MapLight Therapeutics filed for and priced a $250 million IPO to develop a competitor to Bristol Myers Squibb’s schizophrenia drug Cobenfy. The proceeds will finance clinical development of the company’s lead candidate and expand the firm’s R&D and commercial readiness. MapLight positions its program as a differentiated approach in severe psychiatric disease and will use the public capital to accelerate registrational plans. The offering highlights continued investor interest in neuroscience and psychiatry assets despite a challenging reimbursement and regulatory landscape. Market watchers will track enrollment and early efficacy signals; successful progression could spur further biotech IPOs in CNS therapeutics.