Needham initiated coverage on MapLight Therapeutics Inc. (NASDAQ:MPLT).

The company, which is focused on central nervous system disorders, debuted on NASDAQ in October 2025 and raised $296.3 million in IPO gross proceeds.

• MapLight Therapeutics stock is showing positive momentum. What’s next for MPLT stock?

Lead Asset Targets Psychosis

The company’s lead drug, ML-007C-MA, is an M1/M4 Muscarinic Agonist for schizophrenia and Alzheimer’s Disease Psychosis (ADP).

Phase 2 ZEPHYR trial of ML-007C-MA for schizophrenia is expected to reach target enrollment in April 2026, with topline results expected in the third quarter of 2026.

The VISTA Phase 2 trial is evaluating ML-007C-MA for ADP. The company expects to enroll approximately 300 participants in the trial, with topline expected in the second half of 2027.

Phase 1 trial data (December 2024) showed a favorable safety and tolerability profile in healthy adults and elderly volunteers.

Exposures maintained at or above anticipated clinically relevant levels with both once- and twice-daily dosing.

Analyst Ami Fadia initiated with a Buy rating and a price forecast of $37.

In an investor note on Wednesday, Fadia wrote that the muscarinic class is likely to be disruptive with application across multiple indications.

Needham Analyst Sees Differentiation

Needham highlighted that ML-007C-MA should be differentiated from Bristol Myers Squibb Co.’s (NYSE:BMY) Cobenfy (xanomeline and trospium chloride) in schizophrenia on tolerability and convenience, supporting $1.5 billion in sales by 2035.

ML-007C-MA could be even more differentiated from Cobenfy in AD Psychosis on tolerability and convenience, supporting sales of $2.4 billion by 2035.

In April 2025, Bristol Myers Squibb released topline results from the phase 3 ARISE trial of Cobenfy as an adjunctive treatment to atypical antipsychotics in adults with inadequately controlled symptoms of schizophrenia.

Upcoming Data Seen As Key De-Risking Events

Adjunctive Cobenfy treatment demonstrated a 2.0-point reduction in the Positive and Negative Syndrome Scale (PANSS) total score compared to placebo with an atypical antipsychotic at week 6, which did not reach the threshold for statistical significance for the primary endpoint (P = 0.11).

Needham wrote that ML-007C-MA’s ZEPHYR data and Cobenfy’s ADEPT-2 Phase 3 readout in 2026 should meaningfully de-risk this story.

MPLT Stock Price Activity: MapLight Therapeutics shares were down 1.59% at $23.76 at the time of publication on Wednesday, according to Benzinga Pro data.

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