Maze Therapeutics (MAZE) builds $495M cash position as R&D spending rises in Q2 2026
Rhea-AI Filing Summary
Maze Therapeutics, Inc. reported second quarter 2026 results and pipeline updates. The company is advancing Phase 2 programs for MZE829 in APOL1-mediated kidney disease and MZE782 in phenylketonuria and chronic kidney disease, with multiple data readouts and a pivotal trial for MZE829 planned from late 2026 through 2027, subject to regulatory feedback.
Maze reported a net loss of $44.7 million for the quarter, or $0.76 per share$494.9 million as of June 30, 2026, supported by an April 2026 equity and pre-funded warrant offering of approximately $150 million in gross proceeds. Maze states that this cash position is expected to fund operations into 2029.
Positive
- Cash, cash equivalents and marketable securities of $494.9 million as of June 30, 2026, with expected runway into 2029, provide substantial funding for the clinical pipeline.
- Completed an April 2026 equity and pre-funded warrant offering with approximately $150 million in gross proceeds, strengthening the balance sheet.
Negative
- Net loss increased to $44.7 million for Q2 2026 from $33.7 million a year earlier, reflecting higher operating expenses as programs advance.
Filing Explained
Six-month milestone revenue was $20 million, but Q2 had no license revenue and reported a $44.7 million net loss.
Maze Therapeutics has completed and reported the quarter ended
A Form 8-K reports specified material events, and this filing furnishes the company’s results under Item 2.02 through Exhibit 99.1; the results and press release are expressly not treated as filed for Section 18 liability purposes.
The six-month results include
The quarterly per-share loss was calculated using a weighted-average common share count of 58,995,934, compared with 43,797,421 in the year-earlier quarter.
8-K Event Classification
Key Figures
Key Terms
APOL1-mediated kidney disease (AMKD) medical
phenylketonuria (PKU) medical
proteinuria medical
pivotal trial regulatory
proof-of-concept trial medical
pre-funded warrants financial
Earnings Snapshot
Maze expects its current cash, cash equivalents and marketable securities to fund operations into 2029 based on its current business plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Maze Therapeutics (MAZE) cash and investments at June 30, 2026?
What net loss did Maze Therapeutics (MAZE) report for Q2 2026?
How much capital did Maze Therapeutics (MAZE) raise in 2026?
What are the key clinical milestones for Maze Therapeutics (MAZE) programs?
How did Maze Therapeutics (MAZE) operating expenses change in Q2 2026?
What license revenue did Maze Therapeutics (MAZE) recognize in 2026?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On August 11, 2026, Maze Therapeutics, Inc. (the “Company”) issued a press release reporting its financial results for the second quarter ended June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section or Section 11 or 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), nor shall it be deemed incorporated by reference into any filing by the Company under the Exchange Act or the Securities Act, whether made before or after the date hereof, except as expressly set forth by reference in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number |
|
Description |
99.1 |
|
Press Release announcing financial results, dated August 11, 2026. |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
|
Date: |
August 11, 2026 |
By: |
/s/ Courtney Phillips |
|
|
|
Courtney Phillips General Counsel and Corporate Secretary |
Exhibit 99.1
Maze Therapeutics Reports Second Quarter 2026 Financial Results and Recent Highlights
Enrollment in Phase 2 HORIZON trial of MZE829 on track; data from all cohorts expected in late 2026 or early 2027
Phase 2 CIPheR trial of MZE782 in PKU initiated and enrollment ongoing; topline data expected in 2027
Phase 2 trial of MZE782 in CKD on track for H1 2027 initiation
Strong balance sheet with $495 million in cash, cash equivalents and marketable securities supports expected runway into 2029
SOUTH SAN FRANCISCO, Calif., August 11, 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 second quarter ended June 30, 2026, highlighting recent progress and business updates.
“The second quarter was marked by continued operational excellence by our team, with the Phase 2 CIPheR trial of MZE782 in PKU now underway with initial topline data expected in 2027, and continued strong enrollment in the Phase 2 HORIZON trial of MZE829 across three cohorts with additional data on track for 10-15 patients per cohort in late 2026 or early 2027,” said Jason Coloma, Ph.D., chief executive officer of Maze. “Looking ahead, we continue to prepare for the pivotal trial of MZE829. We are also advancing MZE782 toward a Phase 2 trial in CKD, which we expect to initiate in the first half of next year. With a strong balance sheet and expected cash runway into 2029, we are well positioned to execute against the clinical milestones in our pipeline.”
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.
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.
Recent Corporate Highlights
Second Quarter 2026 Financial Results
Cash Position: Cash, cash equivalents and marketable securities were $494.9 million as of June 30, 2026, compared to $360.0 million as of December 31, 2025. Maze expects that its current cash, cash equivalents and marketable securities will fund operations into 2029 based on its current business plan.
License Revenue: No license revenue and $20.0 million in license revenue was recognized for the three and six months ended June 30, 2026, respectively, and no license revenue was recognized for the same periods in 2025. License revenue recognized in 2026 reflects the achievement of a milestone in the first quarter of 2026 pursuant to the exclusive license agreement with Shionogi & Co., Ltd. for the rights to MZE001, an investigational oral glycogen synthase 1 (GYS1) inhibitor that aims to address Pompe disease by limiting disease-causing glycogen buildup.
Research & Development (R&D) Expenses: R&D expenses for the three and six months ended June 30, 2026 were $34.9 million and $69.1 million, respectively, and $28.1 million and $55.7 million for the same periods in 2025. The increase primarily reflects higher expenses related to the progression of our clinical development of the MZE829 program and higher personnel-related costs, including non-cash stock-based compensation expense.
General & Administrative (G&A) Expenses: G&A expenses for the three and six months ended June 30, 2026 were $13.1 million and $25.5 million, respectively, and $8.4 million and $16.2 million for the same periods in 2025. The increase primarily reflects higher personnel-related expenses, including non-cash stock-based compensation expense, and costs for professional services.
Net Loss: Net loss for the three and six months ended June 30, 2026 was $44.7 million, or $0.76 per share, and $68.9 million, or $1.22 per share, respectively, compared to net loss of $33.7 million, or $0.77 per share, and $66.5 million, or $1.83 per share, for the same periods in 2025.
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 |
|
|
Six Months Ended |
|
||||||||||
|
June 30, |
|
|
June 30, |
|
||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
License revenue |
$ |
— |
|
|
$ |
— |
|
|
$ |
20,000 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
34,940 |
|
|
|
28,108 |
|
|
|
69,088 |
|
|
|
55,688 |
|
General and administrative |
|
13,095 |
|
|
|
8,366 |
|
|
|
25,500 |
|
|
|
16,187 |
|
Total operating expenses |
|
48,035 |
|
|
|
36,474 |
|
|
|
94,588 |
|
|
|
71,875 |
|
Loss from operations |
|
(48,035 |
) |
|
|
(36,474 |
) |
|
|
(74,588 |
) |
|
|
(71,875 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and other income, net |
|
4,239 |
|
|
|
2,795 |
|
|
|
7,450 |
|
|
|
5,410 |
|
Interest expense |
|
(931 |
) |
|
|
— |
|
|
|
(1,797 |
) |
|
|
— |
|
Total other income, net |
|
3,308 |
|
|
|
2,795 |
|
|
|
5,653 |
|
|
|
5,410 |
|
Net loss |
$ |
(44,727 |
) |
|
$ |
(33,679 |
) |
|
$ |
(68,935 |
) |
|
$ |
(66,465 |
) |
Net loss per share, basic and diluted |
$ |
(0.76 |
) |
|
$ |
(0.77 |
) |
|
$ |
(1.22 |
) |
|
$ |
(1.83 |
) |
Weighted-average shares of common stock outstanding used to compute net loss per share, basic and diluted |
|
58,995,934 |
|
|
|
43,797,421 |
|
|
|
56,460,660 |
|
|
|
36,254,828 |
|
Condensed Balance Sheet Data |
|
||||||
|
|
|
|
|
|
||
|
June 30, |
|
|
December 31, |
|
||
|
2026 |
|
|
2025 |
|
||
Cash, cash equivalents and marketable securities |
$ |
494,908 |
|
|
$ |
360,031 |
|
Total assets |
$ |
531,625 |
|
|
$ |
397,127 |
|
Total liabilities |
$ |
78,501 |
|
|
$ |
42,161 |
|
Total stockholders’ equity |
$ |
453,124 |
|
|
$ |
354,966 |
|