--- title: "MapLight annual report details $200 million Series D preferred financing" url: "https://aibio.space/news/maplight-annual-report-details-200-million-series-d-preferred/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-03-26" section: "Financings" tickers: "NASDAQ:MPLT" source: "https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm" summary: "The 2025 financing closed in two parts before the IPO. Holders tied to board members were among the buyers, the proxy shows." --- By the aibio.space news desk. Sources - [MPLT 10-K](https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm) - [MPLT DEF 14A](https://www.sec.gov/Archives/edgar/data/1770069/000119312526191449/d121249ddef14a.htm) [MPLT](https://aibio.space/companies/maplight-therapeutics/) 2026-03-26 # MapLight annual report details $200 million Series D preferred financing Tickers [MPLT](https://aibio.space/companies/maplight-therapeutics/) 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](https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm) *Traders on the NYSE floor, 1963. Photo: Thomas J. O'Halloran, public domain, via Wikimedia Commons. The picture shows the field, not the companies named.* MapLight Therapeutics reported [approximately $200.0 million in gross proceeds from Series D preferred shares issued during 2025](https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm). 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](https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm). 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](https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm) 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](https://www.sec.gov/Archives/edgar/data/1770069/000119312526191449/d121249ddef14a.htm). 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](https://www.sec.gov/Archives/edgar/data/1770069/000119312526191449/d121249ddef14a.htm). 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](https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm), 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](https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm). 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](https://www.sec.gov/Archives/edgar/data/1770069/000119312526399452/d546679d424b3.htm), and Novo Holdings reported in a [Schedule 13D amendment](https://www.sec.gov/Archives/edgar/data/1770069/000138832526000034/xslSCHEDULE_13D_X02/primary_doc.xml) that its stake fell below five percent on 2026-07-30. ## What to watch The [2026-03-26 annual report](https://www.sec.gov/Archives/edgar/data/1770069/000119312526125072/mplt-20251231.htm) closes the record on this financing. Later changes in these holders' stakes show up in ownership filings rather than in new Series D issuance. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MPLT MapLight Therapeutics, Inc. NASDAQ · United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/maplight-annual-report-details-200-million-series-d-preferred/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "MapLight annual report details $200 million Series D preferred financing", 2026-03-26, https://aibio.space/news/maplight-annual-report-details-200-million-series-d-preferred/