Maze Therapeutics Reports First Quarter 2026 Financial Results and Recent Highlights
Rhea-AI Summary
Maze Therapeutics (Nasdaq: MAZE) reported Q1 2026 results and clinical progress. Positive Phase 2 HORIZON data for MZE829 in broad AMKD showed a 35.6% mean proteinuria reduction at week 12, supporting advancement to a pivotal trial planned for 1H 2027, subject to regulatory feedback.
Maze plans two Phase 2 trials of MZE782 in PKU and CKD starting in 2026. Q1 2026 included $20 million in license revenue, net loss of $24.2 million ($0.45/share), and R&D and G&A expenses of $34.1 million and $12.4 million, respectively. Pro forma cash is about $528 million, with runway expected into 2029.
Positive
- Phase 2 HORIZON: 35.6% mean uACR reduction in broad AMKD at week 12
- HORIZON severe FSGS subgroup: 61.8% mean uACR reduction
- AMKD without diabetes: 48.6% mean uACR reduction with MZE829
- No serious or severe treatment-related adverse events reported in HORIZON
- Pivotal MZE829 trial in moderate AMKD without diabetes planned for 1H 2027
- Two Phase 2 MZE782 trials in PKU and CKD planned to initiate in 2026
- Q1 2026 license revenue of $20 million vs. none in Q1 2025
- Net loss narrowed to $24.2 million from $32.8 million year over year
- Pro forma cash of about $528 million, runway expected into 2029
- April 2026 equity offering raised approximately $150 million gross
- $20 million milestone payment received for MZE001 license in April 2026
Negative
- Q1 2026 R&D expenses rose to $34.1 million from $27.6 million
- Q1 2026 G&A expenses increased to $12.4 million from $7.8 million
- Company remains loss-making with Q1 2026 net loss of $24.2 million
- Registered offering of common stock and pre-funded warrants dilutes existing shareholders
News Market Reaction – MAZE
In the May 13 session, MAZE gained 4.58%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | Earnings & pipeline | Positive | -35.2% | Q4 2025 results plus strong MZE829 Phase 2 HORIZON topline data. |
| Nov 06 | Earnings & pipeline | Positive | -3.5% | Q3 2025 results with solid cash, MZE782 Phase 1 data, and trial plans. |
| Aug 12 | Quarterly results | Neutral | -1.0% | Q2 2025 financials showing higher R&D spend and net loss vs prior year. |
| May 14 | Quarterly results | Positive | +2.1% | Q1 2025 results with ample cash and advancing MZE829 and MZE782 trials. |
| Mar 31 | Full-year results | Positive | -3.6% | FY 2024 results, IPO and financing proceeds, and strong license revenue. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often been followed by negative price reactions, even when updates emphasized cash runway and clinical progress.
Over the past year, MAZE earnings updates have consistently paired pipeline progress with sizeable cash balances. Prior reports highlighted advancing MZE829 in the Phase 2 HORIZON trial and planning Phase 2 studies for MZE782 in PKU and CKD, with cash runways extending into 2027–2028. Price reactions to these earnings events were frequently negative, including a -35.24% move on Mar 25, 2026. Today’s Q1 2026 release continues that pattern of strong liquidity and advancing trials, now extending projected runway into 2029.
Key Terms
apol1 medical
uacr medical
fsgs medical
phenylketonuria medical
ckd medical
slc6a19 medical
pre-funded warrants financial
phase 2 medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive topline data from Phase 2 HORIZON trial of MZE829 in patients with broad AMKD provide proof-of-concept and support advancement into pivotal trial; additional HORIZON data expected in late 2026 or early 2027
Phase 2 proof-of-concept clinical trials evaluating MZE782 in PKU and CKD on track to initiate in 2026
Strong balance sheet with
SOUTH SAN FRANCISCO, Calif., May 12, 2026 (GLOBE NEWSWIRE) -- Maze Therapeutics, Inc. (Nasdaq: MAZE), a clinical-stage biopharmaceutical company developing small molecule precision medicines for patients with kidney and metabolic diseases, today reported financial results for the first quarter ended March 31, 2026, highlighting recent progress and business updates.
“We continue to execute across our clinical pipeline in 2026, and with positive topline data reported from our Phase 2 HORIZON trial of MZE829 in broad AMKD in the first quarter, we are more confident than ever in our potential to harness the power of genetics to transform the lives of patients,” said Jason Coloma, Ph.D., chief executive officer of Maze. “Looking ahead to the rest of the year, we remain on track to initiate a Phase 2 trial of MZE782 in PKU around the middle of this year with topline data expected in 2027, and an additional Phase 2 study is expected to initiate in CKD in the second half of this year. We also look forward to reporting additional results from the HORIZON study in late 2026 or early 2027, and to advancing MZE829 into a pivotal trial in moderate AMKD patients without diabetes, including those with FSGS. With a strong balance sheet and expected cash runway into 2029, we continue to focus on clinical execution and pivotal study preparation.”
Program Progress and Anticipated Milestones
MZE829 for APOL1-Mediated Kidney Disease (AMKD)
MZE829 is an oral, small molecule, dual-mechanism APOL1 inhibitor that Maze is advancing as a potential treatment for patients with AMKD, a subset of chronic kidney disease (CKD) estimated to affect over one million people in the United States alone.
- In March 2026, Maze announced positive topline data from the Phase 2 HORIZON trial evaluating MZE829 in patients with broad AMKD, representing the first-ever clinical proof-of-concept data in this genetically-defined, broad AMKD population. The results demonstrated that treatment with MZE829 led to a clinically meaningful mean reduction in proteinuria, as measured by urinary albumin-to-creatinine ratio (uACR), of
35.6% at week 12 in broad AMKD patients, with50% of patients achieving a greater than30% reduction in uACR. In patients with severe focal segmental glomerulosclerosis (FSGS), treatment with MZE829 led to a mean reduction in uACR of61.8% . In patients with AMKD without diabetes, treatment with MZE829 resulted in a clinically meaningful mean reduction in uACR of48.6% . In patients with AMKD with diabetes, five patients were evaluable per protocol for efficacy, with two patients achieving at least a30% reduction in uACR. No serious adverse events or severe treatment-related adverse events were observed. - Based on the topline results from HORIZON, Maze plans to initiate a pivotal trial in patients with moderate AMKD without diabetes, including those with FSGS, in the first half of 2027, subject to regulatory feedback.
MZE782 for Phenylketonuria (PKU) and CKD
MZE782 is an oral, small molecule targeting the solute transporter, SLC6A19, with potential to be a best-in-class therapy for patients with PKU, an inherited metabolic disorder, and a first-in-class treatment for the estimated five million U.S. patients with CKD who inadequately respond to currently available CKD therapies.
- Maze plans to initiate two Phase 2 proof-of-concept trials of MZE782 evaluating plasma phenylalanine (Phe) reduction in PKU and proteinuria reduction in CKD by mid-2026 and in the second half of 2026, respectively. Topline data from the PKU Phase 2 trial is expected in 2027.
Recent Corporate Highlights
- In April 2026, Maze completed a registered offering of its common stock and pre-funded warrants for gross proceeds of approximately
$150 million , before deducting underwriting discounts and commissions and other offering expenses payable by Maze.
First Quarter 2026 Financial Results
Cash Position: Cash, cash equivalents and marketable securities were
License Revenue: License revenue was
Research & Development (R&D) Expenses: R&D expenses were
General & Administrative (G&A) Expenses: G&A expenses were
Net Loss: Net loss was
About Maze Therapeutics
Maze Therapeutics is a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel small molecule precision medicines for patients with kidney and metabolic diseases. Guided by its Compass™ platform, Maze pursues genetically validated targets by integrating variant discovery and functionalization to discover and advance small molecule programs with first- or best-in-class potential. Maze’s pipeline is led by MZE829, a dual-mechanism APOL1 inhibitor in Phase 2 development for APOL1-mediated kidney disease (AMKD), and MZE782, a SLC6A19 inhibitor advancing to Phase 2 with the potential to treat both phenylketonuria (PKU) and chronic kidney disease (CKD). Maze is headquartered in South San Francisco. For more information, please visit mazetx.com, or follow Maze on LinkedIn and X.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current beliefs and expectations of management. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements concerning the company’s future plans and prospects, any expectations regarding the safety or efficacy of MZE829, MZE782 and other candidates under development, the ability of MZE829 to treat AMKD or other indications, the ability of MZE782 to treat PKU, CKD or other indications, the planned timing of the company’s clinical trials, data results and further development of MZE829, MZE782 and other therapeutic candidates, the company’s expected cash runway, and the ability to drive financial results and stockholder value. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “will,” “predict” and similar expressions and their variants, as they relate to the company may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Although the company believes the expectations reflected in such forward-looking statements are reasonable, the company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, safety, performance or events and circumstances could differ materially from those expressed or implied in the company’s forward-looking statements due to a variety of factors, including risks and uncertainties related to the company’s ability to advance MZE829, MZE782 and its other therapeutic candidates, obtain regulatory approval of and ultimately commercialize the company’s therapeutic candidates, the timing and results of preclinical studies and clinical trials, the company’s ability to fund development activities and achieve development goals, its ability to protect its intellectual property, general business and economic conditions, and risks related to the impact on its business of macroeconomic conditions, including inflation, volatile interest rates, tariffs, instability in the global banking sector, and public health crises. Further information on potential risk factors that could affect the company’s business and its financial results are detailed under the heading “Risk Factors” included in the documents the company files from time to time with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this press release and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
IR/Corporate Contact:
Amy Bachrodt, Maze Therapeutics
abachrodt@mazetx.com
Media Contact:
Amanda Lazaro, 1AB Media
Amanda@1ABMedia.com
| Maze Therapeutics, Inc. Select Condensed Financial Information (in thousands, except share and per share amounts) (unaudited) | |||||||
| Condensed Statements of Operations | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2026 | 2025 | ||||||
| License revenue | $ | 20,000 | $ | — | |||
| Operating expenses: | |||||||
| Research and development | 34,148 | 27,580 | |||||
| General and administrative | 12,405 | 7,821 | |||||
| Total operating expenses | 46,553 | 35,401 | |||||
| Loss from operations | (26,553 | ) | (35,401 | ) | |||
| Other income (expense): | |||||||
| Interest and other income, net | 3,211 | 2,615 | |||||
| Interest expense | (866 | ) | — | ||||
| Total other income, net | 2,345 | 2,615 | |||||
| Net loss | $ | (24,208 | ) | $ | (32,786 | ) | |
| Net loss per share, basic and diluted | $ | (0.45 | ) | $ | (1.15 | ) | |
| Weighted-average shares of common stock outstanding used to compute net loss per share, basic and diluted | 53,897,216 | 28,628,430 | |||||
| Condensed Balance Sheet Data | |||||||
| March 31, | December 31, | ||||||
| 2026 | 2025 | ||||||
| Cash, cash equivalents and marketable securities | $ | 362,938 | $ | 360,031 | |||
| Total assets | $ | 419,710 | $ | 397,127 | |||
| Total liabilities | $ | 78,009 | $ | 42,161 | |||
| Total stockholders’ equity | $ | 341,701 | $ | 354,966 | |||
