MapLight Therapeutics Files for IPO, Advancing Neuropsychiatric Drug Pipeline

MapLight Therapeutics, a California-based biotechnology company focused on developing treatments for neurological and psychiatric disorders, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The company aims to list on the Nasdaq under the ticker symbol "MPLT," potentially becoming only the second biotech to go public since February 2025.

IPO Details and Financial Backdrop

MapLight's IPO filing comes on the heels of a substantial $372.5 million Series D funding round completed in July. The company has raised a total of $511 million in venture capital to date, with backing from prominent investors including Sanofi and Novo Holdings. However, MapLight reports a current deficit of $251.6 million as of June 30, with $60.5 million in cash on hand.

The IPO proceeds are earmarked for advancing MapLight's clinical development programs and supporting general corporate expenses. While specific financial targets for the offering have not been disclosed, the company emphasizes the need for substantial additional financing to achieve its goals.

Lead Candidate and Clinical Pipeline

MapLight's lead drug candidate, ML-007C-MA, is currently in Phase 2 trials for both schizophrenia and Alzheimer's disease psychosis. The compound is designed as an M1/M4 muscarinic receptor agonist with peripheral anticholinergic properties, potentially offering advantages over existing treatments.

Key features of MapLight's clinical pipeline include:

• ML-007C-MA: Phase 2 trials in schizophrenia (launched July 2025) and Alzheimer's disease psychosis (started September 17, 2025), with readouts expected in 2026 and 2027, respectively.
• ML-004: Phase 2 trial for social communication deficits in autism spectrum disorder, with completion anticipated in fall 2026.
• Preclinical candidates for Parkinson's disease and hyperactivity/impulsivity disorders, with IND-enabling studies planned for completion in 2026.

Competitive Landscape and Market Positioning

MapLight enters a competitive field for muscarinic receptor-targeting drugs, with several major pharmaceutical companies pursuing similar approaches:

• Bristol Myers Squibb's Cobenfy, approved for schizophrenia in September 2024, represents the first novel drug in this class in over three decades.
• AbbVie's emraclidine, acquired through the purchase of Cerevel Therapeutics, faced setbacks in mid-stage studies.
• Neumora Therapeutics is also developing a muscarinic receptor-targeting drug, adding to the competitive landscape.

MapLight contends that its ML-007C-MA could offer potential advantages over Cobenfy, including more convenient dosing and potentially reduced side effects. The company's Phase 1 program, involving 270 healthy participants and over 1,500 doses, has suggested favorable tolerability and pharmacodynamic profiles.

As MapLight prepares to enter the public markets, it joins a small cohort of biotechs testing the IPO waters in 2025. The success of recent offerings, such as LB Pharmaceuticals' $285 million raise and Metsera's $316 million IPO in February, may provide encouragement for investors considering MapLight's potential.