Maplight Therapeutics, Inc. · NASDAQ:MPLT
Maplight Therapeutics — Investor Presentation (December 2025)
32 slides from Maplight Therapeutics's investor presentation, Dec 4, 2025
Slide 1: Corporate Presentation December 4, 2025
Corporate Presentation December 4, 2025 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: Corporate Snapshot
Innovation-Driven Company Globally Recognized Scientific Founders Established in 2018 to >100 Employees Broad & Diversified Product Pipeline Differentiated M1/M4 Muscarinic Agonist Multiple Product Candidates + Discovery Platform Strong Financial Position ~$497M in Pro Forma Cash (as of 9/30)(1) Cas
Slide 4: Our Rational Drug Discovery Approach
Employ Medicinal Chemistry, Pharmacokinetics and Formulation Expertise to Optimize Drug Properties Our Rational Drug Discovery Approach Seeks to Address the Lack of Neural Circuit-Specific Pharmacotherapies Explore Causal Link Between Neural Circuit Activity and Disease Symptoms Identify Potential D
Slide 5: Our Pipeline of Product Candidates
Our Pipeline of Product Candidates GPR = G-protein-coupled receptor. PAC = peripherally acting anti-cholinergic. PAM = positive allosteric modulator. Leveraging Our Versatile Circuit-Based Discovery Platform for Ongoing Pipeline Expansion Program Circuit Indications Preclinical Phase 1 Phase 2 Phase
Slide 6: ML-007C-MA Lead Asset in Development for Schizophrenia and ADP
ML-007C-MA Lead Asset in Development for Schizophrenia and ADP
Slide 7: Muscarinic Receptor Agonism is the First Novel MoA Approved in Decades
Muscarinic Receptor Agonism is the First Novel MoA Approved for Treatment of Schizophrenia in Decades AE = adverse events; AD = Alzheimer’s disease; ADP = Alzheimer’s disease psychosis. Represents 2022 TRx estimates as per Symphony Health. Ringeisen H, et al. Mental and Substance Use Disorders Preva
Slide 8: Muscarinic approaches compared
Activity at M1 and M4 receptors Agonist / antagonist peripheral exposure mismatch Lack of M1 receptor activity Endogenous ACh required for activity for PAMs Positive & negative symptom improvement Signal of cognitive benefit Elevated rates of cholinergic AEs BID / TID dosing, with extended titration
Slide 9: ML-007C-MA: Our Novel M1/M4 Muscarinic Agonist
Safety and Tolerability Improved Ease of Use Improvement Across Key Symptom Domains Broad IP Portfolio Expected to Provide Coverage Into 2040s (2) ML-007C-MA Novel M1/M4 Agonist + Fesoterodine(1) 9 ML-007C-MA: Our Novel M1/M4 Muscarinic Agonist Potential Areas of Differentiation Strong Activation of
Slide 10: ML-007 is a Novel Muscarinic Agonist Active at M1 and M4
Amphetamine-Induced Hyperlocomotion PCP-Induced Hyperlocomotion Conditioned Avoidance Response (2) ~13x ~9x ~10x Xanomeline ML-007 Relative Peak Intrinsic Activity (1) Xanomeline ML-007 Protein Binding Oral Bioavailability Peripheral Tissue Accumulation Extensive (incl. liver) Low Stronger Relative
Slide 11: Close Matching of Plasma Exposures for ML-007 and PAC
210/3 mg BID Dose (2) 330/6 mg QD Dose (2) ML-007 PAC Ratio Dose notation refers to the co-formulated combination of ML‑007 and PAC. For example, 210/3 mg indicates 210 mg of ML‑007 and 3 mg of peripherally acting anti-cholinergic (PAC) . BID = twice daily; CV = coefficient of variation; QD = once d
Slide 12: Four Phase 1 Studies Completed
Four Phase 1 Studies Completed 270 Subjects Enrolled – Healthy Adults and Elderly 1,500+ Doses of ‘007 Administered ADP = Alzheimer’s disease psychosis. BID = twice daily; MTD = maximum tolerated dose; PAC = peripherally acting anti-cholinergic. QD = once daily; TEAE = treatment-emergent adverse eve
Slide 13: ML-007C-MA Key Areas of Potential Differentiation
ML-007C-MA Key Areas of Potential Differentiation
Slide 14: Safety and Tolerability
Safety and Tolerability KarXT: Elevated Rates of Pro and Anticholinergic AEs TEAEs reported in 67-89% of subjects in Phase 1 healthy volunteer trial at doses similar to the clinically efficacious doses, with moderate TEAEs in 17-33% of subjects (1) Phase 2 and 3 trials in schizophrenia patients repo
Slide 15: Study 013: Safety and Tolerability Healthy Adults, All Doses
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 16: Study 013: Healthy Adults at Target Doses
Study 013: Safety and Tolerability Healthy Adults (Non-Elderly) – At Target Doses in Ongoing Phase 2 Schizophrenia Trial BID = twice daily; QD = once daily; TEAE = treatment-emergent adverse event. AEs include events occurring after administration of target dose until 24 hours after last dose. Proce
Slide 17: KarXT: Translation of Tolerability From Healthy Volunteers to Patients
KarXT: Translation of Tolerability Profile From Healthy Volunteers to Schizophrenia Patients Types of AEs and % of moderate AE shows high translatability from healthy subjects to schizophrenia patients TEAEs in Schizophrenia Trials (% of Subjects) – Represents Highest Severity (2) TEAEs in Healthy A
Slide 18: Study 013: Safety and Tolerability Healthy Elderly, All Doses
Study 013: Safety and Tolerability Healthy Elderly – All Doses Evaluated 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%) 6 (100%) Cholinergic C
Slide 19: Study 013: Healthy Elderly at Target Dose
Study 013: Safety and Tolerability Healthy Elderly – At Target Dose in Ongoing Phase 2 Alzheimer’s Disease Psychosis Trial ADP = Alzheimer’s disease psychosis; BID = twice daily; TEAE = treatment-emergent adverse event. AEs include events occurring after administration of target dose until 24 hours
Slide 20: Improved Ease of Use
Improved Ease of Use KarXT: Dosing Requirements to Manage Tolerability Profile (1)(2) Dosing: BID in schizophrenia. TID in ADP Titration: 3-8 days in schizophrenia. 5 weeks in ADP Fasting: required in both schizophrenia and ADP (elderly patients) ML-007C-MA: Ease of Use for Patients and Care Provide
Slide 21: Study 013: CSF Exposure At Or Above Target Levels
21 Study 013: Planned Phase 2 Doses Achieved CSF Exposure At Or Above Target Levels AIH = amphetamine-induced hyperlocomotion; BID =twice daily; CSF = cerebrospinal fluid; ED50 = median effective dose; PCP = phencyclidine-induced hyperlocomotion. QD = once daily. ML-007 lines represents modeled esti
Slide 22: Improvement Across Key Symptom Domains
Improvement Across Key Symptom Domains KarXT: Cognitive Benefit Trend in Exploratory Analyses (1) Xanomeline showed clinically meaningful cognitive benefit in Phase 2 AD trial (2) ML-007C-MA: Potential Improvement Across Symptom Domains ML-007 has demonstrated robust M1/M4 activity (vs. xanomeline)
Slide 23: M1 and M4 Receptors Play Complementary Roles in Symptom Reduction
23 ML-007 Dose Response Xanomeline Dose Response AIH = Amphetamine-induced hyperlocomotion. M1KO = M1 knock-out. M4KO = M4 knock-out. WT = wild type. M1 and M4 Muscarinic Receptors Play a Significant and Complementary Role in Reduction of Symptoms ML-007 Demonstrated Stronger Agonism at Both M1 and
Slide 24: ML-007 Improved Memory in Alzheimer's Mouse Model
ns. ns. ns. * Vehicle ML-007 Xanomeline * ‘Familiar’ ‘Novel’ 24 Spatial Memory Social Memory * Significantly different from vehicle (p<0.05). ITI = inter-trial interval. Source: Comparison of 3 mg/kg xanomeline with 0.3 mg/kg ML- 007 in age-matched (10-13 months old) TG2576 cohorts. N=14-16 per arm,
Slide 25: ML-007C-MA Clinical Development
ML-007C-MA Clinical Development
Slide 26: Our Development Strategy for ML-007C-MA
26 Establish Efficacy / Safety in Key Indications Explore and Pursue Additional Indications Parallel development plans in schizophrenia and ADP Phase 2 studies designed to be adequate and well controlled Data-driven clinical design and execution strategy designed to mitigate placebo response Priorit
Slide 27: Design of Ongoing Phase 2 Studies
27 Trial Type Double-blind, placebo-controlled trial Double-blind, placebo-controlled trial Location US only, multicenter (25 sites) Global, multicenter (100 sites) Participants Hospitalized adult patients with schizophrenia Sample size = 300 Subjects with psychosis associated with Alzheimer’s disea
Slide 28: Strategies to Mitigate Placebo Response in Phase 2 Schizophrenia Study
Strategies to Mitigate Placebo Response in Ongoing Phase 2 Schizophrenia Study Limited number of sites (25) Single geography - US only Extensive vetting of sites using: Quality metrics for raters in recent acute schizophrenia studies Recent enrollment in positive acute schizophrenia studies 1:1 inte
Slide 29: ML-004 Autism Spectrum Disorder (ASD)
ML-004 Autism Spectrum Disorder (ASD)
Slide 30: ASD and ML-004 overview
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: Ongoing Global Phase 2 Trial in ASD
Multi-center, randomized, double-blind, placebo-controlled 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. baseline
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
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