This cluster is structurally a post-earnings, post-offering, option-exercise-triggered sale — not a signal of deteriorating fundamentals. The 0.03% of market cap is immaterial. C-suite selling of this magnitude at a pre-revenue biotech is routine window-driven diversification. The stronger signal is the $150M raise and extended runway; monitor the MZE829 pivotal trial readout and MZE782 Phase 2 starts for true catalysts.
Price Chart
Executive Summary
CEO Jason Coloma and President/CMO Harold Bernstein sold a combined $441K in open-market shares within days of Maze Therapeutics reporting Q1 2026 earnings and completing a $150M offering. The $441K total ($393K from Bernstein, $47K from Coloma) is 0.03% of the $1.4B market cap — well below any material threshold. Bernstein's sale coincided with a same-day exercise of 15,000 options at $10.42, indicating a standard cashless exercise/cover transaction rather than a discretionary bearish bet. The cluster is routine and driven by post-earnings window opening, not informed selling.
Key Financial Metrics
Key Facts
- CEO Coloma sold 1,822 shares at $26.00 for $47,372 on May 15
- CMO Bernstein sold 15,000 shares at $26.22 for $393,354 on May 14
- Bernstein simultaneously exercised 30,000 total options (15,000 at $10.42 and 15,000 in a separate non-cash exercise), covering tax obligations
- Total cluster value of $441K represents 0.03% of Maze's $1.4B market cap
- Insider cluster came 6 days after Maze reported Q1 2026 earnings with a narrower net loss of $24.2M vs $32.8M YoY
- Maze completed a $150M registered offering in April 2026 extending cash runway into 2029
Financial Impact
$441K in open-market sales; 0.03% of market cap - trivial
Risk Factors
- Pre-revenue biotech with reliance on clinical pipeline milestones for equity valuation
- All past MAZE reports show negative T+20 average alpha (-21.9%), suggesting structural downward drift in this name independent of filing content
- Post-offering dilution overhang from $150M April raise still being digested
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-MAZE-1779138486836 |
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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