MapLight Therapeutics raises $150M in private placement

MapLight Therapeutics, Inc. (Nasdaq: MPLT), a clinical-stage biopharmaceutical company, announced it has entered into a securities purchase agreement with institutional and accredited investors for a private placement financing totaling approximately $150 million in gross proceeds, before deducting placement agent fees and offering expenses.

The company is selling 9,197,887 shares of common stock at $11.38 per share, along with pre-funded warrants to purchase up to 3,983,168 shares of common stock at $11.3799 per warrant. The warrants carry an exercise price of $0.0001 per share, are immediately exercisable, and do not expire. The transaction was expected to close on August 14, 2026, subject to customary closing conditions.

MapLight said it intends to use the proceeds primarily to advance its drug candidate ML-007C-MA, including funding the ongoing VISTA Phase 2 study in Alzheimer's disease psychosis and the ZEPHYR-2 registrational Phase 3 study in schizophrenia, along with an associated open-label safety study. The company also plans to hold an End-of-Phase 2 meeting with the U.S. Food and Drug Administration to discuss a Phase 3 trial design in schizophrenia intended to support a New Drug Application submission.

As of June 30, 2026, MapLight reported cash, cash equivalents, and investments of $351.3 million. The company stated that existing funds combined with net proceeds from the offering are expected to fund operations through 2028.

Morgan Stanley, Jefferies, Leerink Partners, and Stifel acted as placement agents. Cooley LLP served as counsel to MapLight, and Latham & Watkins LLP represented the placement agents.

The securities have not been registered under the Securities Act of 1933. MapLight said it has agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the shares issued in the transaction.

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