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Company profile / MPLT

MapLight Therapeutics

Clinaptis stanceNeutral
ConvictionMedium
Ticker
MPLT
Exchange
NASDAQ
Coverage
Standard profile
Updated
Sep 11, 2026
Neuroscience / Psychiatry

Clinical-stage neuroscience company developing circuit-targeted therapies for central nervous system disorders. MapLight is concentrating its resources on ML-007C-MA, a muscarinic M1/M4 agonist combination in development for schizophrenia and Alzheimer's disease psychosis.

01 / Clinaptis view

The current read

Clinaptis previewed the July 27 ZEPHYR readout on July 9 with a cautious frame: efficacy was the floor, while magnitude, tolerability and dose selection were the real test. The BID arm met the primary endpoint, but its 4.5-point placebo-adjusted PANSS effect fell below the roughly 8-point clean-win threshold in our preview, and the QD arm missed the primary endpoint.

  1. Following the valuation reset, management continues to characterize ZEPHYR as positive and clinically meaningful, emphasizing cognition, tolerability, simple initiation and no fasting while advancing ZEPHYR-2. Clinaptis remains cautious: the readout cleared a development threshold but did not validate the full efficacy-plus-convenience thesis.
02 / Consensus gap

Where the market may differ

Management is concentrating resources on ML-007C-MA, pausing further investment in preclinical programs and using the $150 million private placement to fund VISTA and ZEPHYR-2 through their projected readouts. That response reduces financing and execution risk, but not product-profile risk: Phase 3 must reproduce clinically meaningful efficacy, preserve low treatment-limiting GI burden and establish whether a commercially viable QD regimen exists.

Coverage state
Standard profile
What the review turns on
Key variable

Whether confirmatory Phase 3 can reproduce efficacy with clinically meaningful magnitude while preserving low treatment-limiting GI burden and establishing a viable QD regimen

Next catalyst

ML-007C-MA · FDA End-of-Phase 2 feedback and confirmatory Phase 3 design · Timing not specified

03 / Pipeline

Key programs

2 assets · 3 programs

AssetIndicationStageNext event
ML-007C-MA
Schizophrenia
Phase 3 planned
End-of-Phase 2 FDA discussion and confirmatory Phase 3 advancement; topline expected in 2028
Alzheimer's disease psychosis
Phase 2
VISTA topline expected in the second half of 2027
ML-004
Autism spectrum disorder
Phase 2 complete
FDA discussion and evaluation of strategic or funding alternatives following the IRIS primary-endpoint miss
04 / Connected research

Published on MPLT

View full archive
  1. 01

    MPLT: Antipsychotic Efficacy Is the Floor. Tolerability Is the Trade Into Ph2 Readout

    Cobenfy proved dual M1/M4 agonism works. Ph2 ZEPHYR's job is showing whether ML-007C-MA's PK-tuned tolerability edge is real — which is why the AE table, not the PANSS table, carries the real signal.

    Read