0001193125-26-122778
SEC filingMaze 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.
Maze Therapeutics reported FY2025 net loss of $131.1 million, or -$3.05 basic EPS, vs. FY2024 net income $52.2 million ($1.42 basic EPS). Loss driven by no license revenue ($0 vs. $167.5M YoY from Shionogi/Trace/Neurocrine deals) and higher opex $142.9M (+30% YoY: R&D $108.4M +$25M, G&A $34.5M +$8M). Balance sheet strengthened: cash/marketables $360M, assets $397.1M, equity $355M. Cash burn ops $111.9M; financing $275M from IPO/private placement. Positive Phase 2 MZE829 data (35.6% uACR reduction) advances pipeline.
No revenue FY2025 vs. $167.5M FY2024 license revenue (Shionogi $150M upfront, Trace/Neurocrine smaller). Future milestones/royalties possible but constrained/not recognized. No segment/geographic breakdown disclosed.
No gross profit (no product revenue). Operating loss $142.9M FY2025 vs. $57.6M income FY2024. Loss from ops before tax -$131.1M. No margin metrics applicable.
Ops cash -$111.9M FY2025 (+$76M FY2024 revenue-driven). Investing -$171M (securities purchases). Financing +$275M (IPO $128M net, private placement $141M net). Ending cash equiv $189.2M, marketables $170.8M (total liquidity $360M). Liabilities $42.2M (leases dominant), equity $355M (accum deficit -$489.5M offset by $844.4M APIC). Debt: Hercules term loan $40M drawn post-period.
Plans continue Phase 2 MZE829 enrollment, pivotal program; Phase 2 MZE782 PKU/CKD 2026. Cash funds ops >1yr. Risks: clinical delays, funding needs, competition in AMKD/PKU/CKD.