aibioMapLight annual report details $200 million Series D preferred financing
Tickers MPLT
The 2025 financing closed in two parts before the IPO. Holders tied to board members were among the buyers, the proxy shows.
Key facts
- Company
- MapLight Therapeutics, Inc. (NASDAQ: MPLT)
- News type
- Financings
- Primary source
- MPLT 10-K
MapLight Therapeutics reported approximately $200.0 million in gross proceeds from Series D preferred shares issued during 2025. The company described the financing in its annual report for 2025, dated 2026-03-26. The money came in before the company's October 2025 IPO.
The company entered the Series D purchase agreement on 2025-07-18. The annual report says it issued 210,033,285 Series D shares at $0.95223 each during the year. Those are pre-IPO preferred terms. All preferred stock converted into common stock when the IPO closed.
The details
The annual report records approximately $1.2 million in issuance costs for the Series D shares.
The company's later proxy statement splits the financing into an initial closing in July 2025 and an additional closing in September 2025. The initial closing sold 197,628,635 shares for approximately $188.2 million. The additional closing sold 12,404,650 shares to two more investors for approximately $11.8 million. The two figures add to the $200.0 million in the annual report.
The proxy lists the related parties that bought Series D shares. Catalyst4, Inc. bought 112,205,704 shares for $106,845,638. Forbion Growth Opportunities Fund III bought 23,963,529 shares, Novo Holdings A/S bought 19,734,671 shares, and entities affiliated with NFLS Beta Limited bought 12,404,650 shares. Board member Nanna Lüneborg is a general partner at Forbion, and board member Jim Trenkle is a partner at Novo Holdings US, which provides consulting services to Novo Holdings A/S, according to the proxy.
Context
Before conversion, the preferred stock carried voting rights, board-election rights and a liquidation preference, the annual report says. Series D holders, voting as a class, could elect one director and ranked first in a liquidation. The agreement also had a defaulting-purchaser clause tied to a second tranche: an investor that failed to buy its Tranche 2 shares would have had its Series D converted into one-tenth of a common share each.
The annual report says all outstanding preferred shares converted automatically into common stock in connection with the IPO. The Series D investors therefore became common stockholders at that point.
What it means for investors
The Series D was the main private funding round before MapLight listed. Its largest buyer, Catalyst4, put in about 53% of the money (our arithmetic). Related-party purchases by funds tied to two directors are disclosed as such in the proxy, which does not say the terms differed from those paid by other investors: every buyer listed paid the same $0.95223 per share.
The round matters for later ownership filings. Catalyst4 and Forbion appear again as selling stockholders in MapLight's September 2026 resale prospectus, and Novo Holdings reported in a Schedule 13D amendment that its stake fell below five percent on 2026-07-30.
What to watch
The 2026-03-26 annual report closes the record on this financing. Later changes in these holders' stakes show up in ownership filings rather than in new Series D issuance.