Maze Therapeutics (NASDAQ: MAZE) Q1 2026 loss narrows on milestone revenue
Rhea-AI Filing Summary
Maze Therapeutics reported first quarter 2026 results alongside important clinical and financing updates. The company generated $20.0 million in license revenue from a milestone tied to its MZE001 partnership, while R&D and G&A expenses rose to $34.1 million and $12.4 million, respectively.
Net loss narrowed to $24.2 million, or $0.45 per share, from $32.8 million, or $1.15 per share, a year earlier. Cash, cash equivalents and marketable securities were $362.9 million as of March 31, 2026, and the company highlighted a strong balance sheet of $528 million including April financing and milestone proceeds, supporting an expected cash runway into 2029.
Clinically, Maze reported positive topline Phase 2 HORIZON data for MZE829 in APOL1-mediated kidney disease, showing meaningful reductions in proteinuria and no serious treatment-related adverse events, and it plans a pivotal trial in moderate AMKD without diabetes. Phase 2 proof-of-concept trials for MZE782 in PKU and CKD are planned to initiate in 2026.
Positive
- Positive Phase 2 HORIZON data for MZE829: Clinically meaningful reductions in proteinuria in broad AMKD, severe FSGS, and AMKD without diabetes, with no serious treatment-related adverse events, support advancing MZE829 into a pivotal trial in moderate AMKD.
- Strengthened balance sheet and extended runway: Cash, cash equivalents and marketable securities of $362.9 million as of March 31, 2026, combined with a $150 million registered offering and $20 million milestone payment, support approximately $528 million in liquidity and an expected cash runway into 2029.
- New revenue from partnering: License revenue of $20.0 million in Q1 2026, versus none a year earlier, reflects a milestone under the Shionogi agreement for MZE001 and diversifies funding beyond equity capital.
- Narrower quarterly net loss: Net loss improved to $24.2 million, or $0.45 per share, from $32.8 million, or $1.15 per share, in the prior-year quarter while R&D investment increased to support multiple clinical programs.
Negative
- None.
Insights
Strong Phase 2 data and added cash extend Maze’s clinical runway.
Maze Therapeutics combined encouraging clinical progress with a meaningfully stronger balance sheet in early 2026. Positive Phase 2 HORIZON results for MZE829 in APOL1-mediated kidney disease showed sizable reductions in proteinuria across several subgroups without serious treatment-related adverse events.
The company also outlined 2026 starts for two Phase 2 proof-of-concept trials of MZE782 in PKU and CKD, plus a planned pivotal trial for MZE829 in moderate AMKD in the first half of 2027, subject to regulatory feedback. This deepens the mid-stage pipeline in genetically defined kidney and metabolic diseases.
Financially, $20.0 million in license revenue from the MZE001 milestone and an April registered offering of about $150 million, along with a $20 million milestone payment, support total cash and securities of $528 million and an expected runway into 2029. That runway reduces near-term financing pressure while the company advances multiple Phase 2 and pivotal programs.
8-K Event Classification
Key Figures
Key Terms
APOL1-mediated kidney disease (AMKD) medical
Phase 2 HORIZON trial medical
proof-of-concept medical
phenylketonuria (PKU) medical
urinary albumin-to-creatinine ratio (uACR) medical
cash runway financial
Earnings Snapshot
Maze expects its cash, cash equivalents and marketable securities as of March 31, 2026, plus April offering and milestone proceeds, will fund operations into 2029.
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
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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 May 12, 2026, Maze Therapeutics Inc. (the “Company”) issued a press release reporting its financial results for the first quarter ended March 31, 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.
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Description |
99.1 |
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Press Release announcing financial results, dated May 12, 2026. |
104 |
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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.
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May 12, 2026 |
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/s/ Courtney Phillips |
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Courtney Phillips General Counsel and Corporate Secretary |
Exhibit 99.1
Maze Therapeutics Reports First Quarter 2026 Financial Results and Recent Highlights
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 $528 million in cash, cash equivalents and marketable securities; inclusive of net proceeds from the $150 million registered offering and $20 million MZE001 milestone payment in April 2026; cash runway expected to extend into 2029
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.
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
First Quarter 2026 Financial Results
Cash Position: Cash, cash equivalents and marketable securities were $362.9 million as of March 31, 2026, compared to $360.0 million as of December 31, 2025. Maze expects that its cash, cash equivalents and marketable securities as of March 31, 2026, together with the proceeds from the registered offering completed in April 2026 and a $20 million milestone payment received from Shionogi & Co., Ltd. in April 2026, will fund operations into 2029 based on its current business plan.
License Revenue: License revenue was $20.0 million for the quarter ended March 31, 2026. No license revenue was recognized for the quarter ended March 31, 2025. License revenue recognized in the first quarter of 2026 reflects the achievement of a milestone 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 were $34.1 million and $27.6 million for the quarter ended March 31, 2026 and 2025, respectively. The increase primarily reflects higher clinical trial expenses for the Phase 2 trial of MZE829 in AMKD and start-up activities for the planned Phase 2 trial of MZE782 in PKU and higher personnel-related costs, including non-cash stock-based compensation expense.
General & Administrative (G&A) Expenses: G&A expenses were $12.4 million and $7.8 million for the quarter ended March 31, 2026 and 2025, respectively. The increase primarily reflects higher personnel-related expenses, including non-cash stock-based compensation expense, and costs for professional services.
Net Loss: Net loss was $24.2 million, or $0.45 per share, and $32.8 million, or $1.15 per share, for the quarter ended March 31, 2026 and 2025, respectively.
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 |
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Three Months Ended |
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March 31, |
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2026 |
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2025 |
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License revenue |
$ |
20,000 |
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$ |
— |
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Operating expenses: |
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Research and development |
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34,148 |
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27,580 |
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General and administrative |
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12,405 |
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7,821 |
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Total operating expenses |
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46,553 |
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35,401 |
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Loss from operations |
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(26,553 |
) |
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(35,401 |
) |
Other income (expense): |
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Interest and other income, net |
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3,211 |
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2,615 |
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Interest expense |
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(866 |
) |
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— |
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Total other income, net |
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2,345 |
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2,615 |
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Net loss |
$ |
(24,208 |
) |
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$ |
(32,786 |
) |
Net loss per share, basic and diluted |
$ |
(0.45 |
) |
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$ |
(1.15 |
) |
Weighted-average shares of common stock outstanding used to compute net loss per share, basic and diluted |
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53,897,216 |
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28,628,430 |
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Condensed Balance Sheet Data |
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March 31, |
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December 31, |
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2026 |
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2025 |
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Cash, cash equivalents and marketable securities |
$ |
362,938 |
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$ |
360,031 |
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Total assets |
$ |
419,710 |
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$ |
397,127 |
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Total liabilities |
$ |
78,009 |
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$ |
42,161 |
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Total stockholders’ equity |
$ |
341,701 |
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$ |
354,966 |
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