MAZE Form 4: Director Daniel Spiegelman receives 18,000 options

Rhea-AI Filing Summary

Maze Therapeutics director Daniel K. Spiegelman received a stock option award on 09/22/2025. The Form 4 shows an option to buy 18,000 shares of Maze common stock at an exercise price of $23.67 per share. The option was reported as acquired on 09/22/2025 and is recorded as directly beneficially owned with 18,000 shares following the transaction. The option has an expiration/exercise date shown as 09/21/2035 and vests monthly in nine equal tranches (1/9 each) beginning with a first tranche vesting on October 1, 2025, subject to continued service. The filing was signed by an attorney-in-fact on 09/24/2025.

Positive

• Director alignment: Awarding options aligns the reporting person’s financial interests with shareholders through equity ownership.
• Transparent vesting schedule: The filing discloses monthly vesting (1/9 each) with a clear first vesting date of October 1, 2025.

Negative

• Potential dilution: Exercise of the 18,000 options would increase share count if exercised, creating standard dilution.
• Strike price level: The $23.67 exercise price may limit immediate alignment if market price is below this level (market price not disclosed in this filing).

Insights

Securities Analyst

TL;DR: Routine director equity grant aligns executive incentives but creates standard dilution risk.

The Form 4 documents a standard stock option grant to a company director: 18,000 options at a $23.67 exercise price, exercisable/expiring on 09/21/2035, with scaled monthly vesting beginning 10/01/2025. This appears to be a service-based grant tied to continued board service rather than performance milestones. For investors, the grant signals management alignment with shareholder outcomes while representing incremental potential dilution if exercised. The terms — a multi-year option with monthly vesting — are typical for director compensation and do not by themselves indicate material change to capital structure.

Corporate Governance Expert

TL;DR: Typical governance practice: equity used to retain and incentivize a director.

The disclosure shows governance-standard mechanics: an award with a 10-year contractual horizon and staged vesting contingent on service. The explicit monthly 1/9 vesting schedule starting 10/01/2025 clarifies the retention intent. From a governance perspective, this is routine and transparent reporting under Section 16. No additional governance red flags or related-party indications are present in the filing itself.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SPIEGELMAN DANIEL K

(Last) (First) (Middle)

C/O MAZE THERAPEUTICS, INC.

171 OYSTER POINT BOULEVARD, SUITE 300

(Street)

SOUTH SAN FRANCISCO CA 94080

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Maze Therapeutics, Inc. [ MAZE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$23.67	09/22/2025		A		18,000		(1)	09/21/2035	Common Stock	18,000	$0	18,000	D

Explanation of Responses:

1. The option shall vest as to 1/9 of the total award monthly with the first tranche vesting on October 1, 2025, subject to the reporting person's continued service to the Issuer on the applicable vesting date.

	/s/ Courtney Phillips, as attorney-in-fact	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Maze Therapeutics (MAZE) report on this Form 4?

The Form 4 reports that director Daniel K. Spiegelman was granted 18,000 stock options on 09/22/2025 with an exercise price of $23.67.

When do the options for MAZE director Daniel Spiegelman begin vesting?

The options vest monthly as 1/9 of the total award, with the first tranche vesting on October 1, 2025, subject to continued service.

What is the exercise/expiration date shown for the options?

The filing lists a date of 09/21/2035 in the exercisable/expiration field for the reported option award.

How many Maze shares will the reporting person own after the transaction?

The Form 4 shows the reporting person beneficially owns 18,000 shares/options following the reported transaction.

Was this Form 4 filed jointly or by one reporting person?

The filing indicates it was submitted by one reporting person (Form filed by one reporting person).