The firm's financial position is characterized by an accumulated deficit of $421.2 million, leaving the company with minimal tangible assets and a reliance on external capital to maintain its $399.8 million equity base.
| Total Current Assets | 327.23M | 324.67M | 114.6M | 83.6M | 32.03M |
| Cash & Short-Term Investments | 310.11M | 305.1M | 108.8M | 79.77M | 27.66M |
| Cash Only | 55.71M | 46.73M | 38.25M | 79.77M | 27.66M |
| Short-Term Investments | 254.41M | 258.37M | 70.54M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 17.11M | 19.57M | 0 | 0 | 4.37M |
| Total Non-Current Assets | 91.56M | 154.84M | 22.31M | 7.8M | 7.36M |
| Property, Plant & Equipment | 6.23M | 6.58M | 7.56M | 6.58M | 7.12M |
| Fixed Asset Turnover | 0.00x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 233.91M | 148.2M | 11.59M | 1.22M | 234K |
| Other Non-Current Assets | 36K | 59K | 3.17M | 234K | 234K |
| Total Assets | 418.79M | 479.51M | 136.92M | 91.41M | 39.39M |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | 525.59% | 250.22% | 49.78% | 132.07% | - |
| Total Current Liabilities | 14.28M | 16.23M | 15.92M | 14.7M | 12.6M |
| Accounts Payable | 0 | 0 | 1.91M | 3.25M | 3.6M |
| Days Payables Outstanding | 723.01 | - | 995.55 | 2.13K | 2.29K |
| Short-Term Debt | 920K | 891K | 778K | 495K | 348K |
| Deferred Revenue (Current) | 3.61M | 0 | 3.24M | 4.2M | 5.86M |
| Other Current Liabilities | 11.15M | 9.18M | 5.98M | 4M | 1.34M |
| Current Ratio | 22.91x | 20.01x | 7.20x | 5.69x | 2.54x |
| Quick Ratio | 22.91x | 20.01x | 7.20x | 5.69x | 2.54x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 4.67M | 4.91M | 5.8M | 5.43M | 5.92M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 20.1M | 4.91M | 5.8M | 5.43M | 5.92M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 18.95M | 21.14M | 21.72M | 20.13M | 18.52M |
| Total Debt | 5.59M | 5.8M | 6.58M | 5.92M | 6.27M |
| Net Debt | -50.12M | -40.93M | -31.67M | -73.84M | -21.39M |
| Debt / Equity | 0.01x | 0.01x | 0.06x | 0.08x | 0.30x |
| Debt / EBITDA | -0.03x | - | - | - | - |
| Net Debt / EBITDA | 0.24x | - | - | - | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 399.83M | 458.37M | 115.19M | 71.28M | 20.87M |
| Equity Growth % | 666.68% | 297.91% | 61.6% | 241.55% | - |
| Book Value per Share | 8.83 | 10.41 | 2.78 | 1.72 | 0.50 |
| Total Shareholders' Equity | 399.83M | 458.37M | 115.19M | 71.28M | 20.87M |
| Common Stock | 5K | 5K | 0 | 0 | 0 |
| Retained Earnings | -421.19M | -360.52M | -199.37M | -121.79M | -66.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -883K | -228K | 163K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Imminent Clinical Funding Shortfall
As reported in financial statements, MPLT's equity base has experienced significant volatility, contracting from $458.4 million in 2025Q4 to $399.8 million in 2026Q1, a trend that underscores the rapid consumption of shareholder capital to fund late-stage clinical development and regulatory preparation for sonelokimab.
The trajectory of the balance sheet reflects a company in a high-stakes transition phase where asset accumulation is secondary to the aggressive depletion of cash reserves. Investors should monitor whether this contraction in equity signals a permanent shift toward a more dilutive capital structure as the company approaches critical Phase 3 milestones.
Based on reported figures, MPLT's cash and equivalents declined to $55.7 million in 2026Q1, which, when measured against the accelerating quarterly burn rate, suggests a narrowing runway that may necessitate immediate external financing to maintain the current pace of clinical trial enrollment and regulatory activities.
While the current ratio of 22.91 appears superficially robust, it is heavily distorted by the lack of meaningful current liabilities, masking the underlying reality of a company with limited operational flexibility. The rapid depletion of cash reserves warrants further investigation into the company's ability to sustain its current R&D trajectory without significant equity dilution.
According to recent SEC filings, MPLT's retained earnings have plummeted to a deficit of $421.2 million as of 2026Q1, a figure that highlights the substantial capital intensity required to advance its Nanobody platform through the clinical pipeline without the benefit of commercial revenue streams.
The persistent growth of the accumulated deficit is a direct consequence of the company's pre-revenue status and its reliance on equity-based financing to cover extensive R&D costs. This trend suggests that the company's book value is increasingly disconnected from its operational performance, placing the entire burden of value creation on the success of its lead asset.
As indicated by the financial data, the company's asset base is almost entirely devoid of tangible productive capacity, with net PPE of only $6.2 million, which suggests that the firm's value is almost exclusively tied to intangible clinical trial data and intellectual property rights.
The lack of significant tangible assets makes the company's valuation highly sensitive to binary clinical outcomes, as there is no underlying industrial base to provide a floor for the balance sheet. Investors should be wary that the reported asset values may not reflect the potential for impairment should clinical trials fail to meet primary endpoints.
Quick answers to the most common questions about buying MPLT stock.
As of 2025, MapLight Therapeutics, Inc. (MPLT) had total assets of $479.5M including $324.7M in current assets.
MapLight Therapeutics, Inc. (MPLT) carries total debt of $5.8M, offset by $305.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MapLight Therapeutics, Inc. (MPLT) has total shareholders' equity (book value) of $458.4M ($10.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MapLight Therapeutics, Inc. (MPLT) reported a current ratio of 20.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.