aibioMapLight resale registration for 13.2 million private-placement shares takes effect
Tickers MPLT
MapLight's resale prospectus lets the investors in its $150.0 million August placement sell up to 13,181,055 shares. The company receives no proceeds from those sales.
Key facts
- Company
- MapLight Therapeutics, Inc. (NASDAQ: MPLT)
- News type
- Financings
- Primary source
- MPLT 424B3
MapLight Therapeutics, Inc. (Nasdaq: MPLT) issued a prospectus dated September 23, 2026 for the resale of up to 13,181,055 shares of common stock by selling stockholders. The total is 9,197,887 shares plus 3,983,168 shares issuable on exercise of pre-funded warrants, all issued in a private placement that closed on August 14, 2026. The company said it will not receive any proceeds from sales by the stockholders. It agreed to pay the registration expenses, while the stockholders bear any underwriting discounts and commissions.
The placement terms
On August 13, 2026, MapLight signed a securities purchase agreement with certain institutional investors. The purchase price was $11.38 per share, and the pre-funded warrants were priced at that amount minus $0.0001 per warrant share. The warrants have an exercise price of $0.0001 per share and do not expire until exercised in full. MapLight said it received gross proceeds of approximately $150.0 million before placement agent fees and estimated offering expenses. The prospectus summary mentions placement agent fees but does not name the placement agent or any other bank or advisor.
The warrants cannot be exercised if the holder would pass a beneficial ownership limit. A holder with less than 20% of the stock may raise or lower the limit on 61 days' notice, but not above 19.99%, or 49.99% for Catalyst4, Inc. Under a registration rights agreement signed the same day, MapLight agreed to file a resale registration statement within 30 days after closing. The prospectus says this registration satisfies that obligation.
Who can sell
The selling stockholder table lists Catalyst4, Inc. as the largest holder. It beneficially owned 28,235,375 shares before the offering and registered 7,328,686, which would leave 20,906,689 shares, or 37.6%, if all were sold. Its holdings include 4,400,000 shares issued in the placement. Forbion Growth Opportunities Fund III Coöperatief U.A. owned 4,428,328 shares and registered 755,711. Entities affiliated with Nan Fung Group Holdings Limited registered 1,054,481 shares, and entities affiliated with Baker Bros. Advisors LP registered 1,054,482. Entities affiliated with Goldman Sachs & Co. LLC registered 878,734, Avego Bioscience Capital, L.P. registered 131,810, and entities affiliated with ADAR1 Capital Management, LLC registered 659,050. Deep Track Biotechnology Master Fund, Ltd. registered all 1,318,101 of its shares. The table assumes full exercise of the warrants without regard to the ownership limits.
MapLight had 55,575,719 shares of common stock outstanding on September 1, 2026, of which 2,727,511 were non-voting. The prospectus warns that sales of a substantial number of shares could cause the stock price to fall, and that once the registration is effective up to 13,181,055 shares may be freely sold in the open market. Registration does not mean the holders will sell, and they may sell all, some or none. The last reported sale price on September 22, 2026 was $10.86 per share, below the $11.38 placement price.
The business behind the stock
MapLight is a clinical-stage company developing treatments for central nervous system disorders. Its lead candidate, ML-007C-MA, combines an M1/M4 muscarinic agonist with a peripherally acting anticholinergic. In July 2026 the company announced what it called positive topline results from ZEPHYR, a Phase 2 trial in schizophrenia. It still intends to hold an end-of-Phase 2 meeting with the FDA to discuss a Phase 3 trial, which together with ZEPHYR would support a first New Drug Application. A second Phase 2 trial, VISTA, in Alzheimer's disease psychosis, is expected to report topline results in the second half of 2027.
The second candidate, ML-004, reported topline results from the IRIS Phase 2 trial in autism spectrum disorder in June 2026. MapLight did not describe those results as positive in the prospectus. It said it will meet the FDA and then evaluate the path forward, including possible strategic collaborations or funding alternatives.
The prospectus also lists the risks plainly. MapLight has incurred substantial losses since inception, expects substantial and increasing losses, and will require substantial additional financing. Outstanding options cover 4,810,101 shares at a weighted-average exercise price of $14.95, and 3,935,504 shares are issuable on vesting of restricted stock units.