MapLight Therapeutics shares surge 31.26% intraday after $296.5M IPO and progress in Phase 2 CNS trials extend cash runway through 2027.

MapLight Therapeutics surged 31.26% intraday following the announcement of its third-quarter financial results and corporate progress. The company raised $296.5 million in gross proceeds from an October 2025 IPO and private placement, extending its cash runway through 2027. This funding, combined with completed Phase 2 trials (IRIS for ML-004 in autism and ZEPHYR/VISTA for ML-007C-MA in schizophrenia/Alzheimer’s psychosis) and clear near-term catalysts for topline data in 2026–2027, bolstered investor confidence. CEO Chris Kroeger emphasized the company’s “exceptional execution” and strong financial position to advance its CNS pipeline. The robust balance sheet, coupled with advancing preclinical programs and strategic momentum, positioned the stock for a sharp intraday rally driven by optimism over clinical milestones and capital strength.