Maze Therapeutics (MAZE) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on precision medicines for renal, cardiovascular, and metabolic diseases, including obesity.

• Utilizes the proprietary Compass platform to identify and functionally characterize genetic variants, informing drug discovery and clinical trial design.

• Lead programs target chronic kidney disease (CKD) and genetically defined metabolic diseases, with a focus on small molecule therapeutics.

• Pipeline includes wholly owned and partnered programs, with strategic collaborations for non-core indications.

• Business strategy centers on advancing lead programs, expanding the pipeline via Compass, and maximizing commercial potential in key geographies.

Financial performance and metrics

• No product revenue to date; revenue in 2024 driven by $167.5M in upfront license payments, including $150M from Shionogi for MZE001.

• 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 as of September 30, 2024; pro forma as adjusted for IPO, $338.2M.

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

Use of proceeds and capital allocation

• Estimated net proceeds of $113.6M from IPO (or $131.0M if underwriters' option exercised), assuming $16.00/share.

• Proceeds to fund clinical development of MZE829 (Phase 2), MZE782 (Phase 2 in CKD and PKU), additional CVRM programs, Compass platform development, and general corporate purposes.

• Funds expected to support operations into the second half of 2027.