Maze Therapeutics Financials
This page shows Maze Therapeutics (MAZE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Maze’s dominant mechanic is a transition from cash-generating earnings to R&D-led cash consumption, with capital activity reshaping the balance sheet.
In FY2024, free cash flow of$74.8M exceeded net income of$52.2M , indicating reported earnings were converting into cash rather than being absorbed by reinvestment. By FY2025, operating cash flow was-$111.9M while operating income was-$142.9M , showing a shift from internally funded operations to cash consumption as reported profitability reversed.
FY2025 financing cash flow of
R&D investment reached
Financial Health Signals
Maze Therapeutics does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Maze Therapeutics passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Maze Therapeutics reported a net loss of $131.1M while operations used $111.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Maze Therapeutics's EBITDA was -$140.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 330.8% from the prior year.
Maze Therapeutics reported -$131.1M in net income in fiscal year 2025. This represents a decrease of 351.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Maze Therapeutics recorded an outflow of $112.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 250.7% from the prior year.
Maze Therapeutics held $189.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Maze Therapeutics's ROE was -36.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Maze Therapeutics invested $108.4M in research and development in fiscal year 2025. This represents an increase of 29.9% from the prior year.
Maze Therapeutics invested $794K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 30.8% from the prior year.
Not reported for fiscal year 2025.
MAZE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $20.0M | N/A | N/A | $0 | N/A | N/A | $2.5M |
| R&D Expenses | $34.9M+2.3% | $34.1M | N/A | $25.2M-10.4% | $28.1M+1.9% | $27.6M | N/A | $19.9M |
| SG&A Expenses | $13.1M+5.6% | $12.4M | N/A | $7.8M-7.1% | $8.4M+7.0% | $7.8M | N/A | $6.9M |
| Operating Income | -$48.0M-80.9% | -$26.6M | N/A | -$33.0M+9.6% | -$36.5M-3.0% | -$35.4M | N/A | -$24.2M |
| Interest Expense | $931K+7.5% | $866K | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | $0 | $0 | N/A | N/A | -$279K |
| Net Income | -$44.7M-84.8% | -$24.2M | N/A | -$30.1M+10.7% | -$33.7M-2.7% | -$32.8M | N/A | -$24.8M |
| EPS (Diluted) | -$0.76-68.9% | -$0.45+25.0% | -$0.60+9.1% | -$0.66+14.3% | -$0.77 | -$1.15 | -$1.42+86.1% | -$10.25 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
MAZE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $531.6M+26.7% | $419.7M+5.7% | $397.1M-5.9% | $422.1M+39.1% | $303.5M-8.8% | $332.8M+38.4% | $240.5M | N/A |
| Current Assets | $420.4M+10.7% | $379.8M+8.6% | $349.7M-10.6% | $391.3M+44.3% | $271.1M-9.5% | $299.7M+48.6% | $201.7M | N/A |
| Cash & Equivalents | $202.6M+2.0% | $198.8M+5.0% | $189.2M-40.3% | $316.8M+19.7% | $264.5M-10.1% | $294.4M+49.6% | $196.8M+31.6% | $149.6M |
| Accounts Receivable | N/A | $20.0M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $78.5M+0.6% | $78.0M+85.0% | $42.2M-1.1% | $42.6M+3.2% | $41.3M+1.2% | $40.8M-92.6% | $551.7M | N/A |
| Current Liabilities | $23.0M+8.1% | $21.2M-5.9% | $22.6M+2.0% | $22.1M+11.1% | $19.9M+6.9% | $18.6M-9.9% | $20.7M | N/A |
| Long-Term Debt | $39.0M+0.3% | $38.8M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $453.1M+32.6% | $341.7M-3.7% | $355.0M-6.4% | $379.4M+44.7% | $262.2M-10.2% | $292.1M+193.9% | -$311.2M-9.4% | -$284.5M |
| Retained Earnings | -$558.5M-8.7% | -$513.8M-4.9% | -$489.5M-7.6% | -$455.0M-7.1% | -$424.9M-8.6% | -$391.2M-9.1% | -$358.4M | N/A |
Not reported in any period shown, so not listed: Inventory, Goodwill.
MAZE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.1M+61.5% | -$39.1M-41.0% | -$27.7M-12.5% | -$24.6M+18.0% | -$30.1M-1.8% | -$29.5M-31.5% | -$22.5M+3.2% | -$23.2M |
| Capital Expenditures | $107K+15.1% | $93K+173.5% | $34K-50.0% | $68K-82.7% | $393K+31.4% | $299K-50.6% | $605K+487.4% | $103K |
| Free Cash Flow | -$15.2M+61.3% | -$39.2M-41.2% | -$27.8M-12.4% | -$24.7M+18.8% | -$30.4M-2.1% | -$29.8M-29.3% | -$23.1M+1.1% | -$23.3M |
| Investing Cash Flow | -$128.5M-2147.9% | $6.3M+106.1% | -$103.4M-54.6% | -$66.9M-16918.6% | -$393K-31.4% | -$299K+50.6% | -$605K-487.4% | -$103K |
| Financing Cash Flow | $147.4M+248.1% | $42.4M+1079.9% | $3.6M-97.5% | $143.8M+23389.7% | $612K-99.5% | $127.4M+81.3% | $70.3M+3368.0% | -$2.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MAZE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -132.8% | N/A | N/A | N/A | N/A | N/A | -969.2% |
| Net Margin | N/A | -121.0% | N/A | N/A | N/A | N/A | N/A | -990.1% |
| Return on Equity | -9.9%-2.8pp | -7.1% | N/A | -7.9%+4.9pp | -12.8%-1.6pp | -11.2% | N/A | N/A |
| Return on Assets | -8.4%-2.6pp | -5.8% | N/A | -7.1%+4.0pp | -11.1%-1.2pp | -9.8% | N/A | N/A |
| Current Ratio | 18.31+0.4x | 17.88+2.4x | 15.50-2.2x | 17.70+4.1x | 13.63-2.5x | 16.10+6.3x | 9.76 | N/A |
| Debt-to-Equity | 0.090.0x | 0.110.0x | 0.120.0x | 0.110.0x | 0.160.0x | 0.14 | N/A | N/A |
| FCF Margin | N/A | -196.0% | N/A | N/A | N/A | N/A | N/A | -932.3% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Maze Therapeutics Ranks
Frequently Asked Questions
Is Maze Therapeutics profitable?
No, Maze Therapeutics (MAZE) reported a net income of -$131.1M in fiscal year 2025.
What is Maze Therapeutics's EBITDA?
Maze Therapeutics (MAZE) had EBITDA of -$140.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Maze Therapeutics's return on equity (ROE)?
Maze Therapeutics (MAZE) has a return on equity of -36.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Maze Therapeutics's free cash flow?
Maze Therapeutics (MAZE) recorded an outflow of $112.7M in free cash flow during fiscal year 2025. This represents a -250.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Maze Therapeutics's operating cash flow?
Maze Therapeutics (MAZE) recorded an outflow of $111.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Maze Therapeutics's total assets?
Maze Therapeutics (MAZE) had $397.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Maze Therapeutics's capital expenditures?
Maze Therapeutics (MAZE) invested $794K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Maze Therapeutics spend on research and development?
Maze Therapeutics (MAZE) invested $108.4M in research and development during fiscal year 2025.
What is Maze Therapeutics's current ratio?
Maze Therapeutics (MAZE) had a current ratio of 15.50 as of fiscal year 2025, which is generally considered healthy.
What is Maze Therapeutics's debt-to-equity ratio?
Maze Therapeutics (MAZE) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Maze Therapeutics's return on assets (ROA)?
Maze Therapeutics (MAZE) had a return on assets of -33.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Maze Therapeutics's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Maze Therapeutics (MAZE) held $360.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $111.9M over that year. Dividing the one by the other, the reported balance equals about 39 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Maze Therapeutics's Piotroski F-Score?
Maze Therapeutics (MAZE) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Maze Therapeutics's earnings high quality?
Maze Therapeutics (MAZE) reported a net loss of $131.1M while operations used $111.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.