A director of MapLight Therapeutics executed a notable equity sale in mid-February as the biotech reported program and partnership updates. On February 13, 2026, Robert C. Malenka sold 12,116 shares of the company’s voting common stock for aggregate proceeds of $220,632. The disposals were executed at prices between $18.00 and $18.59 per share.
At the time of the transactions, the company’s market value stood at approximately $753 million. MapLight’s shares were trading at $17.31, placing the market price below the range at which Malenka sold.
Following these sales, Malenka’s direct ownership consists of 339,254 shares. He also holds an indirect stake of 31,672 shares through the Robert C. Malenka Living Trust.
Financial and analyst snapshot
Analyst coverage ahead of MapLight’s upcoming earnings report, scheduled for February 25, remains favorable. According to the cited data, analysts maintain a Strong Buy consensus on the stock.
Financial metrics highlighted in company analysis point to a solid liquidity profile. MapLight is reported to have more cash than debt on its balance sheet and a current ratio of 13.22, indicating a strong short-term liquidity position. The company, however, is not yet profitable, a factor that keeps operational runway and future financing on the strategic agenda.
Clinical progress and strategic partnerships
MapLight has accelerated timelines for two Phase 2 clinical programs, now targeting topline data in the third quarter of 2026. The ZEPHYR trial, testing ML-007C-MA for schizophrenia, is progressing faster than anticipated and is benefiting from robust patient enrollment.
In regulatory developments, ML-007C-MA received Fast Track designation from the U.S. Food and Drug Administration for the treatment of hallucinations and delusions associated with Alzheimer’s disease psychosis, which could streamline development and review processes for that indication.
Strategically, the company entered a $200 million collaboration with SandboxAQ focused on discovering therapies for central nervous system disorders, concentrating on a novel GPCR target. In broker commentary, Jefferies reiterated a Buy rating and cited the potential of ML-007C-MA as a promising candidate for schizophrenia treatment.
What this means for markets
The insider sale, combined with the company’s clinical acceleration, regulatory recognition and a sizable discovery collaboration, presents a mixed signal for investors. The disposal occurred above the current trading price, and management ownership remains significant after the transaction. Meanwhile, liquidity metrics suggest MapLight has financial flexibility as it advances its pipeline, though profitability has not yet been achieved.
Given the proximity of the company’s earnings report and the importance of upcoming clinical readouts, market participants will likely be watching both operational progress and any commentary on financial position closely.