MPLT · CIK 0001770069
What MapLight Therapeutics, Inc. told the SEC could break it.
MapLight Therapeutics' disclosures are those of a pre-revenue biotech whose future rests on a single lead candidate and the parties that make it. It has no approved products or revenue and depends on clinical development and FDA approval of candidates like ML-007C-MA, which may never come, while continuing to burn capital — a $161.2 million net loss in 2025 and a $360.5 million accumulated deficit that will require further equity or debt funding. Its manufacturing is a particular pinch point: it relies on a limited number of single-source suppliers and contract manufacturers for components of ML-007C-MA, which could be hard to replace given how few qualified CMOs exist.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- single-source suppliers for ML-007C-MA componentshigh
MapLight relies on a limited number of single-source suppliers and CMOs to manufacture components of its lead candidate ML-007C-MA; replacing them could be difficult given few qualified CMOs.
“Any replacement of our CMOs could require significant effort and expertise because there may be a limited number of qualified CMOs. For example, we currently rely on a limited number of single-source suppliers for manufacturing components of ML-007C-MA.”
SEC filing →As of 2026
Liquidity & debt
- accumulated deficit and ongoing funding dependencemedium
Pre-revenue MapLight had a $161.2M net loss in 2025 and a $360.5M accumulated deficit, and expects substantial continuing losses requiring additional equity/debt funding.
“For the years ended December 31, 2025 and 2024, our net losses were $161.2 million and $77.6 million, respectively. As of December 31, 2025 and 2024, we had an accumulated deficit of $360.5 million and $199.4 million, respectively.”
SEC filing →As of 2026
Regulatory & policy
- FDA approval dependence for lead candidate ML-007C-MAmedium
MapLight has no approved products and no revenue; its viability depends on clinical development and FDA approval of product candidates such as ML-007C-MA, which may never occur.
“We have no products approved for commercial sale and have not generated any revenue from product sales to date.”
SEC filing →As of 2026
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