MapLight Therapeutics, developing drugs targeting muscarinic receptors for schizophrenia and Alzheimer's psychosis, filed for an IPO aiming to compete with Bristol Myers Squibb’s recently approved Cobenfy. Their lead candidate, ML-007C-MA, intends to improve dosing convenience and side effect profiles over existing therapies. MapLight is currently conducting Phase 2 trials and has raised significant venture funding. The IPO follows investor interest in neuropsychiatric drug developers innovating muscarinic receptor modulators.