MapLight Therapeutics priced a $250 million initial public offering to fund development of a small‑molecule rival to Bristol Myers Squibb’s schizophrenia treatment Cobenfy. The company said proceeds will support clinical development and scale operations. MapLight’s IPO positions the firm to accelerate its lead program into later‑stage studies and to compete in an established psychiatric market. Management argued their candidate and development strategy could provide differentiated efficacy or tolerability profiles compared with existing options. The public listing gives MapLight access to capital markets at a pivotal stage of clinical advancement.