Maze Therapeutics, Inc. (MAZE)

Price$26.21Cached quoteAs of 2026-09-05 03:44 UTC

AI: Fair-priced

Price checkThe valuation looks balanced because cash limits downside while the pipeline already carries substantial expectations.

With 55.5 million shares outstanding, the observed price implies an equity value near $1.38 billion. June cash, cash equivalents and marketable securities were $494.9 million, while debt was $60.4 million, leaving about $435 million net. Investors therefore assign roughly $945 million to the drug pipeline and future partnership income. That is meaningful for a company without recurring sales, but not clearly excessive given multiple programs and promising lead-drug evidence. The substantial remaining clinical uncertainty supports a fair-priced verdict.

Big pictureLosses remain heavy, but current funding should cover several major trial readouts.

During the first half of 2026, Maze lost $68.9 million and used $54.2 million in operating cash. After $0.2 million of equipment spending, free cash flow—cash left after operations and investment—was negative $54.4 million. Current assets were 18 times current liabilities, providing a strong near-term cushion. Revenue was $20 million in the first quarter and zero in the second because partnership milestones are irregular. Value therefore moves with clinical-result cycles, not steady product demand; management expects funding to last into 2029.

Business strengthHuman genetics and two mid-stage drugs offer upside, but neither yet earns recurring sales.

The lead drug, MZE829, reduced urine protein by 35.6% after 12 weeks among 12 evaluable patients, and half exceeded a 30% reduction; no serious adverse events appeared among 15 participants. That supports the bull case for a targeted oral kidney treatment, while MZE782 and the Shionogi-partnered Pompe program provide additional opportunities. The bear case is concrete: everyone knew treatment was given, there was no untreated comparison group, diabetic results were weaker, and no candidate is approved. Early evidence cannot yet establish lasting benefit or commercial demand.

What could change the storyBroader kidney results can support today’s valuation, while weak data could force more share sales.

Additional MZE829 data from 10–15 patients in each of three disease groups, expected in late 2026 or early 2027, should test whether benefits are consistent. Initial MZE782 results in phenylketonuria, an inherited metabolic disorder, are expected in 2027. Capital is being directed toward these milestones: first-half research spending rose 24% to $69.1 million. Funding has diluted ownership—shares increased 27% year over year to 55.5 million, while 5.18 million nearly free warrants remain. Strong results could justify that reinvestment; weak results could make further financing costly.

AI: News

Second Drug Enters Phase 2Maze began mid-stage testing in an inherited metabolic disease, adding a second important clinical program.

On August 11, Maze said the Phase 2 CIPheR trial of MZE782 in phenylketonuria—an inherited disorder that causes harmful amino-acid buildup—was enrolling, with initial results expected in 2027. It also scheduled the chronic-kidney-disease trial for the first half of 2027 and kept additional MZE829 data on track for late 2026 or early 2027. This broadens the pipeline beyond the lead drug, but it also raises research spending before any candidate produces product sales.

Funding Runway ExtendedA large share sale funded upcoming trials but reduced each existing holder’s ownership percentage.

On April 22, Maze priced 5.54 million shares and nearly paid warrants for 850,000 more, producing about $144.6 million after costs. Combined with other financing, cash and marketable securities reached $494.9 million by June, and management said funding should last into 2029. The benefit is that several important trial results can arrive before another financing is needed. The cost is dilution, meaning every previously issued share represents a smaller percentage of the company.

Kidney Data Split InvestorsThe lead kidney drug showed a useful biological effect, but the tiny study left major uncertainty.

On March 25, MZE829 lowered urine protein by an average 35.6% after 12 weeks in 12 evaluable patients; six exceeded a 30% reduction. A four-patient severe-disease subgroup averaged 61.8%, while results in patients with diabetes were weaker. Industry coverage reported shares down roughly 38% by late morning. The timing and analyst comments suggest concern about the small sample and uneven subgroup evidence, although they cannot prove sole causation. Larger and preferably controlled studies remain decisive.

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Revenue

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2025

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Financial statements

	2025	2024	2023	2022
Revenue	$0	$167.5M	$0	$0
Research & development	$108.4M	$83.5M	$73.9M	$88.2M
Operating expenses	$142.9M	$109.9M	$98.6M	$111.0M
Operating income	−$142.9M	$57.6M	−$98.6M	−$111.0M
Operating margin	—	34.38%	—	—
EBITDA	−$140.5M	$60.9M	−$94.5M	−$107.2M
EBITDA margin	—	36.35%	—	—
Net income	−$131.1M	$52.2M	−$100.4M	−$114.9M
Net profit margin	—	31.18%	—	—
Basic EPSper basic share	-$3.05	$1.42	-$2.87	-$3.29
Diluted EPSper diluted share	-$3.05	$1.25	-$2.87	-$3.29

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.07%of listed shares

Frazier Life Sciences Management, L.P.5.03M shares · Jun 30, 2026

View holders

Top 20 reported holders of MAZE
Holder	% owned
Frazier Life Sciences Management, L.P.	9.07%5.03M shares
TRV GP IV, LLC	8.06%4.47M shares
ARCH Venture Management, LLC	7.42%4.12M shares
Deep Track Capital, LP	6.72%3.73M shares
BlackRock, Inc.	6.31%3.5M shares
Jupiter Topco LLC	6.14%3.41M shares
T. Rowe Price Investment Management, Inc.	4.69%2.6M shares
Logos Global Management LP	3.49%1.94M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.20%1.78M shares
a16z Capital Management, L.L.C.	3.07%1.7M shares
Venrock Adviser, LLC	2.89%1.6M shares
Alphabet Inc.	2.50%1.39M shares
BRAIDWELL LP	2.05%1.14M shares
FARALLON CAPITAL MANAGEMENT, L.L.C.	2.00%1.11M shares
FMR LLC	1.90%1.06M shares
General Catalyst Group Management, LLC	1.87%1.04M shares
STATE STREET CORP	1.80%997.53K shares
JPMORGAN CHASE & CO	1.74%964.01K shares
Driehaus Capital Management LLC	1.72%954.89K shares
TRV GP V, LLC	1.71%950.8K shares

Percentages use 55.5M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)58$16.38M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 23, 2026Form 4 · 10b5-1	Coloma Jason VChief Executive Officer	SellCommon Stock · indirect	23.9K	$26.05	$621.7K	319.1K
Jun 22, 2026Form 4 · 10b5-1	Coloma Jason VChief Executive Officer	SellCommon Stock · indirect	2.0K	$26.00	$53.0K	25.9K
Jun 22, 2026Form 4 · 10b5-1	Coloma Jason VChief Executive Officer	SellCommon Stock · indirect	2.0K	$26.00	$50.8K	342.9K
Jun 1, 2026Form 4 · 10b5-1	Bernstein HaroldPresident, R&D & CMO	SellCommon Stock	1.6K	$26.36	$42.2K	0
Jun 1, 2026Form 4 · 10b5-1	Bernstein HaroldPresident, R&D & CMO	SellCommon Stock	13.3K	$25.57	$338.9K	1.6K

Review ownership filings at SEC.gov ↗

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Maze Therapeutics, Inc. (MAZE)

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