Maze Therapeutics has recently released its 10-K report. Maze Therapeutics, Inc. is a clinical-stage biopharmaceutical company based in South San Francisco that develops small-molecule precision medicines for kidney, cardiovascular, metabolic diseases and obesity. Its lead wholly owned programs are MZE829, an oral APOL1 inhibitor in Phase 2 for APOL1 kidney disease, and MZE782, an oral SLC6A19 inhibitor in Phase 1 for chronic kidney disease; it also has MZE001 in development for Pompe disease.
In Item 7, the company said it is using its Compass platform to identify genetic variants linked to disease risk and protection, then translate those findings into drug candidates and trial design. It reported positive topline Phase 2 data for MZE829 in March 2026 from an open-label study of 15 patients with broad APOL1-mediated kidney disease: 12 patients were evaluable for efficacy, mean urinary albumin-to-creatinine ratio fell 35.6% at week 12, 50% of evaluable patients had at least a 30% reduction, and the focal segmental glomerulosclerosis subset showed a 61.8% mean reduction. In non-diabetic AMKD patients, mean uACR declined 48.6%.
Maze also said it reported positive Phase 1 healthy-volunteer results for MZE782 in September 2025 and plans two Phase 2 proof-of-concept trials in 2026, one in phenylketonuria and one in chronic kidney disease. The company said it had no product revenue and that its operations have been funded mainly through equity, convertible notes, debt, and licensing payments, including a $150.0 million upfront payment from Shionogi in March 2024 for MZE001 and related compounds.
Financially, Maze reported a net loss of $131.1 million in 2025 versus net income of $52.2 million in 2024, with an accumulated deficit of $489.5 million at December 31, 2025. Cash, cash equivalents and marketable securities totaled $360.0 million at year-end 2025. The company raised $140.0 million in gross proceeds from its February 2025 IPO, selling 8,750,000 shares at $16.00 each, and $150.0 million in gross proceeds in a September 2025 private placement involving 4,000,002 shares at $16.25 each plus pre-funded warrants for 5,231,090 shares.
Maze said it entered a February 2026 open-market sale agreement allowing it to sell up to $200.0 million of stock through Jefferies, with commissions up to 3.0% of gross proceeds, though no sales had occurred by the filing date. It also entered a February 2026 Hercules loan agreement for up to $200.0 million of senior secured term debt; $40.0 million was funded at closing, with up to six additional tranches available through February 2031, including a final $50.0 million tranche subject to lender investment committee approval. The facility matures February 1, 2031. As a result of these announcements, the company's shares have moved 2.41% on the market, and are now trading at a price of $40.77. For more information, read the company's full 10-K submission here.
