Maze Therapeutics, Inc.

Listed Company

MAZECIK 0001842295NasdaqEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-131.12M

Total Assets

$397.13M

Equity

$354.97M

Shares Out

49.34M

Op. Cash Flow

$-111.94M

Business

Maze Therapeutics, Inc. is a clinical-stage biopharmaceutical company that leverages human genetics to develop novel small molecule precision medicines for renal, cardiovascular and related metabolic (CVRM) diseases, including obesity. It advances programs using its Compass platform and variant functionalization to identify targets and translate genetic insights into therapeutics, with lead wholly owned small molecule programs MZE829 (APOL1 inhibitor) and MZE782 (SLC6A19 inhibitor). Maze operates clinical-stage, research and partnered program segments, including spin-outs and licensing arrangements. It focuses on U.S. patient populations while engaging in global research collaborations, clinical trials, third-party contract manufacturers and commercialization partnerships.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
License revenue	—	168
Research and development	108	83
General and administrative	34	26
Total operating expenses	143	110
(Loss) income from operations	−143	58
Interest and other income, net	12	5
Change in fair value of convertible promissory notes	0	−9
(Loss) income before income tax expense	−131	53
Income tax expense	0	−1
Net (loss) income	−131	52
Net (loss) income attributable to common stockholders, basic (see Note 14)	−131	3
Net (loss) income attributable to common stockholders, diluted (see Note 14)	−131	3
Basic (per share)	−3.05	1.42
Diluted (per share)	−3.05	1.25
Basic (shares)	43	2
Diluted (shares)	43	3
Net unrealized gain on marketable securities	110,000	—
Comprehensive (loss) income	−131	52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Cash and cash equivalents	189	197
Marketable securities, current	153	—
Prepaid expenses and other current assets	8	5
Total current assets	350	202
Property and equipment, net	5	7
Restricted cash	1	1
Marketable securities, non-current	18	—
Operating lease right-of-use asset	20	23
Other assets	3	8
Total assets	397	241
Accounts payable	2	2
Accrued expenses and other current liabilities	16	14
Operating lease liabilities, current	5	5
Total current liabilities	23	21
Operating lease liabilities, net of current portion	19	22
Other liabilities, non-current	1	969,000
Total liabilities	42	44
Commitments and contingencies (Note 8)	—	—
Redeemable convertible preferred stock, $0.001 par value; no shares authorized, issued and outstanding as of December 31, 2025; 298,205,027 shares authorized and 297,205,041 shares issued and outstanding as of December 31, 2024; aggregate liquidation preference of $502,390 as of December 31, 2024	0	508
Preferred stock, $0.001 par value; 10,000,000 and no shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024	0	0
Common stock, $0.001 par value; 500,000,000 and 410,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 49,335,551 and 2,446,864 shares issued and outstanding as of December 31, 2025 and 2024, respectively; 10,372 shares subject to repurchase as of December 31, 2025 and 2024	49,000	2,000
Additional paid-in-capital	844	47
Accumulated other comprehensive income	110,000	—
Accumulated deficit	−490	−358
Total stockholders' equity (deficit)	355	−311
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	397	241

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Net (loss) income	−131	52
Depreciation expense	2	3
Stock-based compensation expense	16	10
Non-cash lease expense	3	3
Accretion of discounts on marketable securities, net	−505,000	—
Change in fair value of convertible promissory notes	—	9
Other items, net	21,000	577,000
Prepaid expenses and other current assets	−3	93,000
Other assets	537,000	−2
Accounts payable	−27,000	−204,000
Accrued expenses and other liabilities	3	4
Operating lease liabilities	−3	−3
Net cash (used in) provided by operating activities	−112	76
Purchases of marketable securities	−188	—
Maturities of marketable securities	18	—
Purchases of property and equipment	−794,000	−1
Net cash used in investing activities	−171	−1
Proceeds from initial public offering, net of offering costs paid	128	—
Proceeds from private placement, net of offering costs paid	141	—
Proceeds from exercise of stock option awards, net of repurchases	6	733,000
Proceeds from issuance of common stock under the 2025 Employee Stock Purchase Plan	1	—
Payment of success fee derivative	−500,000	—
Proceeds from exercise of pre-funded warrants	1,000	—
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs	—	71
Proceeds from issuance of convertible promissory notes, net of issuance costs	—	24
Net cash provided by financing activities	275	93
Net (decrease) increase in cash, cash equivalents and restricted cash	−8	168
Purchases of property and equipment recorded in accounts payable and accrued expenses	5,000	59,000
Vesting of restricted stock and stock options subject to repurchase	—	23,000
Offering costs recorded in accounts payable and accrued expenses	11,000	1
Settlement of convertible promissory notes by conversion to Series D-1 redeemable convertible preferred stock	—	53
Deemed dividend for anti-dilution adjustments to Series B and Series C redeemable convertible preferred stock upon issuance of Series D redeemable convertible preferred stock	—	15
Income taxes paid	—	1

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