Maze Therapeutics (MAZE) investor relations material

Executive summary

• Advanced two clinical programs, MZE829 (APOL1-mediated kidney disease) and MZE782 (phenylketonuria and CKD), with positive Phase 2 and Phase 1 data, and plans for further trials in 2026 and 2027.

• Positive topline data from Phase 2 HORIZON trial of MZE829 in broad AMKD, showing proof-of-concept and supporting advancement to pivotal trial; additional data expected late 2026 or early 2027.

• Achieved a $20M milestone payment from Shionogi for dosing the first patient in a Phase 2 study of MZE001 for Pompe disease.

• Reported a net loss of $24.2M for Q1 2026, an improvement from $32.8M in Q1 2025, driven by increased license revenue and higher R&D and G&A expenses.

• Strong balance sheet with $528M in cash, cash equivalents, and marketable securities, including proceeds from a $150M offering and a $20M milestone payment.

Financial highlights

• License revenue of $20.0M in Q1 2026, compared to none in Q1 2025, due to the Shionogi milestone.

• Research and development expenses rose to $34.1M (up $6.6M year-over-year), mainly from increased headcount, stock-based compensation, and clinical trial activity.

• General and administrative expenses increased to $12.4M (up $4.6M year-over-year), reflecting higher personnel and professional service costs.

• Net loss per share improved to $0.45 in Q1 2026 from $1.15 in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $362.9M as of March 31, 2026.

Outlook and guidance

• Plans to continue Phase 2 enrollment for MZE829 and initiate Phase 2 trials for MZE782 in PKU and CKD in 2026, with topline data expected in 2027.

• Cash runway expected to extend into 2029 based on current business plan and recent capital raise.

• Pivotal trial for MZE829 in moderate AMKD without diabetes, including FSGS, planned for first half of 2027, pending regulatory feedback.

• Expects research and development expenses to increase as clinical programs advance and pipeline expands.

• Existing cash resources expected to fund operations for at least one year from the report date.