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).
FY2025 was a balance-sheet reset: equity financing replaced a liability-heavy structure and funded continued cash burn.
Year-end cash was only$7.6M below FY2024 even though operations consumed$111.9M , which means the company’s cash position was preserved by external capital, not by the business funding itself. That same shift appears in the capital structure: financing inflows of$275.3M coincided with equity moving from-$311.2M to positive territory, a true recapitalization rather than a normal operating year.
Losses and cash burn broadly agree: FY2025 net loss of
Short-term liquidity is strong: cash of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Maze Therapeutics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Maze Therapeutics carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 15.50, Maze Therapeutics holds $15.50 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Maze Therapeutics generates a -36.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Maze Therapeutics passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Maze Therapeutics generates $0.85 in operating cash flow (-$111.9M OCF vs -$131.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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.
Maze Therapeutics earned $-3.05 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 344.0% from the prior year.
Cash & Balance Sheet
Maze Therapeutics generated -$112.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 250.7% from the prior year.
Maze Therapeutics held $189.2M in cash against $0 in long-term debt as of fiscal year 2025.
Maze Therapeutics had 49M shares outstanding in fiscal year 2025. This represents an increase of 1916.3% from the prior year.
Margins & Returns
Maze Therapeutics's ROE was -36.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
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.
MAZE Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.0M | N/A | N/A | $0 | N/A | N/A | $2.5M-98.5% | $165.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $34.1M | N/A | $25.2M-10.4% | $28.1M+1.9% | $27.6M | N/A | $19.9M+1.6% | $19.5M |
| SG&A Expenses | $12.4M | N/A | $7.8M-7.1% | $8.4M+7.0% | $7.8M | N/A | $6.9M+16.5% | $5.9M |
| Operating Income | -$26.6M | N/A | -$33.0M+9.6% | -$36.5M-3.0% | -$35.4M | N/A | -$24.2M-117.4% | $139.6M |
| Interest Expense | $866K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | $0 | $0 | N/A | N/A | -$279K-116.2% | $1.7M |
| Net Income | -$24.2M | N/A | -$30.1M+10.7% | -$33.7M-2.7% | -$32.8M | N/A | -$24.8M-117.8% | $139.1M |
| EPS (Diluted) | $-0.45 | N/A | $-0.66+14.3% | $-0.77+33.0% | $-1.15 | N/A | $-10.25-418.3% | $3.22 |
MAZE Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $419.7M+5.7% | $397.1M-5.9% | $422.1M+39.1% | $303.5M-8.8% | $332.8M+38.4% | $240.5M | N/A | N/A |
| Current Assets | $379.8M+8.6% | $349.7M-10.6% | $391.3M+44.3% | $271.1M-9.5% | $299.7M+48.6% | $201.7M | N/A | N/A |
| Cash & Equivalents | $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-14.5% | $175.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $20.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $78.0M+85.0% | $42.2M-1.1% | $42.6M+3.2% | $41.3M+1.2% | $40.8M-92.6% | $551.7M | N/A | N/A |
| Current Liabilities | $21.2M-5.9% | $22.6M+2.0% | $22.1M+11.1% | $19.9M+6.9% | $18.6M-9.9% | $20.7M | N/A | N/A |
| Long-Term Debt | $38.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $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-8.4% | -$262.4M |
| Retained Earnings | -$513.8M-4.9% | -$489.5M-7.6% | -$455.0M-7.1% | -$424.9M-8.6% | -$391.2M-9.1% | -$358.4M | N/A | N/A |
MAZE Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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-116.0% | $145.0M |
| Capital Expenditures | $93K+173.5% | $34K-50.0% | $68K-82.7% | $393K+31.4% | $299K-50.6% | $605K+487.4% | $103K-35.6% | $160K |
| Free Cash Flow | -$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-116.1% | $144.9M |
| Investing Cash Flow | $6.3M+106.1% | -$103.4M-54.6% | -$66.9M-16918.6% | -$393K-31.4% | -$299K+50.6% | -$605K-487.4% | -$103K+35.6% | -$160K |
| Financing Cash Flow | $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-1496.1% | $154K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MAZE Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -132.8% | N/A | N/A | N/A | N/A | N/A | -969.2%-1053.7pp | 84.6% |
| Net Margin | -121.0% | N/A | N/A | N/A | N/A | N/A | -990.1%-1074.4pp | 84.3% |
| Return on Equity | -7.1% | N/A | -7.9%+4.9pp | -12.8%-1.6pp | -11.2% | N/A | N/A | N/A |
| Return on Assets | -5.8% | N/A | -7.1%+4.0pp | -11.1%-1.2pp | -9.8% | N/A | N/A | N/A |
| Current Ratio | 17.88+2.4 | 15.50-2.2 | 17.70+4.1 | 13.63-2.5 | 16.10+6.3 | 9.76 | N/A | N/A |
| Debt-to-Equity | 0.110.0 | 0.120.0 | 0.11-0.0 | 0.16+0.0 | 0.14+1.9 | -1.77 | N/A | N/A |
| FCF Margin | -196.0% | N/A | N/A | N/A | N/A | N/A | -932.3%-1020.1pp | 87.8% |
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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) generated -$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) generated -$111.9M in operating cash flow during fiscal year 2025, representing cash generated from 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.
What is Maze Therapeutics's cash runway?
Based on fiscal year 2025 data, Maze Therapeutics (MAZE) had $189.2M in cash against an annual operating cash burn of $111.9M. This gives an estimated cash runway of approximately 20 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Maze Therapeutics's Piotroski F-Score?
Maze Therapeutics (MAZE) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 0.85x, considered low quality (accrual-driven). 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.
How financially healthy is Maze Therapeutics?
Maze Therapeutics (MAZE) scores 66 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.