Maze Therapeutics, Inc. (MAZE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 17, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MAZE SEC filings page.
This page shows Maze Therapeutics, Inc. (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 shifted from reported profitability to cash-backed losses while financing reshaped a formerly liability-heavy balance sheet.
The move from 2024 net income of$52.2M and operating cash flow of$76.0M to a 2025 net loss of$131.1M and operating cash flow of-$111.9M indicates that the earnings reversal was accompanied by a comparable cash reversal, not merely an accounting effect. Cash conversion tracked earnings in both periods, although 2025 free cash flow of-$112.7M shows that investment spending added little to the cash deficit.
The balance sheet was materially reconfigured: liabilities fell from
Liquidity is concentrated in current assets: the current ratio rose from 9.8x to 15.5x, while reported financing cash flow was
Financial Health Signals
Maze Therapeutics, Inc. 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, Inc. 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, Inc. 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, Inc.'s EBITDA was -$47.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 33.0% from the same quarter a year earlier. Against the prior quarter it is down 82.5%.
Maze Therapeutics, Inc. reported -$44.7M in net income in Q2 2026. This represents a decrease of 32.8% from the same quarter a year earlier. Against the prior quarter it is down 84.8%.
Maze Therapeutics, Inc. earned -$0.76 per diluted share (EPS) in Q2 2026. This represents an increase of 1.3% from the same quarter a year earlier. Against the prior quarter it is down 68.9%.
Not reported for Q2 2026.
Cash & Balance Sheet
Maze Therapeutics, Inc. recorded an outflow of $15.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 50.2% from the same quarter a year earlier. Against the prior quarter it is up 61.3%.
Maze Therapeutics, Inc. held $202.6M in cash against $39.0M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Maze Therapeutics, Inc.'s ROE was -9.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.8 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Maze Therapeutics, Inc. invested $34.9M in research and development in Q2 2026. This represents an increase of 24.3% from the same quarter a year earlier. Against the prior quarter it is up 2.3%.
Maze Therapeutics, Inc. invested $107K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 72.8% from the same quarter a year earlier. Against the prior quarter it is up 15.1%.
Not reported for Q2 2026.
MAZE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $20.0M | N/A | N/A | $0-100.0% | N/A | N/A | $2.5M |
| R&D Expenses | $34.9M+24.3% | $34.1M+23.8% | N/A | $25.2M+26.9% | $28.1M+43.8% | $27.6M+26.1% | N/A | $19.9M |
| SG&A Expenses | $13.1M+56.5% | $12.4M+58.6% | N/A | $7.8M+13.1% | $8.4M+41.8% | $7.8M+27.4% | N/A | $6.9M |
| Operating Income | -$48.0M-31.7% | -$26.6M+25.0% | N/A | -$33.0M-36.1% | -$36.5M-126.1% | -$35.4M-26.4% | N/A | -$24.2M |
| EBITDA | -$47.6M-33.0% | -$26.1M+24.8% | N/A | -$32.4M-38.2% | -$35.8M-125.5% | -$34.7M-28.3% | N/A | -$23.4M |
| Interest Expense | $931K | $866K | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | $0+100.0% | $0-100.0% | N/A | N/A | -$279K |
| Net Income | -$44.7M-32.8% | -$24.2M+26.2% | N/A | -$30.1M-21.6% | -$33.7M-124.2% | -$32.8M-0.9% | N/A | -$24.8M |
| EPS (Basic) | -$0.76+1.3% | -$0.45+60.9% | -$0.60+71.0% | -$0.66+93.6% | -$0.77-113.0% | -$1.15+91.7% | -$2.07 | -$10.25 |
| EPS (Diluted) | -$0.76+1.3% | -$0.45 | -$0.60 | -$0.66 | -$0.77-123.9% | -$1.15 | -$1.42 | -$10.25 |
| Diluted Shares (Avg) | 59M+34.7% | 54M | N/A | 46M | 44M+915.2% | 29M | N/A | 2M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $531.6M+75.2% | $419.7M+26.1% | $397.1M+65.1% | $422.1M | $303.5M | $332.8M | $240.5M | N/A |
| Current Assets | $420.4M+55.1% | $379.8M+26.7% | $349.7M+73.4% | $391.3M | $271.1M | $299.7M | $201.7M | N/A |
| Cash & Equivalents | $202.6M-23.4% | $198.8M-32.5% | $189.2M-3.8% | $316.8M+111.7% | $264.5M+51.1% | $294.4M+880.5% | $196.8M | $149.6M |
| Short-Term Investments | $208.4M | $153.6M | $152.7M | $67.2M | $0 | $0 | $0 | $0 |
| Accounts Receivable | N/A | $20.0M | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Investments | $83.8M | $10.6M | $18.1M | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $78.5M+90.2% | $78.0M+91.3% | $42.2M-92.4% | $42.6M | $41.3M | $40.8M | $551.7M | N/A |
| Current Liabilities | $23.0M+15.4% | $21.2M+14.1% | $22.6M+9.1% | $22.1M | $19.9M | $18.6M | $20.7M | N/A |
| Non-Current Liabilities | $55.5M+159.8% | $56.8M+156.3% | $19.6M-96.3% | $20.5M | $21.4M | $22.2M | $531.1M | N/A |
| Long-Term Debt | $39.0M | $38.8M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $453.1M+72.8% | $341.7M+17.0% | $355.0M+214.1% | $379.4M+233.4% | $262.2M+199.9% | $292.1M+172.4% | -$311.2M | -$284.5M |
| Retained Earnings | -$558.5M-31.4% | -$513.8M-31.3% | -$489.5M-36.6% | -$455.0M | -$424.9M | -$391.2M | -$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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.1M+49.9% | -$39.1M-32.5% | -$27.7M-23.5% | -$24.6M-6.2% | -$30.1M-120.7% | -$29.5M-25.9% | -$22.5M | -$23.2M |
| Depreciation & Amortization | $391K-39.8% | $444K-35.1% | $499K-29.2% | $571K-27.5% | $649K-24.0% | $684K-28.0% | $705K | $788K |
| Stock-Based Compensation | $9.2M+183.8% | $7.1M+120.4% | N/A | $3.9M+64.9% | $3.2M+51.1% | $3.2M+39.7% | N/A | $2.3M |
| Capital Expenditures | $107K-72.8% | $93K-68.9% | $34K-94.4% | $68K-34.0% | $393K+145.6% | $299K+7.2% | $605K | $103K |
| Free Cash Flow | -$15.2M+50.2% | -$39.2M-31.5% | -$27.8M-20.4% | -$24.7M-6.0% | -$30.4M-121.0% | -$29.8M-25.7% | -$23.1M | -$23.3M |
| Investing Cash Flow | -$128.5M-32598.7% | $6.3M+2198.7% | -$103.4M-16988.8% | -$66.9M-64835.0% | -$393K-145.6% | -$299K-7.2% | -$605K | -$103K |
| Financing Cash Flow | $147.4M+23990.8% | $42.4M-66.7% | $3.6M-94.9% | $143.8M+6786.4% | $612K+297.4% | $127.4M+418.2% | $70.3M | -$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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| 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%+3.0pp | -7.1%+4.1pp | N/A | -7.9% | -12.8% | -11.2% | N/A | N/A |
| Return on Assets | -8.4%+2.7pp | -5.8%+4.1pp | N/A | -7.1% | -11.1% | -9.8% | N/A | N/A |
| Current Ratio | 18.31+4.7x | 17.88+1.8x | 15.50+5.7x | 17.70 | 13.63 | 16.10 | 9.76 | N/A |
| Debt-to-Equity | 0.09-0.1x | 0.110.0x | 0.12 | 0.11 | 0.16 | 0.14 | N/A | N/A |
| Asset Turnover | N/A | 0.05 | N/A | N/A | 0.00 | N/A | 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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Maze Therapeutics, Inc. MAZE | FY2025 | N/A | -$131.1M | N/A | $1.5B | — |
| Rapport Therapeutics, Inc. RAPP | FY2025 | N/A | -$111.5M | N/A | $1.3B | — |
| Oric Pharmaceuticals, Inc. ORIC | FY2025 | N/A | -$129.5M | N/A | $1.3B | — |
| Enliven Therapeutics, Inc. ELVN | FY2025 | N/A | -$103.7M | N/A | $2.7B | — |
| Wave Life Sciences Ltd. WVE | FY2025 | $42.7M | -$204.4M | N/A | $616.8M | 48/100 |
| Sionna Therapeutics, Inc. SION | FY2025 | N/A | -$75.3M | N/A | $175.9M | — |
Where Maze Therapeutics, Inc. Ranks
Frequently Asked Questions
Is Maze Therapeutics, Inc. profitable?
No, Maze Therapeutics, Inc. (MAZE) reported a net income of -$131.1M in fiscal year 2025.
What is Maze Therapeutics, Inc.'s EBITDA?
Maze Therapeutics, Inc. (MAZE) had EBITDA of -$140.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Maze Therapeutics, Inc.'s return on equity (ROE)?
Maze Therapeutics, Inc. (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, Inc.'s free cash flow?
Maze Therapeutics, Inc. (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, Inc.'s operating cash flow?
Maze Therapeutics, Inc. (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, Inc.'s total assets?
Maze Therapeutics, Inc. (MAZE) had $397.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Maze Therapeutics, Inc.'s capital expenditures?
Maze Therapeutics, Inc. (MAZE) invested $794K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Maze Therapeutics, Inc. spend on research and development?
Maze Therapeutics, Inc. (MAZE) invested $108.4M in research and development during fiscal year 2025.
What is Maze Therapeutics, Inc.'s current ratio?
Maze Therapeutics, Inc. (MAZE) had a current ratio of 15.50 as of fiscal year 2025, which is generally considered healthy.
What is Maze Therapeutics, Inc.'s debt-to-equity ratio?
Maze Therapeutics, Inc. (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, Inc.'s return on assets (ROA)?
Maze Therapeutics, Inc. (MAZE) had a return on assets of -33.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Maze Therapeutics, Inc.'s P/E ratio?
Maze Therapeutics, Inc. (MAZE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $1.5B as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Maze Therapeutics, Inc.'s price-to-sales ratio?
Maze Therapeutics, Inc. (MAZE) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $1.5B as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Maze Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Maze Therapeutics, Inc. (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, Inc.'s Piotroski F-Score?
Maze Therapeutics, Inc. (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, Inc.'s earnings high quality?
Maze Therapeutics, Inc. (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.