$MAZE

Maze Therapeutics, Inc.

CIK:0001842295|SEC Filings

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
License revenue			$ 20,000
Operating expenses:
Research and development	$ 34,940	$ 28,108	69,088	$ 55,688
General and administrative	13,095	8,366	25,500	16,187
Total operating expenses	48,035	36,474	94,588	71,875
Loss from operations	(48,035)	(36,474)	(74,588)	(71,875)
Other income (expense):
Interest and other income, net	4,239	2,795	7,450	5,410
Interest expense	(931)		(1,797)
Total other income, net	3,308	2,795	5,653	5,410
Net loss	$ (44,727)	$ (33,679)	$ (68,935)	$ (66,465)
Net loss per share, basic:	$ (0.76)	$ (0.77)	$ (1.22)	$ (1.83)
Net loss per share, diluted:	$ (0.76)	$ (0.77)	$ (1.22)	$ (1.83)
Weighted-average shares of common stock outstanding used to compute net loss per share basic:	58,995,934	43,797,421	56,460,660	36,254,828
Weighted-average shares of common stock outstanding used to compute net loss per share diluted :	58,995,934	43,797,421	56,460,660	36,254,828
Comprehensive loss:
Net loss	$ (44,727)	$ (33,679)	$ (68,935)	$ (66,465)
Other comprehensive loss:
Net unrealized loss on marketable securities	(300)		(545)
Comprehensive loss	$ (45,027)	$ (33,679)	$ (69,480)	$ (66,465)

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (68,935)	$ (66,465)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	835	1,333
Stock-based compensation expense	16,296	6,463
Non-cash lease expense	1,674	1,543
Amortization of premiums on marketable securities, net	5
Amortization of debt discount and debt issuance costs	498
Other items, net	18	21
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,536)	(1,750)
Other assets	(412)	18
Accounts payable	418	1,846
Accrued expenses and other liabilities	(90)	(957)
Operating lease liabilities	(1,843)	(1,620)
Long-term liabilities	(1,094)
Net cash used in operating activities	(54,166)	(59,568)
Investing activities
Purchases of marketable securities	(186,031)
Maturities of marketable securities	64,000
Purchases of property and equipment	(200)	(692)
Net cash used in investing activities	(122,231)	(692)
Financing activities
Proceeds from underwritten registered offering, net	145,659
Proceeds from debt issuance, net	39,401
Payment of debt issuance costs	(939)
Proceeds from exercise of stock option awards	5,775	126
Proceeds from issuance of common stock under the 2025 Employee Stock Purchase Plan	998	612
Proceeds from initial public offering, net		130,200
Payment of success fee derivative		(500)
Net cash provided by financing activities	189,793	127,990
Net increase in cash, cash equivalents and restricted cash	13,396	67,730
Cash, cash equivalents, and restricted cash at beginning of the period	190,335	197,900
Cash, cash equivalents, and restricted cash at end of the period	203,731	265,630
Reconciliation to cash, cash equivalents, and restricted cash:
Cash and cash equivalents	202,643	264,541
Restricted cash	1,088	1,089
Total cash, cash equivalents, and restricted cash	203,731	265,630
Underwriting Agreement
Financing activities
Payment of offering costs	(1,090)
Private Placement
Financing activities
Payment of offering costs	$ (11)
Initial Public Offering
Financing activities
Payment of offering costs		$ (2,448)

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 202,643	$ 189,247
Marketable securities, current	208,444	152,670
Prepaid expenses and other current assets	9,336	7,800
Total current assets	420,423	349,717
Property and equipment, net	4,391	5,044
Restricted cash	1,088	1,088
Marketable securities, non-current	83,821	18,114
Operating lease right-of-use asset	18,442	20,116
Other assets	3,460	3,048
Total assets	531,625	397,127
Current liabilities:
Accounts payable	2,212	1,794
Accrued expenses and other current liabilities	15,866	15,967
Operating lease liabilities, current	4,883	4,795
Total current liabilities	22,961	22,556
Operating lease liabilities, net of current portion	16,580	18,511
Term loan, non-current	38,960
Other liabilities, non-current		1,094
Total liabilities	78,501	42,161
Commitments and contingencies (Note 9)
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 500,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 55,504,574 and 49,335,551 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; 10,372 shares subject to repurchase as of June 30, 2026 and December 31, 2025	56	49
Additional paid-in-capital	1,011,985	844,354
Accumulated other comprehensive (loss) income	(435)	110
Accumulated deficit	(558,482)	(489,547)
Total stockholders' equity	453,124	354,966
Total liabilities and stockholders' equity	$ 531,625	$ 397,127