MapLight Therapeutics, Inc. (Nasdaq: MPLT) raised $150 million in a private placement that is expected to close today, August 14, 2026 — the day after the company's stock closed at $11.58 on Nasdaq.
The securities purchase agreement, signed August 13, 2026, prices 9,197,887 shares of common stock at $11.38 per share. Certain investors are instead receiving pre-funded warrants to purchase up to 3,983,168 shares at a purchase price of $11.3799 per warrant; each warrant carries an exercise price of $0.0001 per share, is immediately exercisable, and does not expire, per the company's August 13 news release on GlobeNewswire.
In its Q2 2026 financial results, MapLight reported $351.3 million in cash, cash equivalents, and investments at quarter-end. Combined with the $150 million PIPE proceeds, the company says it expects to fund ML-007C-MA development through 2028, per Kalkine Media's coverage of the Q2 filing.
The cash is earmarked for two active programs. MapLight intends to advance the VISTA Phase 2 study of ML-007C-MA in Alzheimer's disease psychosis and fund the ZEPHYR-2 registrational Phase 3 study in schizophrenia, along with an associated open-label safety study, per the GlobeNewswire release. The company also plans an End-of-Phase 2 meeting with the FDA to discuss the schizophrenia development path — including the design of an additional Phase 3 trial that, together with ZEPHYR-2, would be intended to support a New Drug Application submission.
The financing follows positive Phase 2 ZEPHYR data reported in July 2026: the 210/3 mg twice-daily dose of ML-007C-MA achieved statistically significant and clinically meaningful reductions in PANSS total score versus placebo, with cognitive and secondary endpoint benefits and a favorable tolerability profile, per the company's Q2 2026 business update reported by The Manila Times on August 14, 2026.
"With positive Phase 2 data from ZEPHYR and continued progress in VISTA, we are focusing our efforts on advancing ML-007C-MA in both schizophrenia and ADP," said Chris Kroeger, Co-Founder and Chief Executive Officer of MapLight.
The financial cost of running these trials is visible in the income statement. MapLight posted a net loss of $60.2 million for Q2 2026, more than double the $29.8 million loss in Q2 2025, per Kalkine Media's coverage of the company's Q2 filing. Research and development expenses reached $53.4 million in the quarter, up from $26.8 million a year earlier, driven by higher clinical and employee-related costs including stock-based compensation. For the first half of 2026, the net loss totaled $120.9 million, compared to $52.2 million in the first half of 2025.
As of August 7, 2026, outstanding common stock totaled 46,377,832 shares, comprising 43,650,321 voting common shares and 2,727,511 non-voting common shares, per Kalkine Media.
The PIPE closing today triggers the funding sequence for ZEPHYR-2 enrollment and the planned FDA End-of-Phase 2 meeting on schizophrenia trial design. Both the meeting timing and any VISTA Phase 2 interim readout are unscheduled in the source material.