Maze Therapeutics, Inc. (MAZE)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$1.8B

Cash

$202.6M

Debt

$39.0M

Debt to equity

0.09

Shares outstanding

55.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 11 August 2026.

• Quarterly net loss rose to $44.7 million. The company reported a net loss of $44.7 million, or $0.76 per share, for the quarter, against $33.7 million, or $0.77 per share, a year earlier. The six-month net loss was $68.9 million, or $1.22 per share.
• License revenue offset six-month costs. No license revenue was recognized in the quarter. For the six months, $20.0 million of license revenue was recognized, against none in the same period of 2025.
• Total operating costs rose for quarter. Total operating expenses were $48.0 million for the quarter, against $36.5 million a year earlier. Interest and other income, net was $4.2 million for the quarter.
• R&D spend rose to $34.9 million. Research and development expenses were $34.9 million for the quarter, against $28.1 million a year earlier. For the six months, R&D expenses were $69.1 million, against $55.7 million.
• R&D increase tied to MZE829. Management attributed the R&D increase mainly to progression of clinical development of the MZE829 program and higher personnel-related costs, including non-cash stock-based compensation.
• G&A rose to $13.1 million. General and administrative expenses were $13.1 million for the quarter, against $8.4 million a year earlier. For the six months, G&A was $25.5 million, against $16.2 million.
• G&A increase from personnel and fees. Management attributed the G&A increase to higher personnel-related expenses, including non-cash stock-based compensation, and to costs for professional services.
• HORIZON enrollment described as on track. The company said enrollment in the Phase 2 HORIZON trial of MZE829 is on track. Data from all cohorts are expected in late 2026 or early 2027.
• Updated data for three cohorts. Updated HORIZON data are expected for AMKD without diabetes, AMKD with diabetes, and AMKD with severe FSGS, with 10-15 patients in each cohort.
• Pivotal trial planned for 2027. Management plans to start a pivotal trial of MZE829 in the first half of 2027. The start is subject to regulatory feedback after the HORIZON topline results.
• Pivotal preparation continues. The chief executive said the company continues to prepare for the pivotal trial of MZE829.
• PKU Phase 2 trial now enrolling. The CIPheR trial of MZE782 in PKU has started and is evaluating plasma phenylalanine reduction. Enrollment continues.
• PKU topline data expected 2027. Topline data from the PKU trial are expected in 2027, as the company stated in the first-quarter release.
• CKD Phase 2 start moved to 2027. The MZE782 CKD trial on proteinuria reduction is planned to start in the first half of 2027, after the second-half 2026 timing given in the first-quarter release.

Company events

The newest 8-K filings of 16 held.

Every filing

The newest filings with the SEC of 61 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

200 funds held it at 30 Jun 2026: 102 added and 36 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

Maze Therapeutics is a clinical-stage biopharmaceutical company that uses human genetics to develop small molecule precision medicines for kidney and metabolic diseases. It works through its Compass platform, which identifies genetic variants linked to health and disease and determines how they drive risk or protection in specific patient groups. The company calls this process variant functionalization. It has two wholly-owned clinical programs, MZE829 and MZE782, and has licensed other programs to third parties. At 31 December 2025 it had 141 employees, all full-time, and its principal offices are in South San Francisco, California.

What the Compass platform does

Compass is meant to inform every phase of drug discovery and development, including clinical trial design. The company says it is designed to find targets in three ways: mimicking protective genetic variants, correcting the effects of toxic variants, or targeting genetic modifiers. The company focuses on kidney and metabolic diseases in part because it sees these diseases as interconnected. It also has preclinical and research programs in these areas.

MZE829 for APOL1-mediated kidney disease

MZE829 is an oral small molecule inhibitor of apolipoprotein L1, or APOL1. It is being developed for APOL1-mediated kidney disease (AMKD), a genetically defined subset of chronic kidney disease with no approved treatment. The company estimates that at least 250,000 patients in the United States form an initial addressable population.

The Phase 1 trial enrolled 111 healthy adult volunteers. The Phase 2 trial is an open-label, 12-week basket trial. In March 2026 the company announced topline data, which it calls positive, from 15 patients, 12 of whom were evaluable for efficacy. The mean reduction in urinary albumin-to-creatinine ratio at week 12 was 35.6%, and 50% of evaluable patients reached at least a 30% reduction. In patients with focal segmental glomerulosclerosis the mean reduction was 61.8%, and in non-diabetic patients it was 48.6%. The company says it plans to keep enrolling and to move MZE829 into a pivotal development program.

MZE782 for PKU and chronic kidney disease

MZE782 is an oral small molecule inhibitor of SLC6A19, a transporter that absorbs and reabsorbs neutral amino acids in the small intestine and the kidney. The Phase 1 trial enrolled 112 healthy adult volunteers, and the company reports that all doses were well tolerated. Urinary excretion of phenylalanine rose in a dose-dependent way, which the company reads as confirming target engagement.

The company is developing MZE782 for two uses. One is phenylketonuria (PKU), an inherited metabolic disorder that the filing estimates affects at least 60,000 people across key geographies. The other is chronic kidney disease, which the filing says affects approximately 37 million patients in the United States. The company says it plans to start Phase 2 proof-of-concept trials in both indications in 2026.

Partnered programs

The company has licensed programs outside its core focus to other companies. These are its source of revenue; it has no product sales. - Shionogi: MZE001, an inhibitor of glycogen synthase 1 for Pompe disease, was licensed to Shionogi in March 2024. It is in Phase 2 development. The company is eligible for milestone payments and tiered royalties on net sales. - Neurocrine Biosciences: the ATXN2 program for amyotrophic lateral sclerosis was licensed in May 2024. - Trace Neuroscience: the UNC13A program was licensed in April 2024. - Broadwing: with Alloy Therapeutics the company formed Broadwing to develop antibody therapies aimed at ANGPTL7 for glaucoma. It owned approximately 48% of Broadwing at 31 December 2025.

How it competes

It says many of these have greater financial resources and experience in development, manufacturing and marketing. For chronic kidney disease, existing therapies include RAAS inhibitors, SGLT2 inhibitors and GLP-1 receptor agonists. The company is aware of other companies running clinical trials of APOL1-targeted candidates. The key competitive factors it lists are efficacy, safety, convenience, adoption by prescribers, price, generic competition and reimbursement.

Manufacturing and people

The company has no clinical manufacturing facilities and relies on third-party contract manufacturing organizations, including foreign ones. Of its 141 employees, 108 work in research and development, and approximately 55 hold Ph.D. or M.D. degrees. None are covered by collective bargaining agreements.

*From Maze Therapeutics's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1842295/000119312526122778/maze-20251231.htm)*

From the company's 10-K.