The company remains a pre-revenue entity, with net losses widening to $60.7 million in 2026Q1 as R&D spending increased significantly from $10.4 million in 2023Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 574K | 578K | 701K | 556K | 574K |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | -574K | -578K | -701K | -556K | -574K |
| Gross Margin % | - | - | - | - | - |
| Gross Profit Growth % | - | 17.55% | -26.08% | 3.14% | - |
| Operating Expenses | 209.6M | 168.5M | 82.25M | 56.73M | 30.67M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 37.63M | 30.73M | 14.42M | 7.61M | 4.1M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 171.97M | 137.77M | 67.82M | 49.12M | 26.57M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -210.04M | -169.08M | -82.95M | -57.28M | -31.25M |
| Operating Margin % | - | - | - | - | - |
| Operating Income Growth % | - | -103.85% | -44.8% | -83.33% | - |
| EBITDA | -209.47M | -168.5M | -82.25M | -56.73M | -30.67M |
| EBITDA Margin % | - | - | - | - | - |
| EBITDA Growth % | -171.54% | -104.88% | -44.99% | -84.95% | - |
| D&A (Non-Cash Add-back) | 574K | 578K | 701K | 556K | 574K |
| EBIT | -199.48M | -161.15M | -77.58M | -55.71M | -30.02M |
| Net Interest Income | 7.18M | 5.52M | 4.5M | 1.1M | 429K |
| Interest Income | 7.18M | 5.52M | 4.5M | 1.1M | 429K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 10.56M | 7.93M | 5.37M | 1.57M | 1.23M |
| Pretax Income | -199.48M | -161.15M | -77.58M | -55.71M | -30.02M |
| Pretax Margin % | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -199.48M | -161.15M | -77.58M | -55.71M | -30.02M |
| Net Margin % | - | - | - | - | - |
| Net Income Growth % | -167.82% | -107.72% | -39.26% | -85.6% | - |
| Net Income (Continuing) | -199.48M | -161.15M | -77.58M | -55.71M | -30.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.41 | -3.66 | -1.87 | -1.34 | -0.72 |
| EPS Growth % | -154.44% | -95.72% | -39.55% | -86.11% | - |
| EPS (Basic) | - | -3.66 | -1.87 | -1.34 | -0.72 |
| Diluted Shares Outstanding | 45.28M | 44.02M | 41.43M | 41.43M | 41.43M |
| Basic Shares Outstanding | 45.28M | 44.02M | 41.43M | 41.43M | 41.43M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical Trial Funding Gap
As reported in financial statements, MPLT's quarterly R&D expenditure surged to $53.7 million in 2026Q1, reflecting a significant acceleration in clinical trial activity compared to the $10.4 million recorded in 2023Q1, which underscores the company's heavy reliance on external capital to sustain its late-stage development pipeline.
The sharp increase in R&D spending suggests that the company is aggressively pushing its lead asset through critical Phase 3 milestones. Investors should monitor whether this spending trajectory remains sustainable given the current cash position, as the lack of commercial revenue leaves no buffer for cost overruns.
Based on reported figures, MPLT's operating losses widened to $64.5 million in 2026Q1, demonstrating that the company's operational structure is currently designed for clinical execution rather than efficiency, as SG&A expenses have also climbed to $10.7 million to support the expanding corporate and regulatory infrastructure.
The absence of revenue means that operating leverage is currently non-existent, with every dollar of investment directly impacting the bottom line. The scaling of SG&A alongside R&D may indicate that the company is preparing for commercialization, though this adds significant pressure to the existing cash runway.
According to recent SEC filings, MPLT reported a net loss of $60.7 million for 2026Q1, a figure that highlights the company's status as a pre-revenue entity where earnings quality is entirely secondary to the successful progression of its sonelokimab clinical trials and regulatory approval timelines.
The net loss reflects the necessary costs of clinical development rather than operational mismanagement. However, the lack of non-operating income or revenue streams suggests that the company's valuation remains highly sensitive to binary clinical outcomes rather than traditional earnings-based metrics.
As indicated by the financial data, the company's cash burn has accelerated significantly, with quarterly net losses reaching $60.7 million in 2026Q1, which raises concerns regarding the adequacy of the $46.7 million cash balance to fund ongoing Phase 3 trials without immediate dilutive financing.
The current burn rate appears to outpace the reported cash reserves, suggesting that the company may face a liquidity crunch in the near term. This warrants further investigation into potential partnership milestones or secondary equity offerings that could be required to bridge the funding gap before commercialization.
Quick answers to the most common questions about buying MPLT stock.
For fiscal year 2025, MapLight Therapeutics, Inc. (MPLT) reported total revenue of $0.0M.
MapLight Therapeutics, Inc. (MPLT) reported a net loss of $161.2M for the fiscal year ending 2025.