MapLight shifts focus to schizophrenia drug after mixed Phase 2 results, raises $150 million

MapLight Therapeutics reported mixed outcomes from its Phase 2 Zephyr trial of the muscarinic agonist ML-007C-MA. A twice‑daily dose achieved the study’s primary endpoint with notable reductions in psychosis severity, while a once‑daily regimen failed to meet the same goal.

Despite the mixed data, the company reaffirmed its intention to meet with the FDA to discuss a path toward an approval application for the drug in schizophrenia. The next step is a Phase 3 trial slated to begin soon, with topline results expected in 2028.

MapLight is also enrolling patients in a Phase 2 Vista study of the same compound for Alzheimer’s disease psychosis, targeting a topline readout in the second half of next year.

To finance these efforts, MapLight announced a $150 million private placement earlier this month, adding to the $351.3 million previously raised. The new capital will support the schizophrenia program and the Alzheimer’s study while the company scales back other preclinical projects.

The strategic shift reflects a concentration of resources on the most advanced asset, even as earlier‑stage programs are deprioritized.