Maze Therapeutics, Inc.

Maze Therapeutics, Inc. (MAZE) reported a net loss of $131.1 million for FY 2025 ending December 31, 2025, compared to net income of $52.2 million in FY 2024, primarily due to the absence of $167.5 million in license revenue recognized in 2024 from agreements with Shionogi, Trace, and Neurocrine. Operating expenses rose to $142.9 million from $109.9 million YoY, driven by increased R&D ($108.4 million, +$24.9 million) from Phase 2 trials for MZE829 and Phase 1 for MZE782, and G&A ($34.5 million, +$8.0 million) from public company costs. Cash position strengthened to $360.0 million (cash equivalents $189.2 million, marketable securities $170.8 million), up from prior periods via $127.8 million IPO net proceeds and $141.3 million private placement. Total assets reached $397.1 million with stockholders' equity at $355.0 million. Cash used in operations was $111.9 million vs. provided $76.0 million YoY; investing used $171.0 million on securities; financing provided $275.3 million. Positive Phase 2 topline for MZE829 in AMKD (35.6% mean uACR reduction) and Phase 1 for MZE782 support pipeline advancement, with cash runway beyond one year. Forward-looking, focus on pivotal MZE829 development and Phase 2 MZE782 trials amid biotech risks.

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