Insider sale details
Director Robert C. Malenka executed a sale of 7,040 shares of MapLight Therapeutics Voting Common Stock on February 2 and 3, 2026, according to a Form 4 filed with the U.S. Securities and Exchange Commission. The shares were disposed of at prices ranging from $18.00 to $18.02 per share, resulting in aggregate proceeds of $126,860.
The bulk of the transaction occurred on February 2, 2026, when Malenka sold 7,039 shares. A single additional share was sold on February 3, 2026. Following these dispositions, Malenka is reported to directly own 358,233 shares. He also indirectly holds 31,672 shares through the Robert C. Malenka Living Trust U/A DTD 08/21/2012, for which he is the sole trustee and retains voting and dispositive authority.
Market context and trading performance
At the time of reporting, MapLight common stock is trading at $16.80, a level that is 9.58% lower than it was a week earlier and materially below the prices at which Malenka sold. The Form 4 filing formally records the transaction with the SEC.
Analyst views and upcoming financial catalyst
Despite the insider sale and recent share-price weakness, sell-side analysts continue to express upside expectations for MapLight, with published price targets ranging from $28 to $34. The company has an earnings release scheduled for February 25, 2026, which will provide an imminent corporate update.
Operational developments and partnerships
MapLight has moved up the expected timelines for two Phase 2 clinical studies, with topline data now anticipated in the third quarter of 2026. One of those trials, the ZEPHYR study evaluating ML-007C-MA in schizophrenia, is enrolling faster than forecasted and is expected to include 300 hospitalized adult participants. 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.
The company also disclosed a strategic collaboration with SandboxAQ to discover therapies for central nervous system disorders. That agreement is described as having a total potential value of up to $200 million; under the terms, SandboxAQ received an upfront payment and may be eligible for additional milestone payments.
Financial snapshot and research coverage
Analysis provided via InvestingPro indicates MapLight is rapidly drawing on its cash resources but retains a balance sheet with more cash than debt. Jefferies has reiterated a Buy rating on MapLight, citing the potential of ML-007C-MA as a key rationale.
What this means for investors
The filings and corporate updates create a mix of signals: a director sale recorded at levels above the current market price, continued analyst optimism and reiterated Buy coverage, accelerated development timelines, and a sizeable strategic collaboration. Shareholders will have an upcoming earnings report on February 25, 2026, and should monitor clinical readouts and financing dynamics closely.