MapLight Therapeutics Inc (NASDAQ: MPLT) is a clinical-stage biopharmaceutical company developing treatments targeting muscarinic receptors for neurological and psychiatric conditions. The company has no approved products and generates no product revenue, operating entirely on capital raised through equity financings, including multiple series of redeemable convertible preferred stock (Series A through D) prior to its IPO in October 2025. Its lead program, ML-007C-MA, is a muscarinic agonist being developed for conditions including schizophrenia, with Phase 1 Study 013 evaluating safety, tolerability, and pharmacokinetics in healthy adult and elderly participants dosed for up to 14 days. The filing was made for fiscal year ending December 31, 2025. MapLight went public in October 2025 under file number 001-42914. The company carries deferred grant earnings as a liability on its balance sheet, indicating non-dilutive grant funding as a supplemental capital source.

Revenue model

MapLight Therapeutics has no product revenue as of the fiscal year ending December 31, 2025. The company is funded through equity issuances and grant funding. Deferred grant earnings appear as a current liability on the December 31, 2025 balance sheet, indicating grants received but not yet recognized.

Products and services

Lead pipeline asset is ML-007C-MA, a muscarinic agonist evaluated in Phase 1 Study 013 for safety, tolerability, and pharmacokinetics in healthy adult and elderly participants dosed up to 14 days, as reported in the 10-K filed 2026-03-26. The company targets improvement in efficacy, safety, tolerability, and dosing convenience relative to earlier muscarinic agonists in the class.

Customers and end markets

Target end market is patients with neurological and psychiatric conditions, with schizophrenia indicated by the muscarinic mechanism and clinical context described in the filing. No commercial customers exist as of December 31, 2025. Eventual customers would include hospitals, pharmacy benefit managers, and third-party payors subject to reimbursement and pricing regulations described in the filing.

Value-chain role

Preclinical and clinical-stage drug developer. MapLight conducts or sponsors clinical trials and relies on third-party service providers for aspects of research and manufacturing. The company has not yet reached commercialization and would depend on third-party payors, distributors, and regulatory approvals to generate product revenue.

Geographic exposure

Incorporated and operating in the United States. The filing references compliance obligations related to data transfers from the European Economic Area and United Kingdom, suggesting potential future international clinical or operational activity, but no specific non-U.S. revenue or operations are described for FY2025.

Source: SEC 10-K, filed 2026-03-26

Industry: Pharmaceutical Preparations