Maplight Therapeutics, Inc. · NASDAQ:MPLT
Maplight Therapeutics — Investor Presentation (March 2026)
34 slides from Maplight Therapeutics's investor presentation, Mar 26, 2026
Slide 1: Corporate Presentation March 26, 2026
Corporate Presentation March 26, 2026 Exhibit 99.2
Slide 2: Forward-looking statements disclaimer
This presentation and any accompanying oral commentary have been prepared by MapLight Therapeutics, Inc. (“MapLight”, “we,” “us,” “our,” the “Company”, or similar terms) for informational purposes only and not for any other purpose. This presentation contains trademarks, service marks, trade names a
Slide 3: MapLight Therapeutics: Improving Lives of Patients With CNS Disorders
3 MapLight Therapeutics Working to Improve the Lives of Patients Suffering From Debilitating CNS Disorders ADP = Alzheimer’s disease psychosis; ASD = autism spectrum disorder; CNS = central nervous system. Audited cash, cash equivalents, and investments as of December 31, 2025. Novel M1/M4 muscarini
Slide 4: Advancing a Broad and Diversified Pipeline
Advancing a Broad and Diversified Pipeline Program Circuit Indications Preclinical Phase 1 Phase 2 Phase 3 Anticipated Milestones ML-007C-MA M1/M4 agonist co-formulated with PAC Direct and Indirect Pathways Schizophrenia Topline results in Q3 2026 Alzheimer’s Disease Psychosis Topline results in 2H
Slide 5: ML-007C-MA Lead Asset in Development for Schizophrenia and ADP
ML-007C-MA Lead Asset in Development for Schizophrenia and ADP
Slide 6: Muscarinic Agonism is First Novel MoA Approved for Schizophrenia in Decades
Muscarinic Receptor Agonism is the First Novel MoA Approved for Treatment of Schizophrenia in Decades AD = Alzheimer’s disease; EPS = extrapyramidal symptoms; DRP = dementia-related psychosis. Siskind et al., Br J Psychiatry (2022); treatment resistant ≥2 treatments. Samara et al., Schizophrenia Bul
Slide 7: Prior Muscarinic Development Limited by Cholinergic AEs
Broad peripheral expression of M₁ and M₄ receptors drives dose-limiting pro-cholinergic AEs 7 Prior Clinical Development Efforts Within Muscarinic Class Have Been Limited by Cholinergic AEs Structural and Biological Constraints Historical Development Approaches and Challenges Emraclidine Phase 1 Hea
Slide 8: Cobenfy's Approach Challenged by Mismatched Peripheral Exposures
Cobenfy’s Approach is Challenged by Mismatched Peripheral Exposures of Agonist & Antagonist BID = twice daily; PK = pharmacokinetic. Cobenfy’s FDA integrated review. KarXT USPTO IP filings; based on Day 7 of dosing at 100/20 BID and 125/40 BID in the Phase 1 MAD study in healthy volunteers (KAR-003)
Slide 9: ML-007C-MA: Our Novel M1/M4 Muscarinic Agonist
Safety and Tolerability Mostly mild and transient TEAEs Limited episodes of vomiting Low rates of anti-cholinergic TEAEs Improved Ease of Use QD / BID dosing No fasting requirements Minimal titration required Broad Symptom Improvement Robust M1/M4 agonism in vitro In vivo studies support potential f
Slide 10: Deliberate Selection of Components for Fixed Dose Combination
10 Extensive preclinical and clinical development efforts to support dose optimization and selection Broad IP coverage into 2040s (3) Bi-Layer Tablet Robust M1 and M4 agonism CNS penetrant High oral bioavailability Favorable physical/chemical properties Low DDI risk ML-007C-MA Well characterized (1)
Slide 11: Dual M1/M4 Agonism Offers Potential for Comprehensive Symptom Improvement
11 Frontal cortex Ventral striatum Hippocampus Laterodorsal tegmental nucleus Dorsal striatum M1 and M4 Muscarinic Receptors’ Complementary Role Dual M1 / M4 Muscarinic Agonism Offers the Potential for Comprehensive Symptom Improvement Relative Peak Intrinsic Activity (1) M4 Frontal cortex Ventral s
Slide 12: Agonism at Both M1 and M4 Required for Robust Efficacy
12 Agonism at Both M1 and M4 Receptors Required to Drive Robust Efficacy at Clinically Relevant Doses ML-007 Demonstrated >8x Greater Activity vs. Xanomeline Across M1KO, M4KO and WT Models (2) Head-to-Head Pharmacodynamic Effects in AIH Models (1) AIH = Amphetamine-induced hyperlocomotion; ED50 = m
Slide 13: Consistent Effects Demonstrated Across In Vivo Models
Head-to-Head Pharmacodynamic Effects in AIH Models(1) Consistent Effects Demonstrated Across In Vivo Models CSF = cerebrospinal fluid; LID = L-DOPA–induced dyskinesia; NHP = non-human primates; PCP = phencyclidine; PK/PD = pharmacokinetics/pharmacodynamics; TD = tardive dyskinesia. Based on pharmaco
Slide 14: CSF Exposures at Phase 2 Doses Exceeded Conservative Targets
14 In Vitro Assays (2) M1 EC50 ~16 ng/mL M4 EC50 ~27 ng/ml ML-007 CSF Concentration (ng/mL) Time (hours) Time (hours) Reference Concentrations In Vivo Models (3) AIH ED50 ~14 ng/mL PCP ED50 ~27 ng/mL 210/3 mg BID Dose 330/6 mg QD Dose CSF Exposures Achieved in Study 013 at the Doses Selected for Pha
Slide 15: Close Matching of Plasma Exposures for ML-007 and PAC
Concentration Ratio Concentration Ratio Steady State Plasma Concentrations From Study 013 (1) 210/3 mg BID Dose (2) 330/6 mg QD Dose (2) ML-007 or PAC Plasma Concentration (ng/mL) ML-007 or PAC Plasma Concentration (ng/mL) Time (hours) Time (hours) ML-007 PAC Ratio Close Matching of Plasma Exposures
Slide 16: ML-007C-MA Well Positioned to be Differentiated Across Multiple Dimensions
Significant opportunity for a safer and more convenient treatment option with robust M1/M4 activation RCT = randomized controlled trials. Note: Assessments reflect management’s current views based on publicly available information and internal analyses; comparisons are qualitative and subject to unc
Slide 17: Our Development Strategy for ML-007C-MA
17 Establish Efficacy & Safety in Key Indications Explore and Pursue Additional Indications Parallel development in schizophrenia and ADP Ongoing Phase 2 studies (ZEPHYR and VISTA) designed to be adequate and well controlled Data-driven clinical design and execution strategy designed to mitigate pla
Slide 18: ML-007C-MA Phase 1 Studies
ee MapLight L-007C-MA Phase 1 Studies
Slide 19: Four Phase 1 Studies Completed
Four Phase 1 Studies Completed 270 Subjects Enrolled – Healthy Adults and Elderly 1,500+ Doses of ‘007 Administered N = 58 Dose-dependent target engagement with ML-007 Achieved single agent MTD Pairing with fesoterodine blocked peripheral cholinergic effects N = 106 Wide range of ML-007 to fesoterod
Slide 20: Study 013: Safety and Tolerability in Healthy Adults
Placebo Combined (N=8) 165/3 mg BID (N=6) 210/3 mg BID (N=6) 270/6 mg QD (N=6) 330/6 mg QD (N=6) Subjects With Any TEAE (1) 2 (25%) 6 (100%) 3 (50%) 3 (50%) 4 (67%) Cholinergic Classification – Subjects (%) Procholinergic 0 (0%) 4 (67%) 3 (50%) 2 (33%) 4 (67%) Anticholinergic 1 (13%) 3 (50%) 0 (0%)
Slide 21: Study 013: Target Doses Selected for Schizophrenia Trial
Study 013: Safety and Tolerability in Healthy Adults Target Doses Selected for Phase 2 Schizophrenia Clinical Trial Most TEAEs (~91%) were mild and transient Low rates of moderate TEAEs – nausea (n=1), dyspepsia (n=2) No severe or serious TEAEs Nausea AEs were mostly mild and self-limited with no ep
Slide 22: Study 013: Safety and Tolerability in Healthy Elderly
Study 013: Safety and Tolerability in Healthy Elderly 2-7 Day Titration + 7 Days at Target Dose Placebo Combined (N=7) (2) 165/3 mg BID (with 2d titration) (N=6) 210/3 mg BID (with 2-7d titration) (N=11) (3) 330/6 mg QD (with 7d titration) (N=6) (4) Subjects with Any TEAE (1) 5 (71%) 4 (67%) 8 (73%)
Slide 23: Study 013: Target Dose Selected for ADP Trial
Study 013: Safety and Tolerability in Healthy Elderly Target Dose Selected for Phase 2 ADP Clinical Trial Most TEAEs (~93%) were mild and transient Low rates of moderate TEAEs No serious or severe TEAEs Limited episodes of vomiting (n=1) or constipation (n=1) No episodes of urinary retention Placebo
Slide 24: ML-007C-MA Phase 2 Studies
ee MapLight L-007C-MA Phase 2 Studies
Slide 25: Phase 2 ZEPHYR Study Design in Schizophrenia
Screening Period (Day -7 to -1) Blinded Treatment Period (Day 1 to 35) Follow-up Period (Day 36 to 42) Week 1 Week 2 Week 3 Week 4 Week 5 25 N = 300 Randomized 1:1:1 Sites: 25 (US only) Placebo BID (n=100) ML-007C-MA 210/3mg BID (1) (n=100) ML-007C-MA 330/6mg QD (1) (n=100) Primary Endpoint Phase 2
Slide 26: Phase 2 VISTA Study Design in ADP
Phase 2 Study Design 26 Screening Period (Day -35 to -1) Blinded Treatment Period (Day 1 to 49) Follow-up Period (7 + 2 days after last dose) Week 1 Week 2 Week 3 Week 5 Week 7 ML-007C-MA 210/3mg BID (n=150) Primary Endpoint Week 1 105/1.5mg BID Weeks 2-7 210/3mg BID (1) Placebo BID (n=150) N = 300
Slide 27: Strategies to Mitigate Placebo Response in Phase 2 Schizophrenia Study
27 Strategies to Mitigate Placebo Response in Ongoing Phase 2 Schizophrenia Study Limited # of US-only sites Limited # of participants Conservative enrollment targets Moderate-to-severe baseline symptom requirements Trial Design Rigorous site and investigator selection Robust eligibility and duplica
Slide 28: ML-007C-MA: Potential Best-in-Class Muscarinic Agonist
Designed to achieve robust M1/M4 activation in combination with a synchronized peripheral antagonist Potentially favorable tolerability profile with convenient dosing, no fasting requirements, and minimal titration Strong agonism at both M1 and M4 offers the potential for improvement across key symp
Slide 29: ML-004 Autism Spectrum Disorder (ASD)
ML-004 Autism Spectrum Disorder (ASD)
Slide 30: ML-004 in Autism Spectrum Disorder: Unmet Need and Program
30 Core symptoms: Impaired social communication Restricted, repetitive thoughts and behaviors Comorbid neurobehavioral symptoms include: Irritability and aggression (in 25% of ASD patients) Hyperactivity, mood lability Affects ~1.8M children & adolescents and >5M adults in US No FDA approved treatme
Slide 31: ML-004 Phase 2 IRIS Study Design
Multi-center, randomized, double-blind, placebo-controlled trial Randomized approximately 160 subjects with ASD Adolescent (age 12-17) and adult (age 18-45) Flexible dosing paradigm, with target maintenance dose of 48mg and 72mg Primary Endpoint: ABI, Social Communication Domain Score Change vs. bas
Slide 32: Corporate Summary
Potential for a well-tolerated and convenient option without sacrificing strong M1/M4 activation Broad development strategy, including parallel advancement in schizophrenia and ADP Versatile and reproducible discovery platform leveraging our deep understanding of circuit biology Extensive medicinal
Slide 33: Appendix
ee MapLight ppendix
Slide 34: KarXT: Translation of Tolerability Profile From Healthy Volunteers to Patients
34 KarXT: Translation of Tolerability Profile From Healthy Volunteers to Schizophrenia Patients % of Subjects with TEAEs – Represents Highest Severity Phase 1 in HV (1) Phase 2/3 in Schizophrenia (2) HV = healthy volunteers; RWE = real-world evidence. OLE = open-label extension. “Xanomeline plus tro
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