Maze Therapeutics Reports Fourth Quarter and Full-Year 2024 Financial Results and Recent Highlights
Maze Therapeutics (MAZE) reported its Q4 and full-year 2024 financial results, highlighting significant progress in its clinical programs. The company successfully completed an upsized IPO in February 2025, raising $140 million in gross proceeds at $16.00 per share, following a $115 million Series D financing in November 2024.
Key pipeline developments include the Phase 2 HORIZON trial of MZE829 for APOL1 Kidney Disease (AKD), with initial data expected in Q1 2026, and ongoing Phase 1 trials of MZE782 for chronic kidney disease (CKD) and phenylketonuria (PKU), with data expected in H2 2025.
Financial highlights for 2024 include license revenue of $167.5 million, primarily from a Shionogi agreement, and a net income of $52.2 million. Cash position stood at $196.8 million as of December 31, 2024, with runway expected into H2 2027.
Maze Therapeutics (MAZE) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando progressi significativi nei suoi programmi clinici. L'azienda ha completato con successo un'IPO ampliata nel febbraio 2025, raccogliendo 140 milioni di dollari in proventi lordi a 16,00 dollari per azione, dopo un finanziamento di Serie D di 115 milioni di dollari nel novembre 2024.
Sviluppi chiave nel pipeline includono il trial di Fase 2 HORIZON di MZE829 per la malattia renale APOL1 (AKD), con dati iniziali attesi nel primo trimestre del 2026, e trial di Fase 1 in corso di MZE782 per la malattia renale cronica (CKD) e la fenilchetonuria (PKU), con dati attesi nel secondo semestre del 2025.
I punti salienti finanziari per il 2024 includono entrate da licenze di 167,5 milioni di dollari, principalmente da un accordo con Shionogi, e un reddito netto di 52,2 milioni di dollari. La posizione di cassa si attestava a 196,8 milioni di dollari
Maze Therapeutics (MAZE) informó sus resultados financieros del cuarto trimestre y del año completo 2024, destacando un progreso significativo en sus programas clínicos. La compañía completó con éxito una IPO ampliada en febrero de 2025, recaudando 140 millones de dólares en ingresos brutos a 16,00 dólares por acción, tras un financiamiento de Serie D de 115 millones de dólares en noviembre de 2024.
Los desarrollos clave en la cartera incluyen el ensayo de Fase 2 HORIZON de MZE829 para la enfermedad renal APOL1 (AKD), con datos iniciales esperados en el primer trimestre de 2026, y ensayos de Fase 1 en curso de MZE782 para la enfermedad renal crónica (CKD) y la fenilcetonuria (PKU), con datos esperados en la segunda mitad de 2025.
Los aspectos destacados financieros para 2024 incluyen ingresos por licencias de 167,5 millones de dólares, principalmente de un acuerdo con Shionogi, y un ingreso neto de 52,2 millones de dólares. La posición de efectivo se situó en 196,8 millones de dólares al 31 de diciembre de 2024, con una disponibilidad prevista hasta la segunda mitad de 2027.
메이즈 테라퓨틱스 (MAZE)는 2024년 4분기 및 연간 재무 결과를 발표하며 임상 프로그램에서의 중요한 진전을 강조했습니다. 이 회사는 2025년 2월에 1억 4천만 달러의 총 수익을 올리며 주당 16.00 달러로 확대된 IPO를 성공적으로 완료했으며, 2024년 11월에는 1억 1천5백만 달러의 D 시리즈 자금을 조달했습니다.
주요 파이프라인 개발 사항으로는 APOL1 신장 질환 (AKD) 치료를 위한 MZE829의 2상 HORIZON 시험이 있으며, 초기 데이터는 2026년 1분기에 예상되고, 만성 신장 질환 (CKD) 및 페닐케톤뇨증 (PKU)에 대한 MZE782의 1상 시험이 진행 중이며 데이터는 2025년 하반기에 예상됩니다.
2024년 재무 하이라이트에는 주로 시오노기와의 계약에서 발생한 1억 6천7백5십만 달러의 라이센스 수익과 5천2백20만 달러의 순이익이 포함됩니다. 현금 보유액은 2024년 12월 31일 기준으로 1억 9천6백80만 달러였으며, 2027년 하반기까지 운영이 가능할 것으로 예상됩니다.
Maze Therapeutics (MAZE) a annoncé ses résultats financiers du quatrième trimestre et de l'année complète 2024, mettant en évidence des progrès significatifs dans ses programmes cliniques. L'entreprise a réussi à réaliser une IPO augmentée en février 2025, levant 140 millions de dollars de produits bruts à 16,00 dollars par action, après un financement de Série D de 115 millions de dollars en novembre 2024.
Les développements clés du pipeline incluent l'essai de Phase 2 HORIZON de MZE829 pour la maladie rénale APOL1 (AKD), avec des données initiales attendues au premier trimestre 2026, et des essais de Phase 1 en cours de MZE782 pour la maladie rénale chronique (CKD) et la phénylcétonurie (PKU), avec des données attendues au second semestre 2025.
Les points saillants financiers pour 2024 incluent des revenus de licences de 167,5 millions de dollars, principalement issus d'un accord avec Shionogi, et un revenu net de 52,2 millions de dollars. La position de trésorerie s'élevait à 196,8 millions de dollars au 31 décembre 2024, avec une durée de fonctionnement prévue jusqu'au second semestre 2027.
Maze Therapeutics (MAZE) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und erhebliche Fortschritte in seinen klinischen Programmen hervorgehoben. Das Unternehmen hat im Februar 2025 erfolgreich einen erweiterten Börsengang (IPO) abgeschlossen und dabei 140 Millionen Dollar brutto bei einem Preis von 16,00 Dollar pro Aktie gesammelt, nach einer 115 Millionen Dollar Finanzierungsrunde der Serie D im November 2024.
Wichtige Entwicklungen in der Pipeline umfassen die Phase-2-Studie HORIZON von MZE829 zur APOL1-Nierenerkrankung (AKD), mit ersten Daten, die im ersten Quartal 2026 erwartet werden, sowie laufende Phase-1-Studien von MZE782 zur chronischen Nierenerkrankung (CKD) und Phenylketonurie (PKU), mit Daten, die im zweiten Halbjahr 2025 erwartet werden.
Die finanziellen Höhepunkte für 2024 umfassen Lizenzumsätze von 167,5 Millionen Dollar, hauptsächlich aus einer Vereinbarung mit Shionogi, und einen Nettogewinn von 52,2 Millionen Dollar. Die Liquiditätsposition betrug zum 31. Dezember 2024 196,8 Millionen Dollar, mit einer Laufzeit, die bis in das zweite Halbjahr 2027 reicht.
- Secured $140M from IPO and $115M from Series D financing, extending cash runway into H2 2027
- Reported significant license revenue of $167.5M, primarily from Shionogi agreement
- Achieved net income of $52.2M for FY2024, compared to net loss of $100.4M in 2023
- MZE829 demonstrated positive Phase 1 results with good tolerability and once-daily dosing potential
- Increased R&D expenses to $83.5M in 2024 from $73.9M in 2023
- Higher G&A expenses at $26.4M in 2024 compared to $24.6M in 2023
- Widened Q4 2024 net loss to $29.6M from $26.6M in Q4 2023
Insights
Maze Therapeutics' financial results and pipeline updates reveal a biotech company with strengthening fundamentals and clear clinical development strategy. The company's lead asset MZE829, an APOL1 inhibitor for kidney disease, has progressed to Phase 2 with initial data expected Q1 2026 - representing potential first-in-class treatment for over one million patients with APOL1 kidney disease in the U.S. alone. Phase 1 results demonstrated favorable safety and pharmacokinetics supporting once-daily dosing.
Their second clinical candidate, MZE782, targets two indications with substantial market potential: chronic kidney disease patients with inadequate responses to existing therapies (estimated at 5 million patients in the U.S.) and phenylketonuria. The dual-indication strategy maximizes return on development investment while addressing significant unmet needs.
Most impressive is how Maze has sequenced its pipeline to create a steady cadence of data readouts, with MZE782 Phase 1 data in H2 2025 followed by MZE829 Phase 2 data in Q1 2026. This strategic spacing of milestones reduces binary risk and provides multiple opportunities for value creation. The successful completion of both an oversubscribed
Maze has executed a remarkable financial transformation in 2024. The company generated
The company's disciplined spending is evident in the modest increases in R&D (
Most significantly, Maze has built an exceptionally strong balance sheet through sequential private and public financings, ending 2024 with
MZE829 Phase 2 HORIZON Trial Enrolling Patients with APOL1 Kidney Disease (AKD); Initial Data Expected in Q1 2026
MZE782 Phase 1 Healthy Volunteer Trial Ongoing; Initial Data Expected in H2 2025
Raised
SOUTH SAN FRANCISCO, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- Maze Therapeutics, Inc. (Nasdaq: MAZE), a clinical-stage biopharmaceutical company developing small molecule precision medicines for patients with renal, cardiovascular and metabolic diseases, today reported financial results for the fourth quarter and year ended December 31, 2024, highlighted recent progress and reiterated upcoming milestones.
“Maze has reached a pivotal moment in our journey. On the heels of a successful IPO and with two ongoing clinical-stage programs - MZE829 for AKD and MZE782 for both chronic kidney disease (CKD) and phenylketonuria (PKU) - we are making meaningful progress towards advancing genetic-based medicines with the potential to transform patient care,” said Jason Coloma, Ph.D., chief executive officer of Maze. “We look forward to reporting initial Phase 1 data for MZE782 in healthy volunteers in the second half of 2025, which will enable us to prepare to initiate Phase 2 trials in CKD and PKU. We also expect to report initial data from the Phase 2 HORIZON trial of MZE829 in patients with AKD in the first quarter of next year. With a strong financial foundation, highly accomplished team and clear mission, we are well-positioned to execute our milestones and deliver breakthrough medicines to patients.”
Pipeline Accomplishments and Upcoming Milestones
MZE829 for AKD
MZE829 is an oral, small molecule APOL1 inhibitor that Maze is advancing as a potential treatment for patients with AKD, a subset of CKD estimated to affect over one million people in the United States alone.
- In February 2025, Maze dosed the first patient in the Phase 2 HORIZON Study of MZE829 in patients with AKD. The trial is enrolling a broad population of AKD patients, including those with more severe disease who have nephrotic range proteinuria, focal segmental glomerulosclerosis (FSGS), patients with lower levels of proteinuria and hypertensive nephropathy and patients with proteinuria and diabetic kidney disease. Maze expects to announce topline data from the Phase 2 trial in the first quarter of 2026.
- In October 2024, Maze reported positive Phase 1 results for MZE829 in healthy volunteers, which demonstrated that MZE829 was well tolerated at single doses up to 480 mg and multiple doses up to 350 mg daily over seven days, with dose-proportional pharmacokinetics and low variability. The observed half-life of approximately 15 hours supports once-daily dosing of MZE829.
MZE782 in CKD and PKU
MZE782 is an oral small molecule targeting the solute transporter SLC6A19, with potential to be a first-in-class treatment for approximately five million U.S. patients with CKD who have inadequate responses to currently available CKD therapies, as well as those with PKU, an inherited metabolic disorder.
- In September 2024, Maze initiated a Phase 1 clinical trial of MZE782 in healthy volunteers. Maze expects to report initial data, including proof-of-mechanism biomarkers, in the second half of 2025.
- Based on Phase 1 results, Maze plans to initiate two parallel Phase 2 clinical trials of MZE782 in CKD and PKU.
Corporate Highlights
- In February 2025, Maze completed an upsized IPO, raising approximately
$140 million in gross proceeds, before deducting underwriting discounts and commissions and other offering expenses, through the sale of 8,750,000 shares at$16.00 per share.
- In November 2024, Maze closed an oversubscribed
$115 million Series D financing co-led by Frazier Life Sciences and Deep Track Capital, with participation from Janus Henderson Investors and Logos Capital. Approximately$40 million of the$115 million represented the conversion of previously issued convertible notes held by existing investors.
- Combined gross proceeds of approximately
$255 million from the two financings are expected to provide runway into the second half of 2027, supporting completion of Phase 2 clinical trials for MZE829 in AKD and MZE782 in CKD and PKU, as well as continued advancement of additional preclinical programs.
Fourth Quarter and Full Year 2024 Financial Results
Cash Position: Cash and cash equivalents were
License Revenue: License revenue was
Research & Development (R&D) Expenses: R&D expenses were
General & Administrative (G&A) Expenses: G&A expenses were
Net (Loss) Income: Net loss was
About Maze Therapeutics
Maze Therapeutics is a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with renal, cardiovascular and related metabolic diseases, including obesity. The company is advancing a pipeline using its Compass platform, which provides insights into the genetic variants in disease and links them with the biological pathways that drive disease in specific patient groups. The company’s pipeline is led by two wholly owned lead programs, MZE829 and MZE782, each of which represents a novel precision medicine-based approach for patients. For more information, please visit mazetx.com, or follow us on LinkedIn and X.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current beliefs and expectations of management. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements concerning the company’s future plans and prospects, any expectations regarding the safety or efficacy of MZE829, MZE782 and other candidates under development, the ability of MZE829 to treat AKD or other indications, the ability of MZE782 to treat CKD, PKU or other indications, the planned timing of the company’s clinical trials, data results and further development of MZE829, MZE782 and other therapeutic candidates, and the sufficiency of the company’s cash and cash equivalents to fund its operating expenses and capital expenditure requirements. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to the company may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Although the company believes the expectations reflected in such forward-looking statements are reasonable, the company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, safety, performance or events and circumstances could differ materially from those expressed or implied in the company’s forward-looking statements due to a variety of factors, including risks and uncertainties related to the company’s ability to advance MZE829, MZE782 and its other therapeutic candidates, obtain regulatory approval of and ultimately commercialize the company’s therapeutic candidates, the timing and results of preclinical studies and clinical trials, the company’s ability to fund development activities and achieve development goals, its ability to protect its intellectual property, general business and economic conditions, and risks related to the impact on its business of macroeconomic conditions, including inflation, volatile interest rates, tariffs, instability in the global banking sector, and public health crises. Further information on potential risk factors that could affect the company’s business and its financial results are detailed under the heading “Risk Factors” included in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC) on March 31, 2025, and the company’s annual and quarterly reports and other filings filed from time to time with the SEC. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this press release and Maze undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Corporate Contact:
Jillian Connell, Maze Therapeutics
jconnell@mazetx.com
(650) 850-5080
Media Contact:
Dan Budwick, 1AB
dan@1abmedia.com
| Maze Therapeutics, Inc. | |||||||||||||||
| Select Condensed Financial Information | |||||||||||||||
| (in thousands, except share and per share amounts) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Condensed Statements of Operations | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| License revenue | $ | — | $ | — | $ | 167,500 | $ | — | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 22,216 | 16,045 | 83,496 | 73,945 | |||||||||||
| General and administrative | 7,510 | 7,006 | 26,418 | 24,606 | |||||||||||
| Total operating expenses | 29,726 | 23,051 | 109,914 | 98,551 | |||||||||||
| (Loss) income from operations | (29,726 | ) | (23,051 | ) | 57,586 | (98,551 | ) | ||||||||
| Interest and other income, net | 1,516 | 304 | 4,654 | 1,966 | |||||||||||
| Change in fair value of convertible promissory notes | (1,644 | ) | (3,830 | ) | (8,837 | ) | (3,830 | ) | |||||||
| (Loss) income before income tax expense | $ | (29,854 | ) | $ | (26,577 | ) | $ | 53,403 | $ | (100,415 | ) | ||||
| Income tax benefit (expense) | 275 | — | (1,172 | ) | — | ||||||||||
| Net (loss) income | $ | (29,579 | ) | $ | (26,577 | ) | $ | 52,231 | $ | (100,415 | ) | ||||
| Net (loss) income attributable to common stockholders, basic and diluted | $ | (44,551 | ) | $ | (26,577 | ) | $ | 3,405 | $ | (100,415 | ) | ||||
| Net (loss) income per share attributable to common stockholders: | |||||||||||||||
| Basic | $ | (18.32 | ) | $ | (11.46 | ) | $ | 1.42 | $ | (43.89 | ) | ||||
| Diluted | $ | (18.32 | ) | $ | (11.46 | ) | $ | 1.25 | $ | (43.89 | ) | ||||
| Weighted-average shares used in computing net (loss) income per share attributable to common stockholders: | |||||||||||||||
| Basic | 2,431,764 | 2,318,137 | 2,396,094 | 2,287,980 | |||||||||||
| Diluted | 2,431,764 | 2,318,137 | 2,730,299 | 2,287,980 | |||||||||||
| Condensed Balance Sheet Data | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Cash and cash equivalents | $ | 196,812 | $ | 29,158 | ||||
| Total assets | $ | 240,542 | $ | 71,504 | ||||
| Total liabilities | $ | 43,638 | $ | 61,450 | ||||
| Total redeemable convertible preferred stock and stockholders’ deficit | $ | 196,904 | $ | 10,054 | ||||
FAQ
What were Maze Therapeutics (MAZE) key financial results for full-year 2024?
When will MAZE report initial data from the MZE829 Phase 2 HORIZON trial?
How much did MAZE raise in their February 2025 IPO?
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When will MAZE report Phase 1 data for MZE782?
