MapLight Therapeutics Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

MapLight Therapeutics (NASDAQ:MPLT) closed its initial public offering on Oct 29, 2025, selling 16,962,500 shares at $17.00 per share, which includes the underwriters' full exercise of an option to purchase an additional 2,212,500 shares.

MapLight also completed a concurrent private placement of 476,707 shares at the IPO price to affiliates of Goldman Sachs. Gross proceeds to MapLight from the IPO and private placement, before underwriting discounts, commissions and offering expenses, were $296.3 million. All shares were offered by MapLight and began trading on the Nasdaq Global Select Market on Oct 27, 2025 under the symbol MPLT. The registration statement became effective on Oct 25, 2025.

Positive

• Gross proceeds of $296.3 million
• Shares began trading on Nasdaq Global Select on Oct 27, 2025
• Underwriters fully exercised 2,212,500-share option, indicating demand

Negative

• All shares were offered by MapLight, diluting existing shareholders
• Concurrent private placement of 476,707 shares was not registered under the Securities Act
• Gross proceeds are before underwriting discounts, commissions and offering expenses

Insights

Capital markets strategist

MapLight completed an IPO raising $296.3 million, including full exercise of the greenshoe and a concurrent private placement.

By selling 16,962,500 shares at $17.00 per share and allowing underwriters to purchase an extra 2,212,500 shares, MapLight Therapeutics secured significant cash to fund its clinical‑stage program and operations. The concurrent private placement of 476,707 shares to affiliates of Goldman Sachs increases institutional anchor support and concentrates part of the float with an underwriter affiliate.

Key dependencies and risks include how quickly the company converts the cash into clinical progress and whether the concentrated ownership from the private placement affects free‑float liquidity; underwriting fees and offering expenses will reduce net proceeds from the stated $296.3 million. Monitor the trading liquidity since shares began trading on October 27, 2025 and note the registration became effective on October 25, 2025. Expect near‑term updates on cash runway and planned use of proceeds within the next few quarters.

SAN FRANCISCO and BOSTON, Oct. 29, 2025 (GLOBE NEWSWIRE) -- MapLight Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system disorders, today announced the closing of its initial public offering of 16,962,500 shares of common stock at an initial public offering price of $17.00 per share, which includes the exercise in full by the underwriters of their option to purchase an additional 2,212,500 shares of common stock.

In addition to the shares sold in the initial public offering, MapLight announced the closing of the concurrent sale of 476,707 shares of common stock at the initial public offering price per share in a private placement to affiliates of Goldman Sachs & Co. LLC, including certain investment funds managed by Goldman Sachs & Co. LLC. The sale of the shares of common stock in the private placement was not registered under the Securities Act of 1933, as amended (the “Securities Act”). 

The gross proceeds to MapLight from the initial public offering and the concurrent private placement, before deducting underwriting discounts and commissions and offering expenses, were $296.3 million. All of the shares of common stock were offered by MapLight.

The shares began trading on the Nasdaq Global Select Market on October 27, 2025 under the symbol “MPLT.”

Morgan Stanley, Jefferies, Leerink Partners and Stifel acted as joint book-running managers for the offering.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, and became automatically effective on October 25, 2025 pursuant to Section 8(a) of the Securities Act. The offering of the shares is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, or by email at syndprospectus@stifel.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

About MapLight

MapLight Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system disorders. The company was founded by globally recognized leaders in psychiatry and neuroscience research to address the lack of circuit-specific pharmacotherapies available for patients. MapLight’s lead product candidate, ML-007C-MA, is an oral, extended-release, fixed-dose combination of an investigational M1/M4 muscarinic agonist, ML-007, co-formulated with a peripherally acting anticholinergic. ML-007C-MA is currently being evaluated in Phase 2 clinical trials for the treatment of schizophrenia and Alzheimer's disease psychosis.

For investor inquiries: investors@maplightrx.com

For media inquiries: media@maplightrx.com

FAQ

How many shares did MapLight (MPLT) sell in its IPO and at what price?

MapLight sold 16,962,500 shares at an IPO price of $17.00 per share.

What were MapLight's total gross proceeds from the IPO and private placement?

Gross proceeds were $296.3 million before underwriting discounts, commissions and offering expenses.

When did MapLight (MPLT) start trading on Nasdaq and what is the ticker?

Shares began trading on the Nasdaq Global Select Market on Oct 27, 2025 under the ticker MPLT.

Did underwriters exercise their option in the MapLight IPO?

Yes, underwriters fully exercised their option to purchase an additional 2,212,500 shares.

What is the size and nature of the concurrent private placement in the MapLight offering?

A concurrent private placement sold 476,707 shares at the IPO price to affiliates of Goldman Sachs; those shares were not registered under the Securities Act.

When did the registration statement for MapLight become effective with the SEC?

The registration statement became automatically effective on Oct 25, 2025 pursuant to Section 8(a) of the Securities Act.