Detailed financial statements for MapLight Therapeutics, Inc. (MPLT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
MapLight Therapeutics, Inc. is a clinical-stage biopharmaceutical firm dedicated to developing innovative treatments for individuals grappling with severe central nervous system (CNS) disorders. Its pipeline features several promising therapeutic candidates: ML-007C-MA, a fixed-dose combination of an M1/M4 muscarinic agonist, is being advanced to address symptoms of schizophrenia and Alzheimer's disease psychosis.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $11.40, MPLT has negative trailing earnings (P/E not meaningful) and an ROE of -35.16%. Market capitalisation stands at $484M.
Balance sheet quality for MPLT: current ratio of 20.0, net cash position of $299.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Cost of Revenue | $574000 | $556000 | $701000 | $578000 |
| Gross Profit | -$574000 | -$556000 | -$701000 | -$578000 |
| Research & Development | $26.6M | $49.1M | $67.8M | $137.8M |
| Selling, General & Admin | $4.1M | $7.6M | $14.4M | $30.7M |
| Operating Expenses | $30.7M | $56.7M | $82.2M | $168.5M |
| Operating Income | -$31.2M | -$57.3M | -$82.9M | -$169.1M |
| EBITDA | -$29.4M | -$55.2M | -$76.9M | -$160.6M |
| Interest Expense | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$30.0M | -$55.7M | -$77.6M | -$161.2M |
| Income Tax | 0 | 0 | 0 | 0 |
| Net Income | -$30.0M | -$55.7M | -$77.6M | -$161.2M |
| EPS | $-0.72 | $-1.34 | $-1.87 | $-3.66 |
| EPS (Diluted) | $-0.72 | $-1.34 | $-1.87 | $-3.66 |
| Shares Outstanding (Diluted) | $41.4M | $41.4M | $41.4M | $44.0M |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $27.7M | $79.8M | $38.3M | $46.7M |
| Short-term Investments | 0 | 0 | $70.5M | $258.4M |
| Receivables | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $32.0M | $83.6M | $114.6M | $324.7M |
| Property, Plant & Equipment | $7.1M | $6.6M | $7.6M | $6.6M |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Assets | $39.4M | $91.4M | $136.9M | $479.5M |
| Accounts Payable | 0 | 0 | $1.9M | 0 |
| Short-term Debt | $348000 | $495000 | $778000 | $891000 |
| Total Current Liabilities | $12.6M | $14.7M | $15.9M | $16.2M |
| Long-term Debt | 0 | 0 | 0 | 0 |
| Total Liabilities | $18.5M | $20.1M | $21.7M | $21.1M |
| Retained Earnings | -$66.1M | -$121.8M | -$199.4M | -$360.5M |
| Total Equity | $20.9M | $71.3M | $115.2M | $458.4M |
| Total Debt | $6.3M | $5.9M | $6.6M | $5.8M |
| Net Debt | -$21.4M | -$73.8M | -$102.2M | -$299.3M |
| Working Capital | $19.4M | $68.9M | $98.7M | $308.4M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income | -$30.0M | -$55.7M | -$77.6M | -$161.2M |
| Depreciation & Amortization | $574000 | $556000 | $701000 | $578000 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
| Change in Working Capital | $1.7M | $2.0M | -$3.1M | -$12.8M |
| Operating Cash Flow | -$26.6M | -$52.0M | -$78.8M | -$138.1M |
| Capital Expenditure | -$746000 | -$462000 | -$770000 | -$473000 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$27.3M | -$52.5M | -$79.6M | -$138.6M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income Growth (YoY) | -85.6% | -39.3% | -107.7% | |
| EPS Growth (YoY) | -86.1% | -39.6% | -95.7% | |
| Shares Change (YoY) | +0.0% | +0.0% | +6.3% | |
| FCF Growth (YoY) | -92.0% | -51.7% | -74.2% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| FCF Per Share | $-0.66 | $-1.27 | $-1.92 | $-3.15 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $41.4M | $41.4M | $41.4M | $44.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -35.16% |
| Return on Invested Capital | -36.43% |
| Return on Assets | -33.61% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 16.52 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 20.51 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| P/E | -25.47 | -13.69 | -9.81 | -4.80 |
| P/B | 36.41 | 10.66 | 6.60 | 1.69 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% |
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