Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
MapLight Therapeutics, Inc. (MPLT)
A forensic read on MapLight Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
$1.5B
Market cap
MapLight Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+137.0%Accruals ratio. Net operating assets grew +137.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -9% of net operating assets.
-32%Return on invested capital. Return on invested capital is -32% and rising from -79% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1079.2%/yrShare-count dilution. Diluted share count changed +1079% over the last 1 years to FY2025 (+1079.2%/yr). The count is GROWING — existing holders are being diluted. That's ~1079.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~1079%.
Key fundamentals
Free Cash Flow$-138.6M
Return on Equity-35.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on MapLight Therapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MPLT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
No credit card · informational only, not investment advice · see the track record
← Browse all forensic stock analyses
Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.