Maze Therapeutics (MAZE) Registration Filing summary

Company overview and business model

• Clinical-stage biopharma focused on precision medicines for renal, cardiovascular, and metabolic diseases using a proprietary Compass platform for genetic variant functionalization.

• Lead programs target chronic kidney disease (CKD) and related conditions, with MZE829 for APOL1 kidney disease and MZE782 for CKD and phenylketonuria (PKU).

• Pipeline includes wholly owned and partnered programs, leveraging partnerships for non-core indications.

Financial performance and metrics

• Reported $167.5M in license revenue for the nine months ended September 30, 2024, primarily from an upfront payment from Shionogi.

• Net income of $81.8M for the nine months ended September 30, 2024, compared to a net loss of $73.8M for the same period in 2023.

• Accumulated deficit of $313.9M as of September 30, 2024; cash and cash equivalents of $149.6M.

• Research and development expenses were $61.3M for the nine months ended September 30, 2024.

Use of proceeds and capital allocation

• Net proceeds of ~$113.6M (or ~$131.0M if underwriters' option exercised) expected from IPO at $16.00/share midpoint.

• Proceeds to fund clinical development of MZE829 and MZE782 through Phase 2, additional CVRM programs, Compass platform development, and working capital.

• Estimated to fund operations into the second half of 2027.