MAZE · Maze Therapeutics, Inc.

Maze Therapeutics announced the pricing of a significant $150 million registered direct offering, providing substantial non-dilutive capital to advance its clinical pipeline. The transaction involves issuing 5.54 million common shares at $23.50 per share and pre-funded warrants to purchase 850,000 shares at a nominal $0.001 exercise price, sold for $23.499 each to accommodate investors preferring not to exceed ownership limits. Leerink Partners LLC serves as the sole underwriter, with the deal structured under an existing S-3 shelf registration (File No. 333-293206). After deducting fees and expenses, Maze expects $144.7 million in net proceeds. Management plans to allocate funds primarily to R&D for lead candidates MZE829, targeting APOL1-mediated kidney disease (AMKD), and MZE782, addressing phenylketonuria (PKU) and chronic kidney disease (CKD), with remaining proceeds for general corporate needs. This bolsters the company's cash position, funding operations into 2029 per current plans. Pre-funded warrants include beneficial ownership blockers at 4.99% or 9.99% (elective), adjustable to 19.99% with 61 days' notice, exercisable immediately post-issuance. The offering attracted participation from prominent investors including Farallon Capital, T. Rowe Price, Frazier Life Sciences, and others, signaling confidence in Maze's genetics-driven precision medicine approach. Closing is targeted for April 23, 2026, subject to standard conditions, with customary underwriting terms including indemnification under the Securities Act.