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MAZE

Maze Therapeutics, Inc.

MAZE

Maze Therapeutics, Inc. • NASDAQ
$37.75 ▼ -0.66% (-0.25)
Market Cap $1.82 B
52w High $38.85
52w Low $6.71
Dividend Yield 0%
P/E -14.75
Volume 150.56K
Outstanding Shares 48.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $32.965M ▼ $-30.087M ▲ 0% $-0.66 ▲ $-29.516M ▲
Q2-2025 $0 $35.825M ▲ $-33.679M ▼ 0% $-0.77 ▼ $-33.03M ▲
Q1-2025 $0 $35.401M ▲ $-32.786M ▼ 0% $-0.749 ▼ $-34.717M ▼
Q4-2024 $0 ▼ $29.726M ▲ $-29.579M ▼ 0% ▲ $-0.112 ▼ $-29.021M ▼
Q3-2024 $2.5M $26.729M $-24.752M -990.08% $-0.055 $-23.441M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $383.935M ▲ $422.058M ▲ $42.622M ▲ $379.436M ▲
Q2-2025 $264.541M ▼ $303.519M ▼ $41.281M ▲ $262.238M ▼
Q1-2025 $294.374M ▲ $332.84M ▲ $40.772M ▼ $292.068M ▲
Q4-2024 $196.812M ▲ $240.542M ▲ $43.638M ▼ $196.904M ▲
Q3-2024 $149.607M $192.48M $93.11M $99.37M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.087M ▲ $-24.642M ▲ $-66.883M ▼ $143.757M ▲ $52.232M ▲ $-24.71M ▲
Q2-2025 $-33.679M ▼ $-30.052M ▼ $-393K ▼ $612K ▼ $-29.833M ▼ $-30.445M ▼
Q1-2025 $-32.786M ▼ $-29.516M ▼ $-299K ▲ $127.378M ▲ $97.563M ▲ $-29.815M ▼
Q4-2024 $-29.579M ▼ $-22.452M ▲ $-605K ▼ $70.262M ▲ $47.205M ▲ $-23.057M ▲
Q3-2024 $-24.752M $-23.205M $-103K $-2.15M $-25.458M $-23.308M

Five-Year Company Overview

Income Statement

Income Statement Maze is still in the early stages of building a real business, and its income statement reflects that. Revenue has only just begun to show up and is likely tied to collaboration or milestone payments rather than product sales. Over the past few years, the company moved from steady operating losses to a small operating profit most recently, suggesting tighter cost control and one‑off revenue benefits. That improvement is encouraging but may not yet be a stable, repeatable earnings profile, especially as clinical spending is likely to rise with advancing trials. Overall, the trend is from heavy losses toward near break‑even, but with a very young and fragile revenue base typical of a clinical‑stage biotech.

Balance Sheet

Balance Sheet The balance sheet shows a company that has strengthened its cash position but still carries the marks of an early‑stage biotech. Cash now makes up the bulk of its assets and has increased meaningfully over the last few years, providing some near‑term flexibility to fund research and trials. Debt levels appear modest relative to total assets, so financial leverage does not look like a primary risk right now. However, shareholders’ equity is negative, reflecting accumulated losses and possibly preferred or other complex capital structure elements. This combination—good cash, low debt, but negative equity—is common in pre‑commercial biotech and underlines that financial health will depend on continued access to capital markets and partnerships.

Cash Flow

Cash Flow Maze’s cash flow picture has shifted from consistent outflows to a modest inflow in the most recent year. Historically, the company was burning cash to fund R&D and operations, as expected for a clinical‑stage biotech with no commercial products. Recently, operating and free cash flow turned slightly positive, likely helped by upfront or milestone payments and disciplined spending. Capital expenditures are minimal, so most cash use is tied directly to people, trials, and platform development rather than physical assets. While this recent cash‑flow improvement is a positive signal, it may not be durable as clinical programs advance and costs rise. Future cash needs will likely depend on trial progress, new deals, and potential equity or debt financing.

Competitive Edge

Competitive Edge Maze competes in a crowded and high‑stakes biotech landscape, but it has carved out a distinct niche. Its edge comes from a genetics‑driven discovery platform that focuses on naturally protective genetic variants, which could make its drug targets better validated and more likely to succeed. The company has established an early lead in certain genetically defined kidney diseases and is going up against large, well‑resourced players such as Vertex in the APOL1 inhibitor space. Maze’s partnerships and joint ventures extend its reach into cardiovascular and ophthalmic diseases without over‑stretching its own resources, which helps diversify its opportunity set. At the same time, the business is still entirely dependent on a small number of clinical‑stage assets, faces intense competition, and must navigate regulatory and legal challenges, including disputes with larger rivals—all of which introduce meaningful competitive risk.

Innovation and R&D

Innovation and R&D Innovation is the core of Maze’s story. The COMPASS platform blends human genetics, functional genomics, and data science to identify drug targets that are grounded in real‑world human biology. By focusing on protective genetic variants, the company tries to mimic nature’s own defense mechanisms, aiming for higher chances of success and more precisely defined patient groups. Its pipeline reflects this strategy: a lead kidney program targeting APOL1‑mediated disease, a second asset aimed at metabolic and kidney conditions like PKU, and a growing set of preclinical programs in areas such as Pompe disease and ALS. Strategic collaborations spin out cardiovascular and eye‑disease programs into separate ventures, showing a capital‑efficient way to monetize the platform. Upcoming clinical readouts over the next couple of years will be crucial tests of whether this innovation engine can consistently turn genetic insight into real therapeutic benefit.

Summary

Maze Therapeutics is a very early‑stage, research‑driven biotech that has recently shifted from steady losses toward near break‑even, largely on the back of disciplined spending and likely collaboration income rather than recurring product sales. Its balance sheet combines a strengthened cash position with low debt but negative equity, underscoring both improved funding flexibility and the weight of accumulated losses. Cash burn has eased for now, yet advancing clinical trials will almost certainly demand more capital over time. Competitively, Maze stands out for its genetics‑first approach, focus on protective variants, and smart use of partnerships, but it operates in therapeutic areas where large, established players and many smaller innovators are also active. The company’s long‑term outlook depends heavily on the success of a few key clinical programs and the validation of its COMPASS platform—offering substantial upside potential if trials go well, but also carrying the high scientific, regulatory, and financing uncertainty typical of clinical‑stage biotech firms.

NEWS

November 6, 2025 · 4:01 PM UTC

Maze Therapeutics Reports Third Quarter 2025 Financial Results and Recent Highlights

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November 6, 2025 · 7:00 AM UTC

Maze Therapeutics to Present Additional Data Highlighting the Advancement of MZE829 and MZE782 Programs at ASN Kidney Week

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November 4, 2025 · 7:00 AM UTC

Maze Therapeutics to Participate in Four Upcoming Investor Conferences

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October 6, 2025 · 7:00 AM UTC

Maze Therapeutics Appoints Industry Veteran Hervé Hoppenot as Chairman of the Board of Directors

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September 11, 2025 · 7:35 AM UTC

Maze Therapeutics Announces Oversubscribed $150.0 Million Private Placement

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