MAZE

Business Context and Reporting Period

Maze Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing precision medicines for kidney and metabolic diseases using its Compass platform. This Form 10-Q covers the quarterly period ended March 31, 2026. The company is classified as an Emerging Growth Company (EGC) and a non-accelerated filer. As of May 7, 2026, there were 55,345,261 shares of common stock outstanding.

Key Financial Metrics

Material Changes vs. Prior Period

• Revenue Recognition: The company recognized $20.0 million in license revenue in Q1 2026, compared to none in Q1 2025. This was driven by a clinical development milestone payment from Shionogi & Co., Ltd. for the dosing of the first patient in the Phase 2 study of MZE001 for Pompe disease.
• Operating Expenses: Total operating expenses increased by $11.2 million (31.5%) year-over-year.
  • R&D Expenses: Increased $6.6 million to $34.1 million, primarily due to higher personnel costs, stock-based compensation, and clinical trial expenses for MZE829 and MZE782.
  • G&A Expenses: Increased $4.6 million to $12.4 million, driven by headcount growth and professional services.
• Debt Financing: In February 2026, the company entered into a senior secured term loan facility with Hercules Capital, Inc., funding an initial tranche of $40.0 million. This resulted in $0.9 million of interest expense in Q1 2026, compared to none in the prior year.
• Net Loss Improvement: Despite higher operating expenses, the net loss narrowed by $8.6 million to $24.2 million, largely offset by the $20.0 million milestone revenue.

Guidance, Outlook, and Risks

Outlook and Liquidity: Management believes existing cash, cash equivalents, and marketable securities ($362.9 million as of March 31, 2026) are sufficient to fund operations for at least one year. The company expects to continue incurring significant operating losses as it advances clinical trials for MZE829 (APOL1-mediated kidney disease) and MZE782 (PKU and CKD).

Subsequent Events:

• In April 2026, the company completed an underwritten registered offering, raising estimated net proceeds of approximately $144.7 million.
• In April 2026, the company received the $20.0 million milestone payment from Shionogi.

Risks and Contingencies:

• Capital Requirements: The company requires substantial additional capital to finance operations and may need to raise funds through equity or debt, which could result in dilution or restrictive covenants.
• Debt Covenants: The Hercules Loan Agreement includes financial covenants requiring the maintenance of unrestricted cash and cash equivalents at specific percentages of the outstanding loan amount, subject to market capitalization thresholds.
• Development Risks: Clinical trials are lengthy and expensive with uncertain outcomes. Failure to achieve regulatory approval or commercial success for MZE829 or MZE782 would materially harm the business.
• Third-Party Reliance: The company relies on third parties for clinical trials, manufacturing, and access to genetic data repositories for its Compass platform.

Investor Verification Checklist

• Verify the timing and amount of the $20.0 million Shionogi milestone payment received in April 2026.
• Confirm the terms and covenants of the $200 million Hercules Term Loan Facility, specifically the cash maintenance requirements.
• Review the progress and enrollment status of the Phase 2 trials for MZE829 and the planned Phase 2 trials for MZE782.
• Assess the impact of the April 2026 underwritten registered offering on share count and potential dilution.
• Monitor the company's cash burn rate relative to its $362.9 million liquidity position to validate the "at least one year" runway estimate.