MapLight Therapeutics Goes Public with $250M IPO to Fund Schizophrenia Drug Development

MapLight Therapeutics, a California-based biotech company, has successfully launched its initial public offering (IPO) on the Nasdaq, raising $250 million to advance its pipeline of central nervous system (CNS) therapeutics. The company's flagship program aims to challenge Bristol Myers Squibb's schizophrenia medication, Cobenfy, in an increasingly competitive market for novel CNS treatments.

IPO Details and Financial Allocation

MapLight offered 14.7 million shares at $17 each, with the potential to increase proceeds to $262.3 million if underwriters exercise their option to purchase additional shares. The company's stock began trading on the Nasdaq under the ticker "MPLT" on October 27, 2025. In conjunction with the public offering, MapLight conducted a private placement of 476,707 shares to Goldman Sachs affiliates at the IPO price.

The funds raised will be strategically allocated across MapLight's drug development programs:

• Up to $120 million for the ongoing phase 2 study of ML-007C-MA, an M1/M4 muscarinic agonist for schizophrenia
• Up to $70 million for a phase 2 study of ML-007C-MA in Alzheimer's disease psychosis
• Up to $25 million for a phase 2 study of ML-004, a 5-HT agonist for autism spectrum disorder
• Up to $40 million for preclinical studies of ML-009 (a GPR52 positive allosteric modulator) and ML-021 (an M4 antagonist)

Competitive Landscape in CNS Drug Development

MapLight's public debut marks only the second biotech IPO since February, following LB Pharmaceuticals' $285 million listing in September. This event signals a potential resurgence in the biotech IPO market, with inflammation-focused Evommune also considering a public listing.

The schizophrenia treatment landscape has seen significant activity in recent years. Bristol Myers Squibb's Cobenfy, approved last year, represented the first major breakthrough in decades. However, several competitors have faced setbacks in clinical trials, including Boehringer Ingelheim's iclepertin, AbbVie's emraclidine, and Atai Life Sciences' inidascamine.

Despite these challenges, CNS-focused therapeutics continue to drive major pharmaceutical deals. Notable transactions in 2025 include Johnson & Johnson's $14.6 billion acquisition of Intra-Cellular Therapies in January and Novartis' $12 billion purchase of Avidity Biosciences, underscoring the industry's commitment to advancing treatments for neurological and psychiatric disorders.

As MapLight Therapeutics embarks on its journey as a public company, the pharmaceutical industry watches closely to see if its novel approach to schizophrenia treatment can successfully challenge established players and address the ongoing need for improved CNS therapies.