MapLight Therapeutics, Inc. (Nasdaq: MPLT) announced its financial results for the fourth quarter and full year ended December 31, 2025, along with a business update. The company reported a net loss of $79.5 million for Q4 2025, compared to $21.2 million in the same period last year. For the full year, the net loss was $161.2 million, up from $77.6 million in 2024. Cash, cash equivalents, and investments stood at $453.1 million, which is expected to fund operations through 2027. The company highlighted significant progress in its clinical trials, including the Phase 2 ZEPHYR trial for ML-007C-MA for schizophrenia, which is expected to reach target enrollment of 300 participants by April 2026, with topline results anticipated in Q3 2026. Additionally, the Phase 2 IRIS trial for ML-004 for autism spectrum disorder has completed enrollment, with results also expected in Q3 2026. The company received FDA 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. MapLight's CEO, Chris Kroeger, emphasized the company's strong position to deliver on multiple key development milestones in 2026, supported by a robust operational execution and a strong balance sheet. The company also expanded its pipeline with the addition of ML-055, a next-generation muscarinic agonist program, with candidate nomination expected in 2026.

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