Key August Ph. II Data Readouts On Deck; Competitor ADP Data Also This Year

Research evidence excerpt

Key August Ph. II Data Readouts On Deck; Competitor ADP Data Also This Year

TD Cowen Maplight Therapeutics

Global Research May 14, 2026

Investment Thesis

Maplight Therapeutics is a clinical stage biotechnology company focused on the

development of agents to treat CNS and neuropsychiatric conditions. Lead asset ML-

007C-MA is a M1/M4 agonist combined with a peripherally acting anti-cholinergic

agent in development for schizophrenia and Alzheimer's psychosis. While BMS'

(through the acquisition of Karuna) Cobenfy has been a welcomed addition to the

schizophrenia treatment paradigm, the agent does have problematic GI side effects

and a more challenging administration profile that could limit broader use per our

KOL discussions. Maplight believes ML-007C-MA's profile will be able to deliver on

measures of disease activity, while limiting peripheral cholinergic side effects and

provide benefit on additional measures of disease (cognition etc.) with a more

convenient dosing profile (e.g. QD dosing and/or lack of need for fasting). A Ph. II has

completed enrollment, with data expected by mid-August. While a differentiated

profile vs. Cobenfy will be key, and there are other muscarinic-based agents in

development from others including NBIX, ABBV, and NMRA, should ML-007C-MA be

approved with a compelling profile, our KOLs see much room for improvement on the

current SOC options. We model peak U.S. sales of $1.3B in 2040 for the therapy. This

along with an assumed ex-U.S. partnership results in an NPV-value of $35/share.

The same therapy is also in Ph. II development for the treatment of Alzheimer's

disease psychosis. While our KOLs indicate that the unmet need in this population is

high given there are not formal FDA-approved agents to treat the indication, and the