Core Viewpoint - MapLight Therapeutics, Inc. is positioned to achieve significant development milestones in 2026, focusing on clinical trials for central nervous system disorders and expanding its drug pipeline [2]. Business Update and Upcoming Milestones - The company expects to reach target enrollment of 300 participants in the Phase 2 ZEPHYR trial for schizophrenia by April 2026, with topline results anticipated in the third quarter of 2026 [5]. - The Phase 2 IRIS trial for autism spectrum disorder has completed enrollment, with topline results also expected in the third quarter of 2026 [5]. - The FDA has granted Fast Track designation for ML-007C-MA for Alzheimer's disease psychosis, with topline results from the Phase 2 VISTA trial expected in the second half of 2027 [5]. - The company is advancing its next-generation M1/M4 muscarinic agonist program, ML-055, with candidate nomination expected in 2026 [5]. Financial Results - As of December 31, 2025, the company reported cash, cash equivalents, and investments totaling $453.1 million, sufficient to fund operations through 2027 [4][7]. - Research and development (R&D) expenses for Q4 2025 were $64.6 million, up from $20.7 million in Q4 2024, with full-year R&D expenses reaching $138.3 million compared to $68.5 million in 2024 [12]. - General and administrative (G&A) expenses for Q4 2025 were $18.8 million, compared to $2.1 million in the prior year, with full-year G&A expenses totaling $30.7 million versus $14.4 million in 2024 [12]. - The net loss for Q4 2025 was $79.5 million, compared to $21.2 million in Q4 2024, with a full-year net loss of $161.2 million compared to $77.6 million in 2024 [12].
MapLight Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update