MapLight Therapeutics (MPLT Proposed) and Navan (NAVN Proposed) share the IPO marquee. They aim to raise about $1.17 billion combined. Both IPOs were launched after the U.S. government shutdown began on Oct. 1st.
Wall Street will also be in Fed Watch mode this week. The Street expects the Fed to cut the benchmark fed funds rate by another 25 basis points on Wednesday, Oct. 29, at the conclusion of its two-day meeting.
Here’s the take from Bloomberg:
“Friday’s mostly favorable September inflation data reinforced widespread expectations that the Fed will cut rates by another quarter point. Most officials are now primarily concerned by signs of weakness in the labor market, many also remain deeply uncomfortable with the current level of inflation.”
Meanwhile, some IPO bankers are expected to be at work tonight – Sunday, Oct. 26, 2025 – to price a biotech deal. Let’s take a look.
MapLight’s Focus on Schizophrenia & ADP
MapLight Therapeutics (MPLT Proposed) is developing a new drug candidate to treat schizophrenia and Alzheimer’s Disease psychosis.
MapLight Therapeutics’ IPO is expected to price on Sunday night, Oct. 26, 2025, to trade Monday, Oct. 27, on the NASDAQ.
Morgan Stanley, Jefferies, Leerink and Stifel are the joint book-runners.
The clinical biotech, based in Redwood City, California, is offering 14.75 million shares at $17.00 to raise $250.75 million.
At pricing, MapLight Therapeutics would have a market cap of $704.29 million.
MapLight Therapeutics said its lead product candidate, ML-007C-MA, is a fixed-dose combination of an M1/M4 muscarinic agonist, ML-007, co-formulated with a peripherally acting anticholinergic (PAC) that it is developing to treat patients with schizophrenia and Alzheimer’s disease psychosis (ADP).
MapLight Therapeutics is evaluating ML-007C-MA in two clinical trials:
- ZEPHYR, a Phase 2 trial studying ML-007C-MA in the treatment of patients with schizophrenia – Results expected in the second half of 2026, and
- VISTA, a Phase 2 trial evaluating ML-007C-MA in the treatment of patients with Alzheimer’s Disease psychosis – Results expected in the second half of 2027.
The bottom line at MapLight is awash in red ink – typical for a biotech going public. Maplight Therapeutics reported a net loss of $92.5 million on no revenue for the 12 months that ended June 30, 2025, according to financial statements in the prospectus.
Navan Says It’s for Road Warriors
Navan (NAVN Proposed) describes itself as the road warrior’s travel and expenses app.
Navan’s IPO is set to price on Wednesday night, Oct. 29, 2025, to trade Thursday, Oct. 30, on the NASDAQ.
Navan’s IPO consists of 36.9 million shares at a price range of $24.00 to $26.00 to raise $923 million, if priced at the $25.00 mid-point of its range.
At pricing, Navan would have a market cap of about $6.2 billion.
Of the 36.9 million shares in the IPO, Navan is offering 30 million shares and the selling stockholders are offering 6.92 million shares.
Goldman Sachs and Citigroup are leading the joint book-runners’ team. Jefferies, Mizuho and Morgan Stanley are also joint book-runners. The book-running team includes BNP Paribas, Citizens Capital Markets, Oppenheimer & Co., MUFG, Needham & Co. and BTIG.
Navan’s AI-powered software platform was built “for the road warriors,” the prospectus said. “Our app lets travelers manage their hotel reservations, travel arrangements and expenses – all in one spot.”
Navan intends to use the IPO proceeds to pay off some debt, according to the prospectus.
Navan (NAVN Proposed), based in Palo Alto, California, said that as of Jan 31, 2025, it had more than 10,000 active customers. Crate & Barrel, DataDog, Heineken, Lyft, Shopify, Snowflake, Thomson Reuters and Zoom are among Navan’s customers, according to the company’s website. The company’s roots are in Israel. Navan was founded in 2015.
For the 12 months that ended on July 31, 2025, Navan reported a net loss of $188.5 million on revenue of $612.0 million, according to financial statements in the prospectus.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
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