Maze Therapeutics, Inc.

What they do

Maze uses its Compass platform to identify genetic variants linked to disease and develop small molecule therapies. Its lead candidate, MZE829, is an oral APOL1 inhibitor for APOL1-mediated kidney disease (AMKD), currently in Phase 2. The second candidate, MZE782, targets SLC6A19 for phenylketonuria (PKU) and chronic kidney disease (CKD), with a Phase 2 PKU trial initiated. The company has not generated product revenue and relies on license payments, equity offerings, and debt to fund operations.

Revenue drivers

• License revenue from collaborations — Recognized $20.0 million in license revenue in Q1 2026 from a milestone under the exclusive license agreement with Shionogi & Co., Ltd. for MZE001; no license revenue in Q2 2026 or the same 2025 periods.
• Upfront and milestone payments from 2024 license agreements — In 2024, the company received one-time, nonrefundable upfront payments from several biotech companies including Shionogi, which contributed to 2024 revenue of $167.5M, but these were non-recurring.
• No product sales — The company has not generated any revenue from product sales and expects none in the foreseeable future.

Recent performance

In Q2 2026, Maze reported a net loss of $44.7 million, bringing the six-month loss to $68.9 million, compared to losses of $33.7 million and $66.5 million in the same 2025 periods. The company recognized $20.0 million in license revenue in the first half of 2026, but none in Q2. R&D expenses were $34.9 million in Q2 2026 and $69.1 million for the six months. As of June 30, 2026, cash, cash equivalents and marketable securities totaled $494.9 million, up from $360.0 million at year-end 2025, with an accumulated deficit of $558.5 million.

Strategy

Maze is focused on advancing MZE829 and MZE782 through clinical development, with near-term priorities being the ongoing Phase 2 HORIZON trial for MZE829 and the Phase 2 CIPheR trial for MZE782 in PKU. The company plans to initiate a pivotal trial for MZE829 in H1 2027, subject to regulatory feedback, and a Phase 2 CKD trial for MZE782 in the same period. It continues to use its Compass platform to identify new targets and expects R&D expenses to increase significantly with the planned trials. Management emphasizes a strong balance sheet, supported by a $150 million equity offering in April 2026, to fund operations into 2029.

Risks

• Clinical development risk — Both lead programs are in early-stage trials; MZE829 Phase 2 data are from only 15 patients, and MZE782 Phase 2 data are not expected until 2027.
• No product revenue — The company has never generated product sales and relies on external financing and license payments, which are unpredictable.
• Cash burn and future capital needs — Operating cash flow was negative $111.9M in 2025, and the company expects continued significant losses, requiring additional capital beyond the current runway into 2029.
• Regulatory and competitive uncertainty — The pivotal trial for MZE829 is subject to regulatory feedback, and the company faces competition from other drug developers in kidney and metabolic disease.

Outlook

Management expects to report updated data from the MZE829 HORIZON trial (three cohorts of 10-15 patients each) in late 2026 or early 2027, and topline data from the MZE782 PKU trial in 2027. The pivotal trial for MZE829 is planned for H1 2027, and a Phase 2 CKD trial for MZE782 is also targeted for H1 2027. The company believes its current cash position, $494.9 million as of June 30, 2026, will fund operations into 2029.