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Maze Therapeutics, Inc., a clinical stage biopharmaceutical company, develops small molecule precision medicines for the treatment of kidney and metabolic diseases in the United States. Its lead programs include MZE829, an oral small molecule inhibitor of apolipoprotein L1, or APOL1, which is in phase II clinical trial for the treatment of patients with APOL1 kidney disease; and MZE782, an oral small molecule inhibitor that is in phase II ready clinical trial for the treatment of phenylketonuria and chronic kidney disease. The company also develops MZE001, an investigational oral small molecule inhibitor of muscle-specific glycogen synthase clinical program for the treatment of Pompe disease. It has a license agreement with Trace Neuroscience, Inc. to discovery research program targets UNC13A; the Shionogi & Co., Ltd to research, develop, manufacture, and commercialize MZE001; and Neurocrine Biosciences, Inc. to discover research program that targets ATXN2. The company was formerly known as Modulus Therapeutics, Inc. and changed its name to Maze Therapeutics, Inc. in September 2018. The company was incorporated in 2017 and is based in South San Francisco, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-140M | $-131M | $-113M | -36.9% | -100.0% | -351.0% |
| 2024 | $168M | $61M | $52M | $75M | -16.8% | - | - |
| 2023 | $0M | $-94M | $-100M | $-87M | 26.9% | - | - |
| 2022 | $0M | $-107M | $-115M | $-101M | 40.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 167.50 | 0 |
| Operating Expense | 111.03 | 98.55 | 109.91 | 142.90 |
| Operating Income | -111.03 | -98.55 | 57.59 | -142.90 |
| EBITDA | -107.21 | -94.46 | 60.88 | -140.50 |
| EBIT | -111.03 | -98.55 | 57.59 | -142.90 |
| Pretax Income | -114.94 | -100.42 | 53.40 | -131.12 |
| Tax Provision | 0 | 0 | 1.17 | 0 |
| Net Income | -114.94 | -100.42 | 52.23 | -131.12 |
| Net Income Common Stockholders | -114.94 | -100.42 | 3.40 | -131.12 |
| Total Expenses | 111.03 | 98.55 | 109.91 | 142.90 |
| Interest Income | 2.03 | 1.97 | 4.65 | 11.78 |
| Research And Development | 88.19 | 73.94 | 83.50 | 108.45 |
| Selling General And Administration | 22.83 | 24.61 | 26.42 | 34.45 |
| Normalized EBITDA | -104.81 | -94.46 | 60.88 | -140.50 |
| Normalized Income | -112.54 | -100.42 | 52.23 | -131.12 |
| Basic EPS | -3.29 | -2.87 | 0.08 | 0 |
| Diluted EPS | -3.29 | -2.87 | 0.08 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0.02 | 0 |
| Total Unusual Items | -2.40 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | -2.40 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -114.94 | -100.42 | 52.23 | -131.12 |
| Reconciled Depreciation | 3.82 | 4.09 | 3.30 | 2.40 |
| Net Interest Income | 2.03 | 1.97 | 4.65 | 11.78 |
| Net Income From Continuing And Discontinued Operation | -114.94 | -100.42 | 52.23 | -131.12 |
| Total Operating Income As Reported | -111.03 | -98.55 | 57.59 | -142.90 |
| Diluted Average Shares | 35.40 | 35.40 | 43.78 | 0 |
| Basic Average Shares | 34.97 | 34.97 | 43.78 | 0 |
| Diluted NI Availto Com Stockholders | -114.94 | -100.42 | 3.40 | -131.12 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 33.85 | 0 |
| Preferred Stock Dividends | 0 | 0 | 14.97 | 0 |
| Net Income Including Noncontrolling Interests | -114.94 | -100.42 | 52.23 | -131.12 |
| Net Income Continuous Operations | -114.94 | -100.42 | 52.23 | -131.12 |
| Other Income Expense | -5.94 | -3.83 | -8.84 | 0 |
| Other Non Operating Income Expenses | 0 | -3.83 | -8.84 | 0 |
| Special Income Charges | -2.40 | 0 | 0 | 0 |
| Other Special Charges | 0 | 3.83 | 0 | 0 |
| Write Off | 2.40 | 0 | 0 | 0 |
| Earnings From Equity Interest | -3.54 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | 2.03 | 1.97 | 4.65 | 11.78 |
| Interest Income Non Operating | 2.03 | 1.97 | 4.65 | 11.78 |
| General And Administrative Expense | 22.83 | 24.61 | 26.42 | 34.45 |
| Other Gand A | 22.83 | 24.61 | 26.42 | 34.45 |
| Operating Revenue | 0 | 0 | 167.50 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Maze Therapeutics, Inc.this co. | MAZE | $1.4B | - | 3.57 | -36.9% | -6.82 |
| Precigen, Inc. | PGEN | $1.5B | - | 69.83 | -1198.6% | -14.11 |
| Aveanna Healthcare Holdings Inc. | AVAH | $1.4B | 6.24 | 7.08 | 115.3% | 9.48 |
| Alphatec Holdings, Inc. | ATEC | $1.4B | - | 112.05 | -1153.7% | 95.59 |
| Bicara Therapeutics Inc. | BCAX | $1.4B |
| - |
| 2.89 |
| -34.4% |
| -6.30 |
| ArriVent BioPharma, Inc. | AVBP | $1.4B | - | 4.15 | -54.1% | - |
| AtriCure, Inc. | ATRC | $1.4B | - | 2.77 | 0.0% | 114.65 |
| Biohaven Ltd. | BHVN | $1.4B | - | 23.47 | -1418.8% | -1.93 |
| NovoCure Limited | NVCR | $1.4B | - | 3.94 | -40.0% | -8.57 |
| Peer Median | - | 6.24 | 5.62 | -47.1% | -1.93 | |