MapLight Therapeutics (MPLT) risk factors, FY2025 10-K

Other

1. 01in this Annual Report on Form 10-K, including
2. 02Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The board of directors’ audit committee is responsible for overseeing Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats
3. 03Ite m 3. Legal Proceedings
4. 04Use of Proceeds from Initial Public Offering of Common Stock
5. 05It em 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
6. 06In June 2020, we entered into an Asset Purchase Agreement, or the NeuroSolis Agreement, with NeuroSolis Inc., or NeuroSolis, to acquire NeuroSolis's proprietary M 1 /M 4 agonist molecules and associated intellectual property
7. 07Research and Development Expenses
8. 08facility-related expenses, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities and other operating costs
9. 09successfully identifying and developing, acquiring or in-licensing additional product candidates to expand our pipeline
10. 10General and Administrative Expenses
11. 11Loss from Equity Method Investment
12. 12Comparison of the years ended December 31, 2025 and 2024
13. 13Plan of Operation and Future Funding Requirements
14. 14Our existing cash, cash equivalents and investments will not be sufficient to complete development of any product candidate. Accordingly, we will be required to obtain further funding to achieve our business objectives
15. 15Purchase and Other Obligations
16. 16Grant and License Agreements
17. 17Critical Accounting Policies and Use of Estimates
18. 18Research and Development Expense and Accruals
19. 19vendors related to product manufacturing, development and distribution of preclinical and clinical material and supplies
20. 20There are significant judgments and estimates inherent in the determination of the fair value of common stock. These estimates and assumptions include a number of objective and subjective factors, including external market conditions and the prices at which we sold shares of redeemable convertible preferred stock
21. 21Emerging Growth Company and Smaller Reporting Company Status
22. 22Ite m 8. Financial Statements and Supplementary Data
23. 23Evaluation of Disclosure Controls and Procedures
24. 24Management's Annual Report on Internal Control Over Financial Reporting
25. 25Changes in Internal Control Over Financial Reporting
26. 26Rule 10b5-1 Trading Arrangements
27. 27The Aggregate Number of Securities includes unvested restricted stock units for which shares of common stock will be withheld or sold to cover applicable taxes due with respect to the settlement of the restricted stock units
28. 28It em 10. Directors, Executive Officers and Corporate Governance
29. 29It em 11. Executive Compensation
30. 30It em 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
31. 31It em 13. Certain Relationships and Related Transactions, and Director Independence
32. 32Ite m 14. Principal Accounting Fees and Services
33. 33Financial statement schedules have been omitted because they are either not required or not applicable or the information is included in the consolidated financial statements or the notes thereto
34. 34Cover Page Interactive Data File (embedded within the Inline XBRL document)
35. 35† Portions of this exhibit (indicated by asterisks) have been redacted in compliance with Regulation S-K Item 601(b)(10)(iv) because the Registrant has determined that the information is both not material and is the type that the Registrant treats as private or confidential
36. 36Opinion on the Financial Statements
37. 37Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)
38. 38Commitments and contingencies (Note 15)
39. 39Loss on disposal of property and equipment
40. 40Reverse Stock Split, Initial Public Offering and Concurrent Private Placement
41. 41Liquidity and Going Concern
42. 42its business strategies. There can be no assurances that additional funding will be available on terms acceptable to the Company, or at all
43. 43Cash and Cash Equivalents
44. 44Concentration of Credit Risk and Off-Balance Sheet Risk
45. 45Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques
46. 46Property and Equipment, Net
47. 47Impairment of Long-Lived Assets
48. 48Asset Acquisitions and Acquired In-Process Research and Development Expenses
49. 49Redeemable Convertible Preferred Stock
50. 50Equity Method of Accounting
51. 51quantitative factors including the investee's financial metrics, product and commercial outlook and cash usage. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period and the investment is written down to fair value
52. 52Recently Adopted Accounting Pronouncements
53. 53Recently Issued But Not Yet Adopted Accounting Pronouncements
54. 54Certain short-term debt securities with original maturities of less than 90 days are included in cash and cash equivalents on the consolidated balance sheets and are not included in the tables above. As of December 31, 2025 , all short-term investments had contractual maturities within one year
55. 55The Company leases office and laboratory space which are classified as operating leases on the consolidated balance sheets
56. 56Balance Sheet Classification
57. 57Lease liability - current
58. 58the Company is the primary beneficiary of the entity either individually or via a related party group. The Company's maximum exposure to loss due to its involvement with Stellaromics is the carrying value of the investment
59. 59non-voting redeemable convertible preferred stock, of which it had designated 4,622,496 shares as Series B-1 Preferred Stock ("Series B-1") (collectively, the "Preferred Stock")
60. 60On March 27, 2024, the Company issued a total of 78,573,608 shares of Series C at a purchase price of $ 1.52723 per share for gross proceeds of $ 120.0 million. The Company incurred issuance costs that were de minimis in connection with the issuance of Series C
61. 61In October 2025, the Board approved the amended and restated certificate of incorporation, which was filed upon the closing of the IPO and which authorized the Company to issue up to 10,000,000 shares of preferred stock, with a par value of $ 0.0001
62. 622019 Equity Incentive Plan
63. 632025 Equity Incentive Plan
64. 642025 Employee Stock Purchase Plan
65. 65IPO Option Grants and RSU Awards
66. 66Stock-Based Compensation Expense
67. 67Since its inception in 2018, the Company has generated cumulative federal and state net operating loss and research and development credit carryforwards for which any net tax benefit has not been recorded due to uncertainty around utilizing these tax attributes within the respective carryforward periods
68. 68Effective income tax rate
69. 69NeuroSolis, Inc. asset purchase agreement
70. 70Michael J. Fox Foundation grant agreements (Note 16)
71. 71Universities and other third parties