MapLight Therapeutics, developing CNS-targeted drugs including a schizophrenia medication poised to compete with Bristol Myers Squibb's Cobenfy, is pushing forward with IPO plans amid a U.S. federal government shutdown. The company leverages a seldom-used regulatory provision to price a stock offering despite limited Securities and Exchange Commission capacity. With intentions to raise up to $262 million or $227 million, MapLight's IPO could be the year's third-largest biotech market debut. Their mid-stage schizophrenia trial is expected to report in 2026.