Big Pharma-Backed MapLight Plots IPO to Advance Neuro Pipeline

MapLight Therapeutics, a clinical-stage biopharmaceutical company focused on central nervous system disorders, has filed for an initial public offering (IPO) with major backing from Morgan Stanley, Jefferies Financial Group, and Leerink Partners24.

The company raised $372.5 million in a Series D financing round in July 2025, giving it a valuation of $816 million23.

Proposed NASDAQ ticker is MPLT5.

Lead product candidate ML-007C-MA is a fixed-dose combination therapy aimed at treating schizophrenia and Alzheimer's disease psychosis (ADP), currently in Phase 2 clinical trials with results expected in the second half of 20262.

ML-007C-MA combines an investigational M1/M4 muscarinic agonist (ML-007) with a peripherally acting anticholinergic, aiming to reduce ADP symptoms while limiting side effects2.

Alzheimer's disease psychosis affects approximately 40% of AD patients and is linked to worse outcomes and higher mortality2.

MapLight's pipeline is built on a discovery platform that identifies neural circuits causally linked to disease, targeting them for therapeutic intervention2.

The IPO proceeds are intended to fund further development and future commercialization of ML-007C-MA and other pipeline candidates24.

The company employed 109 people as of June 30, 20255.

Sources:

2. https://www.ainvest.com/news/maplight-therapeutics-files-ipo-led-morgan-stanley-jefferies-leerink-partners-2509/

3. https://maplightrx.com/maplight-announces-series-d-financing/

4. https://www.iposcoop.com/ipo/maplight-therapeutics/

5. https://www.nasdaq.com/market-activity/ipos/overview?dealId=1079674-115403