California biotech MapLight Therapeutics secured a $372.5 million Series D financing round, one of the largest private funding events in 2025. The capital will support development of CNS drug candidates targeting schizophrenia and Alzheimer’s disease. Notably, the company is advancing a Phase 2 program aimed at competing with Bristol Myers Squibb’s Cobenfy for schizophrenia treatment. This infusion strengthens MapLight’s position in the challenging yet high-need CNS therapeutic area.