MapLight Ends 2025 with $453.1M Cash; ZEPHYR, IRIS Trials Reporting Q3 2026
MapLight closed 2025 with $453.1 million in cash, cash equivalents and investments, funding operations through 2027, while R&D spend doubled to $138.3 million. Phase 2 ZEPHYR will enroll 300 by April 2026 with data due Q3 2026; the IRIS autism study of 160 reports Q3 2026, with ML-055 nomination set for 2026.
1. Financial Position and 2025 Expenses
MapLight closed 2025 with $453.1 million in cash, cash equivalents and investments, expected to fund operations through 2027. Fourth-quarter R&D expenses totaled $64.6 million versus $20.7 million a year earlier, while full-year R&D rose to $138.3 million from $68.5 million in 2024. General and administrative expenses for Q4 reached $18.8 million.
2. ZEPHYR Schizophrenia and Alzheimer’s Psychosis Trials
The Phase 2 ZEPHYR trial of ML-007C-MA for schizophrenia is on track to enroll 300 participants by April 2026, randomizing 1:1:1 between placebo and two dosing regimens, with data expected in Q3 2026. ML-007C-MA received FDA Fast Track designation for Alzheimer’s disease psychosis, with VISTA Phase 2 topline results due in H2 2027.
3. IRIS Autism Trial and ML-055 Program
The IRIS Phase 2 trial evaluating ML-004 for autism spectrum disorder completed enrollment of about 160 adult and adolescent participants, with topline results slated for Q3 2026. MapLight expanded its pipeline with the ML-055 next-generation M1/M4 muscarinic agonist program and aims to nominate a preclinical candidate in 2026.