Free cash flow burn has accelerated to $51.2 million in 2026Q1, reflecting a rapid escalation in capital requirements that outpaces the company's current cash reserves.
| Cash from Operations | -163.76M | -138.14M | -78.81M | -52.01M | -26.58M |
| Operating CF Margin % | - | - | - | - | - |
| Operating CF Growth % | -218.24% | -75.27% | -51.55% | -95.68% | - |
| Net Income | -199.48M | -161.15M | -77.58M | -55.71M | -30.02M |
| Depreciation & Amortization | 574K | 578K | 701K | 556K | 574K |
| Stock-Based Compensation | 125K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 44.04M | 35.27M | 1.13M | 1.11M | 1.14M |
| Working Capital Changes | -9.02M | -12.84M | -3.06M | 2.04M | 1.72M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 190K | 0 | 0 | 0 | 0 |
| Cash from Investing | -293.7M | -323.21M | -80.79M | -462K | -746K |
| Capital Expenditures | -497K | -473K | -770K | -462K | -746K |
| CapEx % of Revenue | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 463.02M | 469.82M | 118.06M | 104.57M | 33.17M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 475.49M | 474.84M | 120.25M | 104.57M | 33.17M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12.47M | -5.02M | -2.19M | 104.57M | 33.17M |
| Net Change in Cash | 5.55M | 8.48M | -41.52M | 52.1M | 27.66M |
| Free Cash Flow | -164.26M | -138.61M | -79.58M | -52.47M | -27.32M |
| FCF Margin % | - | - | - | - | - |
| FCF Growth % | -107.54% | -74.17% | -51.68% | -92.03% | - |
| FCF per Share | -3.63 | -3.15 | -1.92 | -1.27 | -0.66 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.86x | 1.02x | 0.93x | 0.89x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Imminent Liquidity Shortfall
According to the provided financial data, MPLT's operating cash flow reached a deficit of $51.2 million in 2026Q1, reflecting a consistent trend where cash outflows closely track net losses, confirming the company's status as a pre-revenue entity entirely dependent on external financing for its clinical operations.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash accruals or working capital offsets to mitigate its burn. Investors should monitor this alignment, as it indicates that every dollar of loss translates directly into a reduction of the company's limited cash reserves.
As reported in financial statements, MPLT's free cash flow burn has accelerated from $12.1 million in 2023Q1 to $51.2 million in 2026Q1, illustrating a rapid escalation in capital requirements as the company advances its lead therapeutic candidate through late-stage clinical trials and regulatory preparation.
The trajectory of free cash flow suggests that the company's capital intensity is rising in lockstep with its clinical development milestones. This trend warrants further investigation into whether the current cash runway is sufficient to reach the next major data readout without necessitating dilutive equity financing.
Based on reported figures, working capital changes have remained negligible, with a minor $273,000 inflow in 2026Q1, confirming that the company's cash flow profile is driven almost exclusively by R&D expenditure rather than fluctuations in accounts receivable, inventory, or payables management typical of commercial-stage industrial firms.
The lack of meaningful working capital volatility suggests that the company's cash management is currently simplified by its pre-revenue status. This implies that future cash flow improvements will likely depend on successful commercialization or partnership milestones rather than operational efficiency gains in the supply chain.
As indicated by the financial data, the cash flow statement obscures the significant off-balance-sheet milestone obligations owed to Merck KGaA, which may create sudden liquidity demands that are not currently reflected in the reported $46.7 million cash and equivalents balance as of the most recent period.
The reliance on clinical trial execution means that the cash flow statement may understate the true financial burden if milestone payments are triggered by successful trial outcomes. Investors should monitor these potential liabilities, as they could significantly alter the company's liquidity position and necessitate a strategic pivot or capital raise.
Quick answers to the most common questions about buying MPLT stock.
MapLight Therapeutics, Inc. (MPLT) generated $-138.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MapLight Therapeutics, Inc. (MPLT) reported negative free cash flow of $138.6M in 2025, indicating capital requirements exceeded cash from operations.
MapLight Therapeutics, Inc. (MPLT) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.