ML-007 ZEPHYR Shows Cognitive Signal, but Modest Efficacy Shapes Positioning; Downgrade to Equal-weight

Research evidence excerpt

ML-007 ZEPHYR Shows Cognitive Signal, but Modest Efficacy Shapes Positioning; Downgrade to Equal-weight

Idea

July 27, 2026 08:45 PM GMT

Morgan Stanley & Co. LLCMMapLight Therapeutics | North America Sean Laaman, Ph.D.

Equity Analyst

ML-007 ZEPHYR Shows Sean.Laaman@morganstanley.comMichael H Riad, Ph.D. +1 212 761-4947

Research Associate

Michael.Riad@morganstanley.com +1 212 761-1309

Cognitive Signal, but Modest Katherine Sun

Katherine.Sun@morganstanley.com +1 212 761-5968

Efficacy Shapes Positioning; Natasha Arya

Natasha.Arya@morganstanley.com +1 212 761-6294

Downgrade to Equal-weight

MapLight Therapeutics (MPLT.O, MPLT US)

What’s Changed Biotechnology | United States of America

MapLight Therapeutics (MPLT.O) From To Stock Rating Equal-weight

Rating Overweight Equal-weight Industry View Attractive

Price target $21.00

Price Target $34.00 $21.00

Shr price, close (Jul 24, 2026) $36.56

Mkt cap, curr (mm) $1,780

ZEPHYR shows ML-007 is pharmacologically active in 52-Week Range $40.43-12.24

schizophrenia, but the Phase 2 topline falls short of the bar for Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS ($)** (5.58) (5.32) (5.03) (6.20)

best-in-class muscarinic (and lowers confidence in a positive Prior EPS ($)** - (4.82) (4.43) (5.52)

ADEPT readthrough). We downgrade MPLT shares to Equal- P/EEPS ($)§ (7.08)NM (5.12)NM (4.13)NM (4.60)NM

weight, and see limited stock-moving catalyst in the near-term. Div yld (%) - - - -

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

Key Takeaways **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

e = Morgan Stanley Research estimates

The 210/3 mg twice-daily regimen produced a -4.5-point placebo-adjusted PANSS

Quarterly EPS ($)

improvement (ES 0.37, p=0.015).