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MapLight Therapeutics

MPLT on Nasdaq. Pharmaceutical preparations. Market value $394m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-42.6%low

For every $100 of what the whole company costs, it produced $-42.59 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$9.69 a share, 9% above its 1-year low

Over the past year the price has ranged from $8.92 to $40.43.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.2
202512 monthsto Jun '26
Revenue
n/a
Operating margin
n/a
Debt to equity
0.00
Shares outstanding
0.04bn

Health checks

  • Free cash flow positive0 of 1 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

None of the long-term investors we follow own it. 106 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Catalyst4, Inc.
    at least 49.9%+2.0 pts
    (filed with 3 related holders)
    Since 14 August 2026
    What they said

    Item 4 of the Original Schedule 13D is hereby amended as follows: On August 13, 2026, Catalyst entered into a securities purchase agreement, which is filed as Exhibit 99.4 to this Statement ("Securities Purchase Agreement") with the Issuer, pursuant to which the Catalyst agreed…

    Read the filing
  • 7.4%+1.2 pts
    Since 31 March 2026
  • Forbion Growth Opportunities Fund III Cooperatief U.A.
    Passive investor
    at least 7.1%
    (filed with 1 related holder)
    Since 31 December 2025
  • Nan Fung Group Holdings Limited
    Passive investor
    at least 5.5%
    (filed with 9 related holders)
    Since 13 August 2026
  • Novo Holdings A/S
    Passive investor
    Sold down below 5%
    Since 30 July 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $842,548 of shares on the open market. 8 sold $29m, $20m of it under preset trading plans.

  • Hanson Kristopher
    General Counsel
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    16,509
    Price
    $11.67
    Value
    $192,660
  • Lillie James Woodruff
    Chief Scientific Officer
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    22,082
    Price
    $12.54
    Value
    $276,908
  • Cox Troy
    Director
    Bought
    Date
    28 July 2026
    Shares
    15,620
    Price
    $9.52
    Value
    $148,702
  • Kreitzer Anatol
    Chief Discovery Officer
    Sold
    under a preset trading plan
    Date
    17 July 2026
    Shares
    17,173
    Price
    $37.60
    Value
    $645,719
  • GILLIS JONATHAN
    CAO and Interim CFO
    Sold
    under a preset trading plan
    Date
    17 July 2026
    Shares
    18,469
    Price
    $37.60
    Value
    $694,463
  • Foff Erin Pennock
    Chief Medical Officer
    Sold
    under a preset trading plan
    Date
    17 July 2026
    Shares
    3,656
    Price
    $37.90
    Value
    $138,562
  • Hanson Kristopher
    General Counsel
    Sold
    Date
    17 July 2026
    Shares
    1,130
    Price
    $37.90
    Value
    $42,827
  • Lillie James Woodruff
    Chief Scientific Officer
    Sold
    Date
    17 July 2026
    Shares
    2,077
    Price
    $37.90
    Value
    $78,718
  • Kroeger Christopher A.
    Chief Executive Officer, Director
    Sold
    Date
    17 July 2026
    Shares
    16,779
    Price
    $37.90
    Value
    $635,924
  • Kreitzer Anatol
    Chief Discovery Officer
    Sold
    under a preset trading plan
    Date
    16 July 2026
    Shares
    9,056
    Price
    $36.80
    Value
    $333,235

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.