Overview
Robert C. Malenka, a director at MapLight Therapeutics, Inc. (NASDAQ: MPLT), sold a total of 34,604 shares of Voting Common Stock over three trading days from January 28 through January 30, 2026, realizing approximately $635,857 in proceeds. Transaction prices ranged from $18.11 to $19.05 per share. The stock is currently trading at $17.69 and has moved lower since these transactions occurred.
Transaction breakdown
- January 28: 5,860 shares sold at a weighted average price of $18.61, netting about $109,055.
- January 28: an additional 664 shares sold at a weighted average price of $19.05, totaling roughly $12,647.
- January 29: 21,262 shares sold at a weighted average price of $18.55, amounting to approximately $394,300.
- January 30: 6,612 shares sold at a weighted average price of $18.11, producing about $119,745.
Post-sale holdings and trust position
After these dispositions, Malenka retains direct ownership of 365,273 shares of MapLight Therapeutics. An additional 31,672 shares are held indirectly through the Robert C. Malenka Living Trust U/A DTD 08/21/2012, for which Malenka serves as sole trustee and maintains voting and dispositive authority.
Purpose of the sales
The reported insider sales were made to satisfy tax obligations arising from the settlement of restricted stock unit awards. The company filing indicates the sales were not part of an open-market trading plan but were executed to cover tax liabilities related to equity compensation.
Company financials and market context
Available data show MapLight with a market capitalization of roughly $811 million and a strong financial health score. The company has more cash than debt on its balance sheet and a current ratio of 13.22, signalling substantial short-term liquidity. However, MapLight has been unprofitable over the trailing twelve months.
Clinical progress and corporate developments
MapLight expects to report topline results for two Phase 2 clinical trials earlier than previously scheduled, with topline data anticipated in the third quarter of 2026. The ZEPHYR trial, which evaluates ML-007C-MA for schizophrenia, is experiencing faster-than-expected patient enrollment. Separately, the U.S. Food and Drug Administration has granted Fast Track designation to ML-007C-MA for the treatment of hallucinations and delusions associated with Alzheimer’s disease psychosis, a designation intended to accelerate development and regulatory review and potentially make the program eligible for expedited approval pathways.
The company has also entered a strategic collaboration with SandboxAQ to pursue discovery and development efforts for central nervous system disorders. That partnership includes the potential for milestone payments that could total up to $200 million. In coverage-related news, Jefferies has reiterated its Buy rating on MapLight and kept a price target of $32.00, highlighting the potential of the oral ML-007C-MA candidate ahead of expected Phase II schizophrenia data in the latter half of 2026.
What this means for investors
The insider sale, disclosed as tax-related, reduced Malenka’s position by 34,604 shares but left him with a substantial direct and indirect holding. The company’s reported strong liquidity and analyst optimism - reflected in a buy consensus with price targets in the $28 to $34 range - coexist with the firm’s current unprofitability. Ongoing clinical readouts, regulatory designations, and strategic partnerships will likely remain key drivers of investor attention in the coming quarters.