MapLight targets $262M IPO to back schizophrenia drug rivaling Cobenfy

MapLight Therapeutics plans to raise up to $262 million through a Nasdaq IPO to fund its schizophrenia and Alzheimer’s trials, challenging Bristol Myers Squibb’s Cobenfy.

Why it matters: A successful IPO would support clinical advancement of new CNS treatments, potentially breaking ground in a field with limited innovation and high unmet need. This is particularly important for MapLight as it has burned $251.6M to date, with just $60.5M in cash as of June.

Backstory: The schizophrenia drug market saw renewed interest after Cobenfy’s 2024 approval. MapLight, backed by investors like Sanofi and Novo Holdings, is pursuing a muscarinic agonist (ML-007C-MA) with promise in both schizophrenia and Alzheimer’s-related psychosis.

Big picture: The IPO market has been sluggish in 2025, with only one biotech besides Maplight having an IPO so far in 2025. Despite the slow pace, schizophrenia-focused biotechs like MapLight and LB Pharmaceuticals are defying the trend, betting on emerging neuropsychiatric science.

Zoom in: Maplight already has specific plans for how it will allocate the $262 million. $120M to support a 300-patient phase 2 trial of ML-007C-MA for schizophrenia, $70M to a phase 2 trial in Alzheimer’s disease psychosis and $25M for autism drug ML-004; while a further $40M is set aside for early-stage R&D.