisyys: Korkea

    The company is still testing product candidates and may not demonstrate safety or efficacy.

    KohdistuuML-007C-MAML-004Future pipeline assets
  2. Financing and dilution riskVaikutus: KorkeaTodennäköisyys: Korkea

    The company expects substantial additional capital needs before any product sales.

    KohdistuuOperating runwayEquity issuanceCollaboration terms
  3. Competitive displacementVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Other biotech and pharma companies may reach the market faster or with better therapies.

    KohdistuuSchizophreniaADPAutism spectrum disorder markets
  4. Intellectual property protectionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Weak or challenged patents could allow competitors to copy or block commercialization.

    KohdistuuML-007C-MAML-004Platform technologies
  5. Third-party manufacturing and CRO dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Clinical supply and trial execution rely on external vendors and contractors.

    KohdistuuPreclinical materialsClinical trial supplyOutsourced operations

Kirjanpito

Harkinnanvaraiset erät
Research and development expense estimation

Clinical trial, CRO, and manufacturing costs are accrued based on estimates and can shift period to period.

Vaikutus: Affects operating loss and comparability across quarters

Equity method investment accounting

The Stellaromics stake is marked through equity-method earnings/losses and basis differences.

Vaikutus: Can create non-cash volatility in other income/expense

Stock-based compensation

Employee and director equity awards are a meaningful non-cash expense for a pre-revenue biotech.

Vaikutus: Inflates operating expenses without immediate cash outflow

Milestone and license obligations

Development and regulatory milestones tied to acquired assets may trigger future payments or share issuance.

Vaikutus: Can affect cash needs and dilution

Going-concern and runway assumptions

Management's funding-through-2027 estimate depends on IPO proceeds and spending assumptions.

Vaikutus: Important for liquidity assessment and financing risk

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Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026