MapLight Therapeutics Announces Pricing of $17/share IPO; to Raise Over $250 Million, Begins Trading on Nasdaq

MapLight Therapeutics priced its IPO at $17.00 per share for approximately 14.8 million shares2 4 5 6 11.

The shares are expected to begin trading on the Nasdaq Global Market on October 27, 2025 under the symbol 'MPLT'1 9.

The IPO is expected to raise about $251 million, with the company potentially reaching a fully diluted market value of $820 million2 10 13.

Cornerstone investor T. Rowe Price indicated interest in $40 million worth of shares (about 16% of the deal), with Goldman Sachs also participating via a concurrent $8 million private placement2 4.

A rare Section 8(a) registration is being used due to the ongoing SEC shutdown, meaning the IPO becomes effective automatically after 20 days unless the SEC resumes normal operations before October 26, 20252.

Proceeds breakdown:
$100-$120 million will fund clinical development of lead drug ML-007C-MA (for schizophrenia), $50-$70 million for Alzheimer’s disease psychosis study, $15-$25 million for ML-004 in autism spectrum disorder, and up to $40 million for other preclinical research and working capital4.

ML-007C-MA is a fixed-dose combination oral therapy targeting muscarinic receptors, being tested in ongoing Phase 2 trials for schizophrenia and Alzheimer's disease psychosis, with topline results expected in 2026 and 2027 respectively2 4.

The offering may reach up to $262.3 million if underwriters exercise their full option4 7.

Bookrunners for the IPO are Morgan Stanley, Jefferies, Leerink Partners, and Stifel2.

Founded in 2018, MapLight Therapeutics focuses on neuropsychiatric and CNS disorders and notes that some IPO proceeds could be allocated toward licensing, acquiring, or investing in complementary technologies4.