Second quarter 2026
Filed Aug 13, 2026MapLight reported positive Phase 2 ZEPHYR results for ML-007C-MA in schizophrenia, continued enrollment in the Phase 2 VISTA ADP trial, and ended the quarter with $351.3 million in cash, cash equivalents and investments.
The company reported positive ZEPHYR Phase 2 data and funding expected to support ML-007C-MA through the end of 2028, but quarterly net loss, R&D expense and G&A expense were higher than the prior-year period.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expensesGAAP | $53,435 | – | – |
| General and administrative expensesGAAP | $10,113 | – | – |
| Total operating expensesGAAP | $63,548 | – | – |
| Loss from operationsGAAP | $(63,548) | – | – |
| Interest incomeGAAP | $2,349 | – | – |
| Other income, netGAAP | $1,007 | – | – |
| Net lossGAAP | $(60,192) | – | – |
| Net loss per share - basic and dilutedGAAP | $(1.32) | – | – |
| Weighted-average number of common shares outstanding - basic and dilutedGAAP | 45,431,359 | – | – |
| Six-month research and development expensesGAAP | $107,119 | – | – |
| Six-month general and administrative expensesGAAP | $20,932 | – | – |
| Six-month total operating expensesGAAP | $128,051 | – | – |
| Six-month loss from operationsGAAP | $(128,051) | – | – |
| Six-month interest incomeGAAP | $4,821 | – | – |
| Six-month other income, netGAAP | $2,370 | – | – |
| Six-month net lossGAAP | $(120,860) | – | – |
| Six-month net loss per share - basic and dilutedGAAP | $(2.66) | – | – |
| Six-month weighted-average number of common shares outstanding - basic and dilutedGAAP | 45,354,488 | – | – |
| Cash, cash equivalents and investmentsother | $351,341 | – | – |
| Total assetsGAAP | $368,348 | – | – |
| Total current liabilitiesGAAP | $19,294 | – | – |
| Total liabilitiesGAAP | $20,049 | – | – |
| Total stockholders’ equityGAAP | $348,299 | – | – |
through the end of 2028 outlook
- NoteThe Company expects that its existing cash, cash equivalents and investments, together with the net proceeds from the recent private placement, will be sufficient to fund the continued advancement of ML-007C-MA through the end of 2028.
- NoteTopline results from VISTA are expected in the second half of 2027.
- NoteThe planned Phase 3 ZEPHYR-2 trial has topline results expected in 2028.
- NoteThe Phase 2 VISTA trial is evaluating ML-007C-MA in approximately 300 participants with ADP.
What drove it
- The Phase 2 ZEPHYR trial met its primary endpoint, with the 210/3 mg twice-daily dose demonstrating a statistically significant and clinically meaningful reduction in PANSS total score compared with placebo at Week 5.
- ML-007C-MA demonstrated improvement on a prespecified cognitive-function endpoint in participants with baseline cognitive impairment and significant separation on CGI-S and the PANSS Marder positive factor.
- R&D expenses increased primarily due to increases in clinical trial expenses and employee-related expenses, including an increase in stock-based compensation expense of $5.6 million.
- G&A expenses increased primarily due to increases in employee-related expenses, including an increase in stock-based compensation expense of $2.9 million, and increases in professional fees and other expenses.
- The Company is focusing resources on ML-007C-MA and is pausing further investment in preclinical and discovery-stage programs.
Concerns
- The Phase 2 IRIS trial of ML-004 did not meet its primary endpoint in social communication.
- The Company intends to evaluate the path forward for ML-004 following its planned End-of-Phase 2 discussion with the FDA, including potential strategic collaborations and/or funding alternatives.
- Net loss was $(60,192) for the second quarter of 2026, compared with $(29,845) for the second quarter of 2025.
- The planned Phase 3 ZEPHYR-2 trial has topline results expected in 2028, while VISTA topline results are expected in the second half of 2027.
What to watch
- The Company’s End-of-Phase 2 meeting with the FDA regarding the registrational path for ML-007C-MA in schizophrenia and the planned Phase 3 ZEPHYR-2 trial.
- Enrollment progress and topline results from the Phase 2 VISTA trial in the second half of 2027.
- Topline results from the planned Phase 3 ZEPHYR-2 trial expected in 2028.
- The path forward for ML-004 after the planned End-of-Phase 2 discussion with the FDA.
- Execution of the $150 million private placement and the Company’s stated cash runway through the end of 2028.
Balance sheet and cash flow
- Cash, cash equivalents and investments were $351.3 million as of June 30, 2026.
- Cash, cash equivalents and investments were $351,341 as of June 30, 2026, compared with $453,096 as of December 31, 2025.
- Total assets were $368,348 as of June 30, 2026, compared with $479,512 as of December 31, 2025.
- Total current liabilities were $19,294 as of June 30, 2026, compared with $16,229 as of December 31, 2025.
- Total liabilities were $20,049 as of June 30, 2026, compared with $21,140 as of December 31, 2025.
- Total stockholders’ equity was $348,299 as of June 30, 2026, compared with $458,372 as of December 31, 2025.
- In August 2026, the Company announced a $150 million private placement.
Analysis
MapLight’s quarter was defined by clinical execution rather than commercial results. The company reported that its Phase 2 ZEPHYR trial of ML-007C-MA in schizophrenia met its primary endpoint, with the 210/3 mg twice-daily dose showing a statistically significant and clinically meaningful reduction in PANSS total score versus placebo at Week 5. The program also showed improvement on a prespecified cognitive-function endpoint among participants with baseline cognitive impairment and separation on CGI-S and the PANSS Marder positive factor. Management plans an End-of-Phase 2 FDA meeting to discuss the registrational path and the planned Phase 3 ZEPHYR-2 trial, with topline results expected in 2028.
The ADP program remains the nearer disclosed clinical catalyst. Enrollment continues in the Phase 2 VISTA trial, which is evaluating ML-007C-MA in approximately 300 participants with ADP, and topline results are expected in the second half of 2027. ML-007C-MA received Fast Track designation in December 2025 for hallucinations and delusions associated with ADP. In contrast, ML-004 in autism spectrum disorder did not meet its primary social-communication endpoint in the Phase 2 IRIS trial. The company highlighted a prespecified adolescent irritability subgroup result and plans to evaluate strategic collaborations and/or funding alternatives after an End-of-Phase 2 FDA discussion.
The financial statement shows increased spending to support development activities. Second-quarter R&D expense was $53,435, compared with $26,846 in the prior-year quarter, driven primarily by clinical trial expense and employee-related expense, including a $5.6 million increase in stock-based compensation expense. G&A expense was $10,113, compared with $3,817, reflecting employee-related expense, including a $2.9 million increase in stock-based compensation expense, as well as professional fees and other expenses. Total operating expenses were $63,548, and net loss was $(60,192), compared with $(29,845) in the prior-year quarter.
Liquidity and resource prioritization are central to the operating plan. Cash, cash equivalents and investments were $351.3 million as of June 30, 2026. The company also announced a $150 million private placement in August 2026 and stated that existing cash, cash equivalents and investments together with net PIPE proceeds are expected to fund continued advancement of ML-007C-MA through the end of 2028. Management is pausing further investment in preclinical and discovery-stage programs and will not advance those programs into clinical development under the current operating plan.
The principal figures to monitor are VISTA enrollment and the second-half 2027 readout, the FDA discussion and initiation path for ZEPHYR-2, and the company’s execution against its stated runway through the end of 2028. The quarter does not provide revenue, product segments, margins, operating cash flow, free cash flow, debt, or capital-return activity. No prior quarterly outlook was provided for comparison with reported results.
Management, verbatim
With positive Phase 2 data from ZEPHYR and continued progress in VISTA, we are focusing our efforts on advancing ML-007C-MA in both schizophrenia and ADP.
Chris Kroeger, Co-Founder and Chief Executive Officer of MapLight
Together with our recent private placement and continued focus on capital discipline, we believe we are well positioned to execute on both programs through these key milestones.
Chris Kroeger, Co-Founder and Chief Executive Officer of MapLight
Not in the filing
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AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.