Maze Therapeutics (MAZE) Q4 2025 earnings summary

Executive summary

• Positive topline data from Phase 2 HORIZON trial of MZE829 in AMKD, showing first clinical proof-of-concept and supporting advancement to pivotal program.

• Two Phase 2 proof-of-concept trials for MZE782 in PKU and CKD expected to start in 2026.

• $20 million milestone achieved for MZE001 in Pompe disease under collaboration with Shionogi; eligible for further milestone and royalty payments.

• Neil Kumar, Ph.D., appointed to Board of Directors, bringing significant industry experience.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $360.0 million as of December 31, 2025, up from $196.8 million at year-end 2024.

• Net loss for Q4 and full year 2025 was $34.6 million and $131.1 million, respectively, compared to a net loss of $29.6 million and net income of $52.2 million for the same periods in 2024.

• R&D expenses for Q4 and full year 2025 were $27.6 million and $108.4 million, up from $22.2 million and $83.5 million in 2024, mainly due to increased clinical and personnel costs.

• G&A expenses for Q4 and full year 2025 were $10.5 million and $34.5 million, up from $7.5 million and $26.4 million in 2024.

• No license revenue recognized in 2025; $167.5 million recognized in 2024, primarily from Shionogi upfront payment.

Outlook and guidance

• Cash runway expected to fund operations into 2028 based on current business plan.

• Plans to advance MZE829 into pivotal program and initiate two Phase 2 trials for MZE782 in 2026.