This MapLight Insider Sold 69,000 Shares for $2.1 Million at the End of April

MapLight Therapeutics (NASDAQ:MPLT) Chief Administrative and Accounting Officer Jonathan Gillis disclosed the direct sale of 69,835 shares of common stock in multiple open-market transactions on April 27 and April 28, 2026, according to an SEC Form 4 filing.

Open-market shares sold (code "S") in this filing

Based on SEC Form 4 weighted average purchase price ($29.89)

Directly held shares after transaction completion

Post-transaction value (direct ownership)

Based on April 28, 2026 market close ($30.31)

How does this sale compare to Gillis' recent insider activity?This transaction is the largest direct sale by Gillis in the past year, accounting for 27.8% of his pre-transaction direct common stock holdings and representing a step-up in sale size compared to the previous open-market sale of 3,590 shares on April 15, 2026.

Was this transaction part of a routine plan or discretionary selling?This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on Dec. 26, 2025, indicating the sales were pre-scheduled and part of routine liquidity management.

Were any indirect holdings or derivative securities involved?No indirect entities or derivatives were transacted; all shares sold were directly owned common stock, with no change to indirect or option-based positions.

Price (as of market close April 28, 2026)

Develops clinical-stage therapeutics targeting central nervous system disorders, including schizophrenia, Alzheimer's disease psychosis, autism spectrum disorder, Parkinson's disease, and agitation-related conditions.

Operates a research-driven business model focused on advancing proprietary drug candidates through clinical trials.

MapLight Therapeutics is a clinical-stage biotechnology company leveraging a proprietary platform to identify and modulate neural circuits linked to disease. With a diversified pipeline addressing multiple high-need central nervous system indications, the company seeks to create differentiated therapies for complex neuropsychiatric and neurodegenerative disorders. Its strategy emphasizes innovation in drug discovery and translational research to establish a competitive edge in the biopharmaceutical sector.

Gillis’ $2 million late-April transaction was part of a Rule 10b5-1 trading plan, a common tool that allows company insiders to transact shares on a predetermined basis, mitigating the appearance of insider trading. The stock had returned nearly 80% year over year as of April 28.

Wall Street sees strong potential for the company. In March, Canaccord initiated coverage of MapLight Therapeutics with a buy rating and a $35 price target. On April 7 and 8, TD Cowen and Needham weighed in, each initiating coverage of the stuck with a buy rating.

Analysts point to the company’s focus on novel central nervous system therapeutics as a differentiator for the treatment of schizophrenia, and point to the third-quarter release of phase 2 data for its lead asset, ML-007C-MA, which has the potential to reach blockbuster drug status by 2035.

Like many small-cap companies in the biopharma space, MapLight is currently unprofitable, and its performance could swing dramatically on positive (or negative) clinical trial results. Interested investors will want to keep an eye on its pipeline and clinical trial schedule.

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Sarah Sidlow has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

This MapLight Insider Sold 69,000 Shares for $2.1 Million at the End of April was originally published by The Motley Fool