MapLight Therapeutics, the second biotech to launch a Nasdaq bid this month, is a neuro-focused company advancing treatments for Alzheimer’s disease psychosis and schizophrenia.
The biopharma industry is counting its second initial public offering this month, with California-based MapLight Therapeutics announcing a Nasdaq bid with the goal of drumming up support for its pipeline of neuropsychiatric therapies.
MapLight’s initial SEC filing on Friday was sparse on details, though the prospectus does indicate that the company expects to complete the IPO this year.
The funds raised will help MapLight “advance the clinical development of our current programs,” the most mature of which is ML-007C-MA, an investigational agonist of the M1/M4 muscarinic receptors. The asset is being tested for Alzheimer’s disease psychosis and schizophrenia, for which respective programs are in Phase II.
With ML-007C-MA, MapLight is entering a fraught space. Leading the pack of muscarinic receptor agonists is Bristol Myers Squibb’s Cobenfy, which in September last year became the first novel drug for schizophrenia in more than three decades. A Phase III readout in April 2025, however, showed that Cobenfy failed to significantly improve symptom severity when used with atypical antipsychotics. Also with an embattled muscarinic receptor agonist is AbbVie, whose emraclidine stumbled in a pair of mid-stage studies last November.
MapLight’s asset, meanwhile, combines muscarinic agonism with its action as a peripheral anticholinergic. MapLight’s Phase I program for the asset, spanning 270 healthy participants given more than 1,500 doses, suggests favorable tolerability and a pharmacodynamic profile “expected to result in improvement across key symptom domains,” according to the prospectus. A topline readout in schizophrenia is expected in the back half of 2026 while data for Alzheimer’s disease psychosis is set for the second half of 2027.
MapLight is also working on ML-004, which is in Phase II development for autism spectrum disorder, as well as the preclinical assets ML-021 for Parkinson’s disease and ML-009 for hyperactivity/impulsivity disorder.
IPO proceeds will also fund MapLight’s working capital and other general corporate expenses. Once the IPO is complete, MapLight will trade on Nasdaq under the ticker MPLT.
With the IPO announcement, MapLight follows in the footsteps of fellow neuro-focused LB Pharma, which earlier this month ended biopharma’s months-long IPO drought. The biotech initially aimed for a $263.4 million raise, including underwriter option payments, but ended up bringing home $285 million. LB Pharma landed on Nasdaq on Sept. 11 under the tracker LBRX.
2025 has been slow for IPOs, with companies instead opting for licensing deals, mergers or private placements. The most notable IPO this year is for rising obesity star Metsera, which raised $316 million in February and has enjoyed a 25% surge in share price since. Maze Therapeutics, which raised $140 million in January, has also jumped 43% since going public.
