In recent months, Wall Street has seen a surge of healthcare firms seeking to go public, as IPO activity continues to regain momentum after last year’s record lows. MapLight Therapeutics, Inc. is the latest healthcare company to jump on the IPO bandwagon, eying a $704 million valuation.
The Offering
In a recent filing with the Securities and Exchange Commission, the company revealed its intention to offer 14.75 million shares in an initial public offering. Post-IPO, the stock is expected to trade on the Nasdaq stock exchange under the symbol MPLT. Morgan Stanley, Jefferies, Leerink Partners, and Stifel are the underwriters managing the offering.
The estimated IPO price is $17 per share, which translates into net proceeds of about $227.3 million after deducting offering expenses and other charges. The company plans to use the proceeds to advance the clinical development of its current programs, to fund research and development activities for additional programs, and for working capital and other general corporate purposes.
Loss Widens
MapLight has not yet generated revenue, since it doesn’t have any product in the market. In the six months ended June 30, 2025, the company incurred a loss of $52.2 million, compared to a loss $37.3 million in the corresponding period last year. Total operating expenses were $54.2 million in the first half.
MapLight is a clinical-stage biopharmaceutical company engaged in the discovery of therapies for central nervous system disorders. Christopher Kroeger, who co-founded the company in 2018, has served as its chief executive officer, president, and member of the board of directors since then.
Clinical Programs
Currently, MapLight is conducting a phase-II trial evaluating its lead product, ML-007C-MA, for the treatment of acute schizophrenia, and expects topline results in the second half of 2026. In addition, it is doing an advanced-stage trial evaluating ML-007C-MA for the treatment of ADP, with topline results expected in the second half of 2027.