1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
MPLT
Event Date
2025-10-27
Sector
Health Care
Subsector
Pharmaceuticals
Offer Range
—
Shares Offered
14.75M
430.46M
—
Implied Upside vs Midpoint
$00.00Description
—
Post-IPO economic shares by class.
| Class | Shares | % Economic |
|---|---|---|
Common Stock standard voting rights; pre-IPO common stockholders hold 789,241 shares (post reverse-stock-split equivalent) as of June 30, 2025 | 789.24K | 0.2% |
Non-Voting Common Stock non-voting; 2,727,511 shares represent a portion of the 25,412,974 total shares into which all preferred stock converts at IPO | 2.73M | 0.6% |
Series A Redeemable Convertible Preferred Stock converts to common stock at IPO; liquidation preference $5M | 5M | 1.2% |
Series A-1 Redeemable Convertible Preferred Stock converts to common stock at IPO; liquidation preference $16M | 14.95M | 3.5% |
Series B Redeemable Convertible Preferred Stock converts to common stock at IPO; liquidation preference $53M | 45.01M | 10.5% |
Series B-1 Redeemable Convertible Preferred Stock converts to common stock at IPO; liquidation preference $12M | 4.62M | 1.1% |
Series C Redeemable Convertible Preferred Stock converts to common stock at IPO; liquidation preference $225M; multiple rounds issued 2023-2024 totaling ~$225M gross | 147.33M | 34.2% |
Series D Redeemable Convertible Preferred Stock issued July-September 2025 at $0.95223/share for $200M gross proceeds; converts to common at IPO as part of the 25,412,974 total common conversion | 210.03M | 48.8% |
| Total economic shares | 430.46M | 100% |