The IPO Buzz: MapLight Therapeutics (MPLT) Raises $250.8 Million in IPO

MapLight Therapeutics (MPLT) priced its IPO at $17.00 and sold 14.75 million shares – as expected – to raise $250.75 million on Sunday night, Oct. 26, 2025. The Redwood City, California-based biotech sold another 476,707 shares in a concurrent private placement – at the $17.00 IPO price – to Goldman Sachs affiliates to bring in another $8.1 million in proceeds. All told, MapLight Therapeutics raised about $258.85 million. At pricing, MapLight Therapeutics had a market cap of about $704.3 million.

MapLight Therapeutics is developing a new drug candidate to treat schizophrenia and Alzheimer’s Disease psychosis.

Novo Holdings A/S is among the principal stockholders in MapLight Therapeutics, according to the prospectus.

Shares of MapLight Therapeutics are expected to start trading tomorrow – Monday, Oct. 27, 2025 – on the NASDAQ.

Morgan Stanley, Jefferies, Leerink and Stifel were the joint book-runners of the IPO.

Accounts advised by T. Rowe Price Investment Management had indicated an interest in buying up to $40 million in shares at the IPO price – amounting to about 16 percent of the deal.

MapLight Therapeutics is studying its lead product candidate, ML-007C-MA, an M1/M4 muscarinic agonist co-formulated with a peripherally acting anticholinergic, in a Phase 2 clinical trial to treat patients with schizophrenia. Results are expected in the second half of 2026.

MapLight Therapeutics is conducting another Phase 2 trial to evaluate ML-007C-MA, its lead drug candidate, in the treatment of patients with ADP (Alzheimer’s Disease psychosis). Those results are expected in the second half of 2027.

The financial statements in the prospectus showed that MapLight Therapeutics has a lot of red ink on its balance sheet, which is typical for a biotech going public. MapLight Therapeutics had a net loss of $92.5 million on no revenue for the 12 months that ended June 30, 2025, according to the prospectus.

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