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MapLight Therapeutics, Inc. Common Stock

MapLight Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company for patients suffering from debilitating central nervous system disorders. The company's products include ML-007C-MA, a fixed-dose combination of an M 1 /M 4 muscarinic agonist for the treatment of schizophrenia and Alzheimer's disease psychosis; ML-004 for the treatment of social communication deficit and/or irritability in autism spectrum disorder; ML-021 for the treatment of motor deficits in Parkinson's disease; ML-055 for the treatment of neuropsychiatric conditions; and ML-009, a G-protein-coupled receptor 52 positive allosteric modulator for the treatment of hyperactivity, impulsivity and agitation-related disorders. The company also develops platform identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation. The company was formerly known as Alvarado Therapeutics, Inc. and changed its name to MapLight Therapeutics, Inc. in August 2019. MapLight Therapeutics, Inc. was incorporated in 2018 and is based in Redwood City, California.

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Biotech & Genomic Medicine▲

Dementia-related psychosis market projected to grow at 26.2% CAGR through 2036

The dementia-related psychosis market across the seven major markets is forecast to expand at a compound annual growth rate of 26.2% from 2026 to 2036, according to a new report from DelveInsight. The market was valued at 690 million US dollars in 2025, with the United States accounting for approximately 77% of that total. More than 5 million diagnosed prevalent cases were reported across the seven major markets in 2025, including over 2 million in the US, where Alzheimer's disease dementia represented the largest share. Key therapies in development include ACP-204 from Acadia Pharmaceuticals, COBENFY from Bristol Myers Squibb, Zervimesine from Cognition Therapeutics, ML-007C-MA from Maplight Therapeutics, ITI-1284 from Johnson & Johnson, and low-dose levetiracetam from AgeneBio.
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Kiniksa Hits All-Time High on Raised Revenue Outlook, Leading Biotech Gainers

Kiniksa Pharmaceuticals touched an all-time high after raising its full-year revenue outlook on strong Arcalyst sales, leading a session of sharp biotech gains. Arcalyst generated $243.6 million in net product revenue in the second quarter of 2026, up about 55% year-over-year, prompting the company to lift its full-year 2026 net product revenue guidance to $980 million to $995 million from a prior forecast of $930 million to $945 million. Trinity Biotech surged over 36% after announcing clinical results for its CGM+ wearable biosensor and completing a one-for-thirty reverse ADS split to regain Nasdaq compliance. OPKO Health jumped more than 33% despite issuing softer third-quarter guidance, as it reported second-quarter revenue of $163.5 million and highlighted progress across multiple early-stage pipeline programs. MapLight Therapeutics rebounded over 24% from a prior-day selloff triggered by mixed Phase 2 schizophrenia trial results, with the company planning an End-of-Phase 2 meeting with the FDA. ProMIS Neurosciences rallied more than 23% after reporting positive blinded six-month interim safety and biomarker data for PMN310 in Alzheimer's disease, and Prelude Therapeutics gained over 19% on no specific news.
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ASML slides on China chip tool report, Forte Bio surges on Argenx buyout

ASML dropped 8% after The Information reported China began mass production of domestically made deep ultraviolet chipmaking tools. Memory chip stocks were mixed as CXMT soared more than 466% in its Shanghai debut, while SK Hynix fell over 8%, SanDisk slid 11%, and Micron Technology lost 5%. SAP jumped more than 7% after announcing the second part of a 10 billion-euro stock buyback. Forte Biosciences rallied about 40% on a $2.2 billion cash acquisition by Argenx at $77 per share, a 40% premium to Friday's close. Brown-Forman climbed almost 4% after rejecting a $15 billion unsolicited takeover offer from Sazerac at $32 per share. Baker Hughes gained 6% on better-than-expected second-quarter earnings and revenue, while Amkor Technology fell 7% ahead of its quarterly report. D-Wave Quantum added 5% on a partnership with AT&T to use annealing quantum computers for AI, and MapLight Therapeutics plunged 68% after a Phase 2 schizophrenia trial missed its primary endpoint.
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MapLight Reports Positive Phase 2 ZEPHYR Trial Results for ML-007C-MA in Schizophrenia

MapLight Therapeutics announced positive topline results from its Phase 2 ZEPHYR trial of ML-007C-MA in adults with an acute exacerbation of schizophrenia. The trial met its primary endpoint, with the 210/3 mg twice-daily dose showing a statistically significant and clinically meaningful reduction in Positive and Negative Syndrome Scale total score compared to placebo at week 5. The twice-daily arm also achieved significance on key secondary endpoints including Clinical Global Impression of Severity and PANSS positive Marder factor. The 330/6 mg once-daily dose demonstrated numerical improvement but did not reach statistical significance on the primary endpoint. The company plans to engage with the FDA at an End-of-Phase 2 meeting to discuss a Phase 3 trial design that would support a New Drug Application submission. MapLight shares fell more than 60% following the announcement.
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MapLight Therapeutics Reports Phase 2 IRIS Trial Missed Primary Endpoint in Autism

MapLight Therapeutics announced that its Phase 2 IRIS trial evaluating ML-004 in autism spectrum disorder did not meet its primary endpoint of improving social communication at Week 12. A prespecified analysis showed clinically meaningful improvements in irritability among adolescents with moderate or higher baseline irritability compared with placebo, and the treatment was generally well tolerated with mostly mild-to-moderate adverse events. Separately, Raymond James initiated coverage with a Strong Buy rating and a $46 price target, highlighting potential upside ahead of the Phase 2 ZEPHYR trial readout for ML-007C-MA expected by mid-August. The firm also noted MapLight's Alzheimer's disease psychosis program as a potential value driver.
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MapLight's ML-004 Misses Phase 2 Primary Endpoint in Autism but Shows Irritability Signal in Adolescents

MapLight Therapeutics announced that its Phase 2 IRIS study of ML-004 in autism spectrum disorder did not meet the primary endpoint of improving social communication deficits. However, a prespecified subgroup analysis of adolescents aged 12 to 17 with moderate to severe irritability at baseline showed clinically meaningful improvement over placebo on the Aberrant Behavior Checklist-Irritability subscale, with an effect size of 1.33 and a nominal p-value of 0.013. Consistent improvement was also seen in the clinician-rated CGI-I irritability domain, with an effect size of 1.08 and a nominal p-value of 0.036. The drug was well tolerated, with no severe or serious adverse events and lower mean weight gain than placebo. MapLight plans to meet with the FDA to discuss next steps and remains well-capitalized ahead of Phase 2 results for ML-007C-MA in schizophrenia expected by mid-August 2026.
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