Maze Therapeutics Reports Third Quarter 2026 Financial Results and Recent Highlights
Higher research and administrative spending accompanied completed HORIZON enrollment and plans for further clinical trials in 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Maze Therapeutics (MAZE) reported a third-quarter net loss of $47.969 million and completed enrollment in its Phase 2 HORIZON trial. The loss widened from $30.087 million a year earlier; loss per share increased to $0.79 from $0.66. Cash, cash equivalents and marketable securities totaled $476.982 million at September 30, 2026, versus $360.031 million at year-end 2025. Maze expects funding to support operations into 2029.
HORIZON enrolled more than 50 patients with APOL1-mediated kidney disease across three cohorts. Maze expects final MZE829 data in early 2027 and plans a pivotal trial in the first half of 2027, subject to regulatory feedback. Enrollment continues in the Phase 2 CIPheR trial of MZE782 for phenylketonuria, with topline data expected in 2027. A Phase 2 MZE782 trial in chronic kidney disease is planned for the first half of 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointCash, cash equivalents and marketable securities rose to $476.982 million at September 30, 2026, from $360.031 million at year-end 2025.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Current funding is expected to support operations into 2029 under Maze's current business plan.
- Moderate pointHORIZON enrollment completed with more than 50 patients, exceeding the target of 10–15 patients per cohort.
- Moderate point. Forward-looking: it has not happened yet and may not happen.MZE829 pivotal trial initiation is planned for the first half of 2027.
- Moderate pointNine-month license revenue reached $20 million versus none in 2025, reflecting a first-quarter Shionogi milestone.
7 minor points
- Minor pointPreviously reported HORIZON interim data showed urinary albumin reductions at 12 weeks among 12 efficacy-evaluable patients.
- Minor point. Forward-looking: it has not happened yet and may not happen.Final HORIZON data across three kidney-disease cohorts are expected in early 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.CIPheR enrollment continues, with MZE782 phenylketonuria topline data expected in 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.MZE782 Phase 2 chronic kidney disease trial initiation is planned for the first half of 2027.
- Minor pointPreviously reported MZE782 Phase 1 results showed a 42-fold increase in urinary phenylalanine excretion in healthy volunteers.
- Minor pointInterest and other income rose to $4.523 million in Q3 and $11.973 million year-to-date, versus $2.878 million and $8.288 million.
- Minor pointStockholders' equity increased to $428.545 million at September 30, 2026, from $354.966 million at year-end 2025.
Negative
- Moderate pointQ3 net loss widened to $47.969 million, or $0.79 per share, from $30.087 million, or $0.66.
- Minor pointNine-month net loss widened to $116.904 million from $96.552 million; loss per share narrowed to $2.02 from $2.45.
- Minor pointR&D expenses increased to $40.220 million in Q3 and $109.308 million year-to-date, versus $25.190 million and $80.878 million.
- Minor pointAdministrative expenses increased to $11.297 million in Q3 and $36.797 million year-to-date, versus $7.775 million and $23.962 million.
- Minor pointInterest expense reached $0.975 million in Q3 and $2.772 million year-to-date, versus none in either 2025 period.
2 minor points
- Minor pointTotal liabilities rose to $83.012 million at September 30, 2026, from $42.161 million at year-end 2025.
- Minor pointMZE829 pivotal trial initiation remains subject to regulatory feedback.
News Explained
Maze recognized
Key Figures
- Cash and marketable securities
- $477.0 million
- As of September 30, 2026
- Expected cash runway
- Into 2029
- Based on the current business plan
- HORIZON enrollment
- More than 50 patients
- Phase 2 trial; enrollment completed
- Target enrollment
- 10–15 patients per cohort
- HORIZON's three cohorts; enrollment exceeded target
- Interim HORIZON efficacy-evaluable patients
- 12 patients
- Previously reported uACR reductions at 12 weeks
- License revenue
- $20.0 million
- Nine months ended September 30, 2026; milestone revenue
- R&D expenses
- $40.2 million
- Three months ended September 30, 2026
- Net loss
- $48.0 million; $0.79 per share
- Three months ended September 30, 2026
Previous Earnings Reports
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Prior-quarter cash balance and Phase 2 program progress provide financial and trial context.
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Previously reported HORIZON results included a 35.6% mean proteinuria reduction at week 12.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
uacr medical
fsgs medical
proof-of-concept medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Enrollment completed in Phase 2 HORIZON trial of MZE829; data from all three cohorts expected in early 2027
Enrollment ongoing in Phase 2 CIPheR trial of MZE782 in PKU; topline data expected in 2027
Phase 2 trial of MZE782 in CKD on track for H1 2027 initiation
Strong balance sheet with
SOUTH SAN FRANCISCO, Calif., Nov. 09, 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 third quarter ended September 30, 2026, highlighting recent progress and business updates.
“Completing enrollment in HORIZON with more than 50 patients across three cohorts marks an important milestone for MZE829 and exceeded our target enrollment of 10-15 patients per cohort,” said Jason Coloma, Ph.D., chief executive officer of Maze. “HORIZON gives us the opportunity to generate a robust dataset across three distinct AMKD patient populations, including patients with and without diabetes and those with FSGS, and provide a comprehensive view of MZE829’s potential as a best-in-class therapy for a broad AMKD population, supported by its differentiated dual mechanism of action. We are encouraged by the previously reported clinically meaningful uACR reductions demonstrated among 12 efficacy-evaluable patients in an interim data cut from HORIZON, look forward to reporting the complete HORIZON dataset in early 2027, and plan to use these results to inform our pivotal program. We are also making strong progress with MZE782 with respect to both continued enrollment in the Phase 2 CIPheR trial in PKU and advancement of our plans to initiate a Phase 2 CKD trial in the first half of 2027.”
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.
- Enrollment for the Phase 2 HORIZON trial evaluating MZE829 in more than 50 patients in a broad AMKD population is complete and exceeded the target enrollment range of 10-15 patients per cohort as previously guided.
- Previously reported interim HORIZON data demonstrated clinically meaningful uACR reductions at 12 weeks among 12 efficacy-evaluable AMKD patients.
- In early 2027, Maze expects to announce the final data from HORIZON which is designed to evaluate the potential of MZE829 to treat each of three AMKD patient subgroups: AMKD without diabetes, AMKD with diabetes and AMKD with focal segmental glomerulosclerosis (FSGS).
- Subject to regulatory feedback, Maze plans to initiate a pivotal trial in the first half of 2027.
- In October 2026, Maze delivered an oral presentation of previously reported data from the Phase 2 HORIZON trial at the American Society of Nephrology (ASN) Kidney Week, held October 21–25, 2026, in Denver, Colorado.
MZE782 for Phenylketonuria (PKU) and CKD
MZE782 is an oral, small molecule targeting the solute transporter SLC6A19, which, in previously reported Phase 1 results, demonstrated a 42-fold increase in urinary phenylalanine excretion in healthy volunteers and a dose-dependent eGFR dip suggestive of kidney-protective potential. These data along with other preclinical supporting evidence suggest that MZE782 has the potential to be both 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.
- Enrollment is ongoing in the Phase 2 CIPheR proof-of-concept trial of MZE782 evaluating plasma phenylalanine (Phe) reduction in PKU. Topline data from the trial is expected in 2027.
- Maze plans to initiate a Phase 2 proof-of-concept trial of MZE782 evaluating proteinuria reduction in CKD in the first half of 2027.
- In October 2026, Maze presented two posters highlighting preclinical research further supporting MZE782’s mechanism of SLC6A19 inhibition as a potential therapeutic approach for CKD at ASN Kidney Week.
Recent Corporate Highlights
- In August 2026, Maze announced the appointments of Paula Johnson, M.D., M.P.H., and Sophie Kornowski, Pharm.D., M.B.A., to its Board of Directors. Dr. Johnson and Dr. Kornowski each bring decades of biopharmaceutical industry and clinical experience.
Third Quarter 2026 Financial Results
Cash Position: Cash, cash equivalents and marketable securities were
License Revenue: No license revenue and
Research & Development (R&D) Expenses: R&D expenses for the three and nine months ended September 30, 2026 were
General & Administrative (G&A) Expenses: G&A expenses for the three and nine months ended September 30, 2026 were
Net Loss: Net loss for the three and nine months ended September 30, 2026 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 in Phase 2 development 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, and the company’s expected cash runway. 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:
Argot Partners
maze@argotpartners.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 | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| License revenue | $ | — | $ | — | $ | 20,000 | $ | — | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 40,220 | 25,190 | 109,308 | 80,878 | |||||||||||
| General and administrative | 11,297 | 7,775 | 36,797 | 23,962 | |||||||||||
| Total operating expenses | 51,517 | 32,965 | 146,105 | 104,840 | |||||||||||
| Loss from operations | (51,517 | ) | (32,965 | ) | (126,105 | ) | (104,840 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest and other income, net | 4,523 | 2,878 | 11,973 | 8,288 | |||||||||||
| Interest expense | (975 | ) | — | (2,772 | ) | — | |||||||||
| Total other income, net | 3,548 | 2,878 | 9,201 | 8,288 | |||||||||||
| Net loss | $ | (47,969 | ) | $ | (30,087 | ) | $ | (116,904 | ) | $ | (96,552 | ) | |||
| Net loss per share, basic and diluted | $ | (0.79 | ) | $ | (0.66 | ) | $ | (2.02 | ) | $ | (2.45 | ) | |||
| Weighted-average shares of common stock outstanding used to compute net loss per share, basic and diluted | 60,864,851 | 45,779,577 | 57,944,856 | 39,464,634 | |||||||||||
| Condensed Balance Sheet Data | |||||||
| September 30, | December 31, | ||||||
| 2026 | 2025 | ||||||
| Cash, cash equivalents and marketable securities | $ | 476,982 | $ | 360,031 | |||
| Total assets | $ | 511,557 | $ | 397,127 | |||
| Total liabilities | $ | 83,012 | $ | 42,161 | |||
| Total stockholders’ equity | $ | 428,545 | $ | 354,966 | |||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When will Maze Therapeutics report final HORIZON results for MZE829?
Maze expects final Phase 2 HORIZON data in early 2027. Enrollment is complete with more than 50 patients across three groups: APOL1-mediated kidney disease without diabetes, with diabetes, and with focal segmental glomerulosclerosis, a kidney-scarring condition.
How long does Maze Therapeutics expect its cash to last?
Maze expects its cash, cash equivalents and marketable securities to fund operations into 2029, based on its current business plan. Those holdings totaled $476.982 million at September 30, 2026.
Why did Maze Therapeutics' research and administrative expenses rise in the third quarter of 2026?
Maze attributes higher research spending primarily to advancement of MZE829 and MZE782 and higher personnel costs, including non-cash stock-based compensation. Higher administrative spending primarily reflected personnel expenses, including stock-based compensation, and professional-service costs.
What did Maze Therapeutics previously report about MZE782's kidney-function findings?
Previously reported Phase 1 results showed a dose-dependent dip in estimated glomerular filtration rate, a measure of kidney filtration. Maze characterized that finding as suggestive of kidney-protective potential; it was not a demonstrated kidney-protection outcome.