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MPLT on Nasdaq

MapLight Therapeutics, Inc.

American pharmaceutical preparations company based in Redwood City1

In its 2026 annual report the company says: “We are a clinical-stage biopharmaceutical company with a limited operating history and no history of commercializing products, which may make it difficult to evaluate our approach to the discovery, development and future commercialization of product candidates and the prospects for our future viability.”7 Its shares trade on Nasdaq under the symbol MPLT.1

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Last updated Oct 21, 2026.

Overview

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  • TickerMPLT on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersRedwood City, California1
  • Incorporated inDE2
  • Business address800 Chesapeake Drive, Redwood City, Ca 940632
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2
  • Legal formCorporation

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income3-$169.1M in 2025+104% since 2024
-$200.0M-$150.0M-$100.0M-$50.0M02024: -$82.9M-$82.9M20242025: -$169.1M-$169.1M2025+104%
Net income3-$161.2M in 2025+108% since 2024
-$200.0M-$150.0M-$100.0M-$50.0M02024: -$77.6M-$77.6M20242025: -$161.2M-$161.2M2025+108%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Research and development$138.3M$68.5M
General and administrative$30.7M$14.4M
Total operating expenses$169.1M$82.9M
Loss from operations-$169.1M-$82.9M
Interest income$5.5M$4.5M
Loss from equity method investment-$986.0K
Other income, net$2.4M$1.8M
Total other income, net$7.9M$5.4M
Net loss-$161.2M-$77.6M
Net loss per share - basic-$18.56-$105.38
Net loss per share - diluted-$18.56-$105.38
Weighted-average number of common shares outstanding - basic8.7M shares736.2K shares
Weighted-average number of common shares outstanding - diluted8.7M shares736.2K shares
Unrealized (loss) gain on available-for-sale investments-$391.0K$163.0K
Comprehensive loss-$161.5M-$77.4M

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Corporate structure

MapLight Therapeutics, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MapLight Therapeutics, Inc.

  • MapLight Therapeutics, Inc. Redwood City, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MapLight Therapeutics, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$3.7M3 Dec 31, 2025$3.3M3 Dec 31, 2024+13.5%
Accumulated depreciation$2.6M3 Dec 31, 2025$2.1M3 Dec 31, 2024+26.8%
Property and equipment, net$1.1M3 Dec 31, 2025$1.2M3 Dec 31, 2024−9.3%
Operating-lease assets (leased space)$5.5M3 Dec 31, 2025$6.4M3 Dec 31, 2024−13.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$46.7M3 Dec 31, 2025$38.3M3 Dec 31, 2024+22.2%
Marketable securities, current$258.4M3 Dec 31, 2025$70.5M3 Dec 31, 2024+266.3%
Debt securities available for sale$406.4M3 Dec 31, 2025$81.9M3 Dec 31, 2024+396.0%
Long-term investments$148.0M3 Dec 31, 2025$11.4M3 Dec 31, 2024+1200.5%

Properties, in its own words

Our principal executive office is located in Redwood City, California, where we lease a total of 13,734 square feet of office and laboratory space that we use for our administrative, research and development and other activities under a lease that currently expires in 2031. We also lease approximately 6,205 square feet of office space in Burlington, Massachusetts under a lease that expires in 2029, with an option to extend the term for an additional five years. We believe that our facilities are sufficient to meet our current needs and that suitable additional space will be available as and when needed.

Item 2 of the 10-K filed Mar 26, 2026.7

Leadership

Who has led MapLight Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher A. Kroeger2025–now

Chief financial officer

  1. Vishwas Setia2025–now
Board members and other officers (14)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerJonathan A Gillis named Nov 10, 2022 to Jul 28, 202523
  • Executive OfficerCharmaine A Lykins named Nov 3, 202324
  • DirectorPeter A Bisgaard named Nov 10, 2022 to Jul 28, 202523

Former names

  • Alvarado Therapeutics, Inc.Mar 8, 2019 to Mar 22, 20192

Timeline

  1. Aug 13, 20268-K Entered a material agreement; Results of operations; Unregistered sale of shares25
  2. Jul 27, 20268-K Regulation FD disclosure; Other events26
  3. Jun 24, 20268-K Shareholder vote27
  4. Jun 22, 20268-K Regulation FD disclosure; Other events28
  5. Jun 18, 20268-K Executive or director change29
  6. May 14, 20268-K Results of operations; Regulation FD disclosure30
  7. Apr 29, 20268-K Executive or director change31
  8. Mar 26, 20268-K Results of operations; Regulation FD disclosure32
  9. Jan 9, 20268-K Results of operations; Regulation FD disclosure33
  10. Dec 4, 20258-K Results of operations; Regulation FD disclosure34
  11. Oct 29, 20258-K Unregistered sale of shares; Bylaws or fiscal year changed; Other events35
  12. Oct 27, 2025New chief executive Christopher A. Kroeger becomes CEO8

Calendar

Coming up

  1. Dec 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($37.18) a share, on Dec 4, 2025.36

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results25
  2. May 14, 2026Reported quarterly or annual results30
  3. Mar 26, 2026Reported quarterly or annual results32
  4. Jan 9, 2026Reported quarterly or annual results33
  5. Dec 4, 2025Reported quarterly or annual results34

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

199 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 11 major events, 94 insider forms, 9 large holders, 4 private raises, 77 other. The latest 20:

  1. Oct 15, 2026144 EDGAR
  2. Oct 15, 2026144 EDGAR
  3. Oct 15, 2026144 EDGAR
  4. Oct 15, 2026144 EDGAR
  5. Oct 15, 2026144 EDGAR
  6. Oct 15, 2026144 EDGAR
  7. Oct 15, 2026144 EDGAR
  8. Sep 23, 2026EFFECT EDGAR
  9. Sep 23, 2026424B3 EDGAR
  10. Sep 18, 20264 EDGAR
  11. Sep 18, 2026S-1/A EDGAR
  12. Sep 16, 2026144 EDGAR
  13. Sep 9, 2026S-1 EDGAR
  14. Aug 20, 2026SCHEDULE 13G EDGAR
  15. Aug 19, 20264 EDGAR
  16. Aug 19, 20264 EDGAR
  17. Aug 19, 20264 EDGAR
  18. Aug 19, 20264 EDGAR
  19. Aug 19, 20264 EDGAR
  20. Aug 19, 20264 EDGAR

The 199 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

78 open-market trades by officers, directors and large owners since October 2021: 11 buys and 67 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 16, 2026Hanson KristopherGeneral CounselSale16,509$11.67$192.7KForm 4
Aug 14, 2026Catalyst4, Inc.10% ownerBuy4,400,000$11.38$50.1MForm 4
Aug 3, 2026Lillie James WoodruffChief Scientific OfficerSale22,082$12.54$276.9KForm 4
Jul 30, 2026Catalyst4, Inc.10% ownerBuy1,000,000$13.00$13.0MForm 4
Jul 29, 2026Catalyst4, Inc.10% ownerBuy3,000$12.63$37.9KForm 4
Jul 28, 2026Catalyst4, Inc.10% ownerBuy206,225$11.04$2.3MForm 4
Jul 28, 2026Cox TroyDirectorBuy15,620$9.52$148.7KForm 4
Jul 17, 2026Kreitzer AnatolChief Discovery OfficerSale17,173$37.60$645.7KForm 4
Jul 17, 2026Foff Erin PennockChief Medical OfficerSale3,656$37.90$138.6KForm 4
Jul 17, 2026Hanson KristopherGeneral CounselSale1,130$37.90$42.8KForm 4
Jul 17, 2026Lillie James WoodruffChief Scientific OfficerSale2,077$37.90$78.7KForm 4
Jul 17, 2026GILLIS JONATHANCAO and Interim CFOSale18,469$37.60$694.5KForm 4
Jul 17, 2026Kroeger Christopher A.Chief Executive OfficerSale16,779$37.90$635.9KForm 4
Jul 16, 2026Kreitzer AnatolChief Discovery OfficerSale9,056$36.80$333.2KForm 4
Jul 16, 2026Foff Erin PennockChief Medical OfficerSale15,047$36.77$553.3KForm 4
Jul 16, 2026Hanson KristopherGeneral CounselSale8,118$36.78$298.6KForm 4
Jul 16, 2026Lillie James WoodruffChief Scientific OfficerSale8,547$36.79$314.4KForm 4
Jul 16, 2026GILLIS JONATHANCAO and Interim CFOSale8,455$36.80$311.1KForm 4
Jul 16, 2026Kroeger Christopher A.Chief Executive OfficerSale69,082$36.79$2.5MForm 4
Jul 15, 2026Kreitzer AnatolChief Discovery OfficerSale10,055$36.49$366.9KForm 4

All 78 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Christopher A. KroegerM.D.58$655.2K$25.6M42
2025Erin Pennock FoffM.D., Ph.D.$531.0K$6.3M42
2025Vishwas Setia39$432.3K$6.2M42
2024President and Chief Executive Officer$628.0K$8.8M42
2024Chief Financial Officer$332.1K$3.1M42
2024Chief Medical Officer$509.0K$2.8M42

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 18, 2025Raised $188.2 million in a private offering of equity Form D: $372.4 million offered in all Form D
  2. Jul 5, 2023Raised $105 million in a private offering of equity Form D: $225 million offered in all Form D
  3. Oct 25, 2022Raised $12 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Novo Holdings A/s3,686,622$132.1M7.7%No change
Fcpm III Services B.v.3,226,400$115.6M15.4%No change
Goldman Sachs Group Inc1,948,312$69.8M0.0%−46,561
BlackRock, Inc.1,025,134$36.7M0.0%−314,597
Nan Fung Group Holdings Ltd971,253$34.8M26.5%No change
5AM Venture Management, LLC950,011$34.0M11.8%No change
Sanofi912,041$32.7M6.1%No change
State Street Corp852,150$30.5M0.0%+513,034
Fmr LLC823,556$29.5M0.0%+619,055
Vanguard Capital Management LLC784,150$28.1M0.0%+64,330
Blue Owl Capital Holdings LP729,929$26.2M4.0%−276,000
Paradigm Biocapital Advisors LP685,852$24.6M0.5%New
Pivotal bioVenture Partners Investment Advisor LLC611,446$21.9M7.1%−1
Velan Capital Investment Management LP492,893$17.7M10.8%No change
Siren, L.L.C.450,000$16.1M0.3%No change
Capital World Investors415,730$14.9M0.0%New
Geode Capital Management, LLC402,051$14.4M0.0%−79,150
Baker Bros. Advisors LP364,705$13.1M0.1%No change
DAFNA Capital Management LLC171,006$6.1M1.2%No change
BNP PARIBAS ASSET MANAGEMENT Holding S.A.170,862$6.1M0.0%−96,884
Freestone Grove Partners LP168,912$6.1M0.0%−145,045
Charles Schwab Investment Management Inc136,818$4.9M0.0%−24,328
Millennium Management LLC128,841$4.6M0.0%New
Superstring Capital Management LP125,432$4.5M2.8%−66,707
Vanguard Fiduciary Trust Co123,135$4.4M0.0%−8,096

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How MapLight Therapeutics, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMapLight Therapeutics, Inc.1
  • CIK0001770069
  • Employer ID (EIN)83-21632437
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address800 Chesapeake Drive, Redwood City, CA 940631
  • Phone650-839-43601
  • Shares outstanding42,436,326 shares as of Mar 19, 20267
  • Public float$0 as of Jun 30, 20253
  • AuditorRSM US LLP, Boston, Massachusetts PCAOB ID 49; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceMar 8, 20191
  • Filings203 in all: 4 (76), 144 (45), 3 (17), 8-K (11), D (6), 144/A (5), DRS/A (4), 10-Q (3)1
    All 29 form types

    DRSLTR (3), SCHEDULE 13D/A (3), SCHEDULE 13G (3), UPLOAD (3), 424B3 (2), D/A (2), FWP (2), S-1 (2), S-1/A (2), S-8 (2), SCHEDULE 13D (2), 10-K (1), 3/A (1), 8-A12B (1), ARS (1), CERT (1), DEF 14A (1), DEFA14A (1), DRS (1), EFFECT (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Voting Common Stock, $0.0001 par value per shareMPLTNasdaq Global Select Market

From the cover page of the 10-K filed Mar 26, 2026 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks MapLight Therapeutics, Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 74 risks under these headings, as written.7

  • Risks Related to Our Limited Operating History, Financial Condition and Need for Additional Capital
  • We are a clinical-stage biopharmaceutical company with a limited operating history and no history of commercializing products, which may make it difficult to evaluate our approach to the discovery and development of product candidates and the prospects for our future viability.
  • We have incurred substantial losses since our inception. We anticipate incurring substantial and increasing losses for the foreseeable future and may never achieve or maintain profitability.
  • We will require substantial additional financing to achieve our goals, and failure to obtain additional capital when needed, or on acceptable terms, could cause us to delay, limit, reduce or terminate our product development or future commercialization efforts.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.
  • Risks Related to the Design, Development, Approval and Commercialization of our Product Candidates
  • If we are unable to successfully identify, develop and commercialize any product candidates, or experience significant delays in doing so, our business, financial condition, results of operations and prospects will be materially and adversely affected.
  • The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming, expensive and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
  • We may incur unexpected costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.
  • If we encounter difficulties enrolling patients in our ongoing or planned clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
  • Obtaining authorization from regulatory authorities for clinical trials in adolescents and pediatric patients may require longer duration of studies than we currently anticipate, which could delay our development programs or preclude us from pursuing approval in the populations for which we are seeking approval.
  • We conduct certain of our clinical trials for our product candidates outside of the United States. However, the FDA and other foreign equivalents may not accept data from such trials, in which case our development plans will be delayed, which could materially harm our business.
The other 62 risks
  • Even if any of our product candidates receives regulatory approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success, in which case we may not generate significant revenue or become profitable.
  • Interim, "topline" and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • Our product candidates may be associated with serious adverse events, undesirable side effects or other properties that could halt their clinical development, prevent their regulatory approval, limit their commercial potential or result in significant negative consequences.
  • Changes in methods of product candidate manufacturing or formulation may result in additional costs or delay.
  • If we fail to discover, develop and commercialize other product candidates, we may be unable to grow our business and our ability to achieve our strategic objectives would be impaired.
  • We may expend our limited resources to pursue a particular product candidate or indication and forego the opportunity to capitalize on product candidates or indications that may ultimately be more profitable or for which there is a greater likelihood of success.
  • We have concentrated our research and development efforts on the treatment of disorders of the central nervous system, a field that faces certain challenges in drug development.
  • We may in the future seek to engage in strategic transactions to acquire or in-license additional products, product candidates or technologies. If we are unable to realize the benefits from such transactions, it may adversely affect
  • our ability to develop and commercialize an expanded pipeline of product candidates, negatively impact our cash position, increase our expenses and present significant distractions to our management.
  • Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time consuming and uncertain and may prevent us from obtaining approvals for the commercialization of our product candidates.
  • We may face uncertainty related to pricing, coverage and reimbursement for our product candidates.
  • The market for our current or future product candidates may be smaller than we expect.
  • Competitive products may reduce or eliminate the commercial opportunity for our product candidates for our current or future indications. If our competitors develop technologies or product candidates more rapidly than we
  • do, or their technologies or product candidates are more effective or safer than ours, our ability to develop and successfully commercialize our product candidates may be adversely affected.
  • Even if we obtain FDA approval of any of our product candidates in the United States, we may never obtain approval for or commercialize any of them in any other jurisdiction, which would limit our ability to realize their full market potential.
  • If we obtain approval to commercialize any products outside of the United States, we could experience a variety of risks associated with international operations that could adversely affect our business.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop, which could adversely affect our business, financial condition, results of operations and prospects.
  • Risks Related to Government Regulation
  • Even if we receive regulatory approval of our current or future product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • The FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • Disruptions at the FDA and other government agencies caused by funding shortages, staffing limitations or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, which could materially and adversely impact our business, financial condition, results of operations and prospects.
  • If the FDA does not conclude that certain of our product candidates satisfy the requirements for the Section 505(b)(2) regulatory approval pathway, or if the requirements for such product candidates under Section 505(b)(2) are not as we expect, the approval pathway for those product candidates will likely take significantly longer, cost significantly more and entail significantly greater complications and risks than anticipated and in either case may not be successful.
  • Current and future healthcare reform legislation or regulation may increase the difficulty and cost for us to obtain coverage for and commercialize our product candidates and may adversely affect the prices we may set.
  • If we or our third-party manufacturers and suppliers fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on our business, financial condition, results of operations and prospects.
  • We are subject to various U.S. federal, state and foreign healthcare laws and regulations, which could increase compliance costs, and our failure to comply with these laws and regulations could harm our reputation, subject us to significant fines and liability or otherwise adversely affect our business.
  • We are subject to stringent and evolving U.S. and foreign laws, regulations and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including
  • class claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.
  • We are subject to U.S. and certain foreign export and import controls, sanctions, embargoes, anti-corruption laws, and anti-money laundering laws and regulations. Compliance with these legal standards could impair our ability to compete in domestic and international markets. We can face criminal liability and other serious consequences for violations, which can harm our business.
  • A Fast Track designation from the FDA, even if granted for any of our product candidates, may not lead to a faster development or regulatory review or approval process, and does not increase the likelihood that our product candidates will receive regulatory approval.
  • Risks Related to Our Reliance on Third Parties
  • We rely, and expect to continue to rely, on third parties, including independent clinical investigators, contracted laboratories and CROs, to conduct our preclinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties, comply with applicable regulatory requirements or meet expected deadlines, our development programs and our ability to seek or obtain regulatory approval for or commercialize our product candidates may be delayed and our business could be substantially harmed.
  • Future partnerships may be important to our business. If we are unable to enter into new partnerships, or if these partnerships are not successful, our business could be adversely affected.
  • Risks Related to Employee Matters and Our Operations
  • Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel.
  • We expect to expand our clinical development, manufacturing and regulatory capabilities and potentially implement sales, marketing and distribution capabilities, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
  • Our employees, independent contractors, consultants, collaborators, principal investigators, CROs, suppliers and vendors may be improperly classified or may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • If our information technology systems or those of third parties with whom we work or our data are or were compromised, we could experience adverse consequences resulting from such compromise, including regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss of revenue or profits, and other adverse consequences.
  • Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain sufficient intellectual property protection for our current or future product candidates or if the scope of the intellectual property protection we currently have or obtain in the future is not sufficiently broad, our competitors could develop and commercialize product candidates similar or identical to ours, and our ability to successfully commercialize our current or future product candidates may be impaired.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Changes in patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • Patent terms may be inadequate to protect our competitive position of our product candidates for an adequate amount of time.
  • If we are not able to obtain patent term extension in the United States under the Hatch-Waxman Amendments and in foreign countries under similar legislation, thereby potentially extending the marketing exclusivity term of our product candidates, our business may be materially harmed.
  • Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time consuming and unsuccessful, and our issued patents covering our product candidates could be found invalid or unenforceable if challenged in courts or patent offices.
  • Third parties may claim that we are infringing, misappropriating or otherwise violating their intellectual property rights, the outcome of which would be uncertain and may prevent or delay our development and commercialization efforts.
  • Because of the expense and uncertainty of litigation, we may not be in a position to enforce our intellectual property rights against third parties.
  • We may become subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • If we are unable to protect the confidentiality of our trade secrets, the value of our technology could be materially adversely affected and our business would be harmed.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed alleged trade secrets or other confidential information of their current or former employers or other third parties.
  • We may obtain rights to develop and commercialize product candidates that are subject in part to the terms and conditions of licenses granted to us by others. The terms of these licenses may be inadequate to protect our competitive position on product candidates. Further, if we fail to comply with our obligations in the agreements under which we in-license or acquire development or commercialization rights to product candidates, we could lose such rights that are important to our business.
  • Risks Related to Ownership of our Common Stock and our Status as a Public Company
  • An active trading market for our common stock may not continue to be sustained.
  • The trading price of shares of our common stock may be volatile, and purchasers of our common stock could lose all of part of their investment.
  • If equity research analysts do not publish research or reports, or publish unfavorable research or reports, about us, our business or our market, our stock price and trading volume could decline.
  • We could be subject to securities class action litigation, which is expensive and could divert management attention.
  • Our executive officers, directors and principal stockholders, if they choose to act together, have the ability to significantly influence all matters submitted to stockholders for approval.
  • We do not intend to pay dividends on our common stock so any returns will be limited to the value of our stock.
  • A significant portion of our total outstanding shares is restricted from immediate resale but may be sold into the market in the near future. Sales of a substantial number of shares of our common stock in the public market could cause our stock price to fall.
  • We are an "emerging growth company" and a "smaller reporting company" and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies and smaller reporting companies, our common stock may be less attractive to investors.
  • We have broad discretion in the use of our cash, cash equivalents and investments and may invest or spend the proceeds in ways with which you do not agree and in ways that may not increase the value of your investment.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Anti-takeover provisions in our corporate charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • General Risks
  • We will incur increased costs and demands upon management as a result of being a newly public company.

Legal proceedings

From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. We currently are not party to any legal proceedings material to our operations or to which any of our property is the subject, nor are we aware of any such proceedings that are contemplated by a government authority. Regardless of outcome, any such proceedings or claims could have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors and there could be no assurances that any favorable outcomes would be obtained.

The opening of Item 3, Legal Proceedings.7

Sources

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