Monitor upcoming MZE782 Phase 2 data readouts (PKU mid-2026, CKD H2 2026) and additional HORIZON data (late 2026/early 2027) as key catalysts. The $150M April offering is now fully absorbed; watch for insider selling patterns post-offering. The stock is pre-revenue and binary on clinical data — position sizing should reflect this risk profile.
Price Chart
Executive Summary
Maze Therapeutics reported Q1 2026 results with a net loss of $24.2M ($0.45/share), narrower than the $32.8M loss in Q1 2025, driven by a $20M milestone payment from Shionogi. The company completed a $150M registered offering in April 2026, extending cash runway into 2029. The stock will move on clinical pipeline execution (MZE829 pivotal trial, MZE782 Phase 2 starts) rather than financial results, as the company is pre-revenue.
Key Financial Metrics
Key Facts
- Net loss of $24.2M ($0.45/share) vs $32.8M ($1.15/share) in Q1 2025
- License revenue of $20.0M from Shionogi milestone for MZE001 (Pompe disease program)
- Cash, cash equivalents and marketable securities of $362.9M at March 31, 2026
- Completed $150M registered offering in April 2026; pro forma cash ~$528M with runway into 2029
- R&D expenses increased to $34.1M from $27.6M YoY, driven by MZE829 and MZE782 clinical costs
- Positive Phase 2 HORIZON data for MZE829 in AMKD reported in March 2026; pivotal trial planned for H1 2027
- MZE782 Phase 2 trials in PKU and CKD on track to initiate in 2026
- No consensus estimates provided for Q1 2026; prior quarter EPS was -$0.65 vs consensus -$0.73
Financial Impact
Net loss improved by $8.6M YoY due to $20M milestone revenue; cash position strengthened by $170M+ via offering and milestone
Risk Factors
- Clinical trial failure risk for MZE829 and MZE782 programs
- Dilution from $150M April offering (5.54M shares + warrants at $23.50/share)
- No product revenue; fully dependent on milestone payments and capital markets
- Historical insider selling ($190K in past 30 days) and poor prior stock performance post-earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-219398 |
| Document: maze-20260512.htm | 0001193125-26-219398 |
| Document: 0001193125-26-219398-index-headers.html | 0001193125-26-219398 |
| Document: 0001193125-26-219398-index.html | 0001193125-26-219398 |
| Document: 0001193125-26-219398.txt | 0001193125-26-219398 |
| 8-K Data (Synthetic) | 0001193125-26-219398 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 27d ago | Insider Cluster | $26.37 $24.23 | ▼ −8.12% | ▼ −7.00% | $26.69 (+1.20%) |
Sep 4, 2026 27d ago | Insider Cluster | $26.37 $24.23 | ▼ −8.12% | ▼ −7.00% | $26.69 (+1.20%) |
Sep 3, 2026 29d ago | Insider Cluster | $25.87 $24.60 | ▼ −4.91% | ▼ −3.76% | $26.69 (+3.16%) |
Sep 2, 2026 29d ago | 144 | $25.87 $24.60 | ▼ −4.91% | ▼ −3.76% | $26.69 (+3.16%) |
Sep 1, 2026 4w ago | 144 | $26.72 $24.82 | ▼ −7.11% | ▼ −6.15% | $26.69 (−0.12%) |
Aug 17, 2026 6w ago | 3 | $29.13 $30.42 | ▲ +4.43% | ▲ +4.63% | $26.69 (−8.38%) |
Aug 11, 2026 7w ago | Press Release | $27.53 $29.75 | ▲ +8.06% | ▲ +8.51% | $26.69 (−3.06%) |
Aug 7, 2026 8w ago | Institutional Cluster | $28.65 $27.18 | ▼ −5.13% | ▼ −5.53% | $26.69 (−6.85%) |
Aug 5, 2026 8w ago | Insider Cluster | $27.81 $27.53 | ▼ −1.01% | ▼ −1.36% | $26.69 (−4.04%) |
Jul 2, 2026 13w ago | Insider Cluster | $31.26 $32.42 | ▲ +3.71% | ▲ +2.78% | $26.69 (−14.63%) |
US Market Status
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