What changed in this filing

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Item 1. Financial Statements

2025-08-12 compared with 2025-05-14 · 122 added, 77 removed, 338 unchanged (37% of the section changed)

22 unchanged sentences

no shares authorized,

issued and outstanding as of March 31, 2025;

issued and outstanding as of June 30, 2025;

298,205,027 shares authorized

4 unchanged sentences

10,000,000 and no shares authorized as

of March 31, 2025 and December 31, 2024, respectively;

of June 30, 2025 and December 31, 2024, respectively;

no shares issued

and outstanding as of March 31, 2025 and December 31, 2024

and outstanding as of June 30, 2025 and December 31, 2024

Common stock, $ 0.001 par value;

500,000,000 and 410,000,000 shares authorized as

of March 31, 2025 and December 31, 2024, respectively;

of June 30, 2025 and December 31, 2024, respectively;

43,850,884 and 2,446,864

shares issued and outstanding as of March 31, 2025 and December 31, 2024,

shares issued and outstanding as of June 30, 2025 and December 31, 2024,

respectively;

10,372 shares subject to repurchase as of March 31, 2025 and

10,372 shares subject to repurchase as of June 30, 2025 and

December 31, 2024

5 unchanged sentences

Maze Therapeutics, Inc.

Condensed Statements of Opera tions and Comprehensive Loss

Condensed Statements of Opera tions and Comprehensive (Loss) Income

(In thousands, except share and per share data)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

License revenue

Operating expenses:

2 unchanged sentences

Total operating expenses

Loss from operations

(Loss) income from operations

Interest and other income, net

Change in fair value of convertible promissory notes

Net loss and comprehensive loss

Net loss per share, basic and diluted (see Note 11)

Weighted-average shares of common stock outstanding used to compute net loss per share, basic and diluted (see Note 11)

(Loss) income before income tax expense

Income tax expense

Net (loss) income and comprehensive (loss) income

Allocation of undistributed earnings to participating securities (see Note 12)

Net (loss) income attributable to common stockholders, basic (see Note 12)

Net (loss) income attributable to common stockholders, diluted (see Note 12)

Net (loss) income per share attributable to common stockholders (see Note 12):

Weighted-average shares of common stock outstanding used to compute net (loss) income per share attributable to common stockholders (see Note 12):

See accompanying notes to these financial statements.

13 unchanged sentences

Balance as of March 31, 2024

Exercise of stock options

Issuance of restricted stock

Vesting of restricted stock and early exercised

stock options

Stock-based compensation expense

Net income and comprehensive income

Balance as of June 30, 2024

Redeemable convertible

10 unchanged sentences

Balance as of March 31, 2025

Issuance of restricted stock

Issuance of common stock under the 2025 Employee Stock Purchase Plan

Stock-based compensation expense

Net loss and comprehensive loss

Balance as of June 30, 2025

See accompanying notes to these financial statements.

2 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities

Adjustments to reconcile net loss to net cash used in operating

Net (loss) income

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating

Stock-based compensation expense

7 unchanged sentences

Operating lease liabilities

Net cash used in operating activities

Net cash (used in) provided by operating activities

Investing activities

4 unchanged sentences

Proceeds from exercise of stock option awards, net of repurchases

Proceeds from issuance of common stock under the 2025 Employee Stock Purchase Plan

Proceeds from issuance of convertible promissory notes, net of issuance costs

Payment of deferred offering costs

Payment of success fee derivative

6 unchanged sentences

Vesting of restricted stock and stock options subject to repurchase

Deferred offering costs recorded in accounts payable and accrued expenses

Reconciliation to cash, cash equivalents and restricted cash:

7 unchanged sentences

Description of business

Maze Therapeutics, Inc., or the Company, is a clinical stage biopharmaceutical company harnessing the power of human genetics and variant functionalization with its Maze Compass platform to develop small molecule precision medicines for the treatment of renal, cardiovascular and related metabolic diseases, including obesity.

The Company was incorporated in Delaware in August 2017 and is located in South San Francisco, California.

15 unchanged sentences

The Company has incurred significant losses and negative cash flows from operations since its inception, except for the net income and cash provided by operations during the year ended December 31, 2024, and expects to incur significant and increasing losses as a result of its continued research and development activities.

As of March 31, 2025, the Company had an accumulated deficit of $ 391.2 million .

As of June 30, 2025, the Company had an accumulated deficit of $ 424.9 million .

Historically, the Company has financed its operations primarily through issuances of its equity, issuances of convertible promissory notes and license agreements.

1 unchanged sentence

There can be no assurance that such financing will be available or will be at terms acceptable to the Company.

As of March 31, 2025, the Company had cash and cash equivalents of $ 294.4 million .

The Company believes that its cash and cash equivalents as of March 31, 2025 will be sufficient to fund the Company’s operations for at least one year from the issuance date of these unaudited condensed financial statements.

As of June 30, 2025, the Company had cash and cash equivalents of $ 264.5 million .

The Company believes that its cash and cash equivalents as of June 30, 2025 will be sufficient to fund the Company’s operations for at least one year from the issuance date of these unaudited condensed financial statements.

Summary of significant accounting policies

8 unchanged sentences

These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period.

During the three months ended March 31, 2025, there were no significant changes to the Company’s significant accounting policies as described in the Company’s audited financial statements as of and for the year ended December 31, 2024 , as included in the 2024 10-K.

During the six months ended June 30, 2025, there were no significant changes to the Company’s significant accounting policies as described in the Company’s audited financial statements as of and for the year ended December 31, 2024 , as included in the 2024 10-K.

Use of estimates

8 unchanged sentences

The CODM, in alignment with the Company’ s overall corporate strategy and goals, analyzes a variety of data to guide segment resource allocation, including program and portfolio scientific data, probability of regulatory and commercial success, and the competitive environment.

The CODM also reviews certain financial results included in the segment loss from operations which is reported on the condensed statements of operations and comprehensive loss as total loss from operations.

The CODM also reviews certain financial results included in the segment (loss) income from operations which is reported on the condensed statements of operations and comprehensive (loss) income as total (loss) income from operations.

The measure of segment assets is reported on the condensed balance sheets as total assets.

As of March 31, 2025 and December 31, 2024 , all of the Company’s property and equipment was maintained in the United States.

No revenue was generated during the three months ended March 31, 2025 and 2024 .

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2025 and 2024 (amounts in thousands):

Three Months Ended March 31,

As of June 30, 2025 and December 31, 2024 , all of the Company’s property and equipment was maintained in the United States.

No revenue was generated during the three and six months ended June 30, 2025 .

The Company generated revenue of $ 165.0 million during the three and six months ended June 30, 2024 .

The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

License revenue

Research and development expenses

7 unchanged sentences

Segment operating expenses

Segment loss from operations

Segment (loss) income from operations

Segment interest and other income, net

Change in fair value of convertible promissory notes

Segment loss before income taxes

Segment (loss) income before income taxes

Fair value measurement

8 unchanged sentences

The Company considers all highly liquid financial instruments with original maturities of 90 days or less at the date of purchase to be cash equivalents.

As of March 31, 2025 and December 31, 2024, cash equivalents consisted of money market funds.

As of June 30, 2025 and December 31, 2024, cash equivalents consisted of money market funds.

Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements.

Restricted cash as of March 31, 2025 and December 31, 2024 included $ 1.1 million as collateral for a letter of credit related to the Company’s headquarters building lease in South San Francisco, California.

Restricted cash as of June 30, 2025 and December 31, 2024 included $ 1.1 million as collateral for a letter of credit related to the Company’s headquarters building lease in South San Francisco, California.

Restricted cash is classified as a noncurrent asset on the balance sheet.

As of March 31, 2025 and December 31, 2024 , restricted cash consisted of money market funds.

As of June 30, 2025 and December 31, 2024 , restricted cash consisted of money market funds.

Deferred offering costs

1 unchanged sentence

After consummation of the equity financing, these costs are classified in stockholders’ equity (deficit) as a reduction of the additional paid-in capital recorded as a result of the financing.

If the in-process financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the condensed statements of operations and comprehensive loss.

As of December 31, 2024 , approximately $ 4.3 million of deferred offering costs related to the Company’s initial public offering were recorded within other assets in the accompanying condensed balance sheets and upon completion of the Company's initial public offering in February 2025, the deferred offering costs were recorded as a reduction to the additional paid-in capital within stockholders’ equity (deficit) recorded in the accompanying condensed balance sheets as of March 31, 2025 .

If the in-process financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the condensed statements of operations and comprehensive (loss) income.

As of December 31, 2024 , approximately $ 4.3 million of deferred offering costs related to the Company’s initial public offering were recorded within other assets in the accompanying condensed balance sheets and upon completion of the Company’s initial public offering in February 2025, the deferred offering costs were recorded as a reduction to the additional paid-in capital within stockholders’ equity (deficit) recorded in the accompanying condensed balance sheets as of June 30, 2025 .

Revenue recognition

25 unchanged sentences

As permitted under Accounting Standards Codification 825, Financial Instruments , or ASC 825, the Company elected the fair value option for recognition of the convertible promissory notes.

In accordance with ASC 825, the Company recorded these convertible promissory notes at fair value and remeasured the convertible promissory notes at fair value each reporting period with changes in fair value recorded in the condensed statements of operations and comprehensive loss.

As a result of applying the fair value option, direct costs and fees related to the convertible promissory notes were recognized in earnings as incurred and not deferred.

The impact of interest expense on the convertible promissory notes is included within the changes in fair value.

The Company recorded a loss of $ 4.8 million, reflecting the change in the fair value of the convertible promissory notes, in the condensed statements of operations and comprehensive loss for the three months ended March 31, 2024.

The Company recorded a net gain of $ 0.2 million and a net loss of $ 4.5 million in the condensed statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2024 , respectively, reflecting the change in the fair value of the convertible promissory notes.

In connection with the private placement of Series D convertible preferred stock the Company completed in November 2024, which was a qualified preferred stock financing pursuant to the terms of the convertible promissory notes, the outstanding convertible promissory notes automatically converted into shares of Series D-1 convertible preferred stock, and no convertible promissory notes were outstanding as of December 31, 2024.

Accordingly, no change in fair value of convertible promissory notes was recorded in the condensed statements of operations and comprehensive loss for the three months ended March 31, 2025.

Accordingly, no change in fair value of convertible promissory notes was recorded in the condensed statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2025 .

Redeemable convertible preferred stock

1 unchanged sentence

Upon the occurrence of certain events that were outside the Company’s control, including a deemed liquidation event, holders of the convertible preferred stock could cause redemption for cash.

Therefore, redeemable convertible preferred stock was classified outside of stockholders’ deficit on the balance sheet as events triggering the redemption were not solely within the Company’s control.

Therefore, redeemable convertible preferred stock was classified outside of stockholders’ equity (deficit) on the balance sheet as events triggering the redemption were not solely within the Company’s control.

The carrying values of the redeemable convertible preferred stock were subject to adjustment to their redemption value if and when it became probable that the preferred stock would become redeemable.

1 unchanged sentence

Net income (loss) per share attributable to common stockholders is calculated using the two-class method required for companies with participating securities.

The Company considers its convertible preferred stock to be participating securities as the holders were entitled to receive noncumulative dividends in the event that a dividend is paid on common stock.

The Company considered its convertible preferred stock to be participating securities as the holders were entitled to receive noncumulative dividends in the event that a dividend is paid on common stock.

Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period less common shares subject to vesting or forfeiture, without consideration for potentially dilutive securities.

2 unchanged sentences

Distributed and undistributed earnings are allocated to participating securities based on their participation rights and are subtracted from net income in determining net income attributable to common stockholders for basic and diluted net income per share, only in periods of net income.

Because the Company reported a net loss for the three months ended March 31, 2025 and 2024 , and the inclusion of the potentially dilutive securities would be antidilutive, diluted net loss per share is the same as basic net loss per share for the periods presented.

Because the Company reported a net loss for the three and six months ended June 30, 2025 , and the inclusion of the potentially dilutive securities would be antidilutive, diluted net loss per share is the same as basic net loss per share for the periods presented.

New accounting pronouncements—Not yet adopted

13 unchanged sentences

(in thousands)

March 31, 2025

As of June 30, 2025

Cash equivalents

1 unchanged sentence

Total assets measured at fair value

December 31, 2024

As of December 31, 2024

Cash equivalents

3 unchanged sentences

Total liabilities measured at fair value

There were no transfers between Level 1, 2, or 3 during the three months ended March 31, 2025 and 2024 .

There were no transfers between Level 1, 2, or 3 during the three and six months ended June 30, 2025 and 2024 .

Balance sheet components

1 unchanged sentence

Accrued expenses and other current liabilities consisted of the following:

As of March 31,

As of June 30,

As of December 31,

(in thousands)

Accrued research and development expenses

Accrued compensation expenses

Accrued research and development expenses

Accrued professional expenses

7 unchanged sentences

The holder of each share of common stock is entitled to one vote.

As of March 31, 2025 and December 31, 2024 , no dividends were declared.

As of June 30, 2025 and December 31, 2024 , no dividends were declared.

Common stock reserved for future issuance, on an as-converted basis, consisted of the following:

As of March 31,

As of June 30,

As of December 31,

9 unchanged sentences

Immediately prior to the closing of the initial public offering in February 2025, the Company’s outstanding redeemable convertible preferred stock automatically converted into 32,586,823 shares of common stock.

No shares of convertible preferred stock were authorized, issued and outstanding at March 31, 2025 .

No shares of convertible preferred stock were authorized, issued and outstanding at June 30, 2025 .

Equity incentive plan and stock-based compensation expense

5 unchanged sentences

Any outstanding awards granted under the 2019 Plan will remain subject to the terms of the 2019 Plan and applicable award agreements.

As of March, 31, 2025, there were 5,277,288 options outstanding under the 2025 Plan.

As of June 30, 2025 , there were an aggregated 5,347,639 options outstanding under the 2019 Plan and 2025 Plan.

2025 Employee Stock Purchase Plan

1 unchanged sentence

The number of shares initially available for issuance pursuant to the 2025 ESPP was 450,000 shares.

During the three and six months ended June 30, 2025 , 53,716 shares were issued under the 2025 ESPP.

Stock-based compensation expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive loss during the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive (loss) income during the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands)

Research and development

1 unchanged sentence

Total stock-based compensation expense

As of March 31, 2025 , there was $ 26.8 million of total unrecognized compensation cost related to unvested options and restricted stock awards for which the cost is expected to be recognized over a weighted-average period of 3.18 years.

As of March 31, 2025 , there was $ 1.3 million unrecognized share-based compensation cost related to the 2025 ESPP, which is expected to be recognized over a weighted-average period of 1.29 years.

As of June 30, 2025 , there was $ 24.8 million of total unrecognized compensation cost related to unvested options and restricted stock awards for which the cost is expected to be recognized over a weighted-average period of 2.80 years.

As of June 30, 2025 , there was $ 1.6 million unrecognized share-based compensation cost related to the 2025 ESPP, which is expected to be recognized over a weighted-average period of 1.35 years.

License agreements

6 unchanged sentences

The Company determined that there is one performance obligation relating to the license to the UNC13A discovery program, including the underlying know-how and certain related materials, and that the transaction price consisted of the $ 15.0 million non-refundable upfront cash payment.

The potential future development and regulatory milestones represent variable consideration and were constrained, as it was concluded that it was not probable that a significant reversal in cumulative revenue recognized will not occur and therefore not included in the transaction price as of March 31, 2025 .

Potential sales milestones and royalties on net product sales will be recognized in the same period that the underlying net product sales occur as they were determined to relate to the license.

The $ 15.0 million transaction price was recorded as license revenue in the condensed statements of operations and comprehensive loss during the second quarter of 2024, at the point in time when control of the license and related know-how was transferred to Trace.

The $ 15.0 million transaction price was recorded as license revenue in the condensed statements of operations and comprehensive (loss) income during the second quarter of 2024, at the point in time when control of the license and related know-how was transferred to Trace.

Shionogi License Agreement

5 unchanged sentences

The Company determined that there is one performance obligation relating to the license to the MZE001 program, including the underlying know-how and certain related materials, and that the transaction price consisted of the $ 150.0 million non-refundable upfront cash payment.

The potential clinical and regulatory milestones represent variable consideration and were constrained as it was concluded that it was not probable that a significant reversal in cumulative revenue recognized will not occur and therefore not included in the transaction price as of March 31, 2025 .

Potential sales milestones and royalties on net product sales will be recognized in the same period that the underlying net product sales occur as they were determined to relate to the license.

The $ 150.0 million transaction price was recorded as license revenue in the condensed statements of operations and comprehensive loss during the second quarter of 2024, at the point in time when control of the license and related know-how and materials was transferred to Shionogi.

The $ 150.0 million transaction price was recorded as license revenue in the condensed statements of operations and comprehensive (loss) income during the second quarter of 2024, at the point in time when control of the license and related know-how and materials was transferred to Shionogi.

Neurocrine License Agreement

5 unchanged sentences

The Company determined that there is one performance obligation relating to the license to the ATXN2 discovery program, including the underlying know-how and certain related materials, and that the transaction price consisted of the $ 2.5 million upfront cash payment.

The potential research and development milestones represent variable consideration and were constrained as it was concluded that it was not probable that a significant reversal in cumulative revenue recognized will not occur and therefore not included in the transaction price as of March 31, 2025 .

Potential sales milestones and royalties on net product sales will be recognized in the same period that the underlying net product sales occur as they were determined to relate to the license.

The $ 2.5 million transaction price was recorded as license revenue in the condensed statements of operations and comprehensive loss during the third quarter of 2024, at the point in time when control of the license and the related know-how and materials was transferred to Neurocrine.

The $ 2.5 million transaction price was recorded as license revenue in the condensed statements of operations and comprehensive (loss) income during the third quarter of 2024, at the point in time when control of the license and the related know-how and materials was transferred to Neurocrine.

Commitments and contingencies

3 unchanged sentences

Significant judgment is required to determine both probability and the estimated amount.

No contingent liabilities have been recorded as of March 31, 2025 and December 31, 2024.

No contingent liabilities have been recorded as of June 30, 2025 and December 31, 2024.

Indemnification

4 unchanged sentences

The revolving line of credit is secured by substantially all of the Company’s assets, except for its intellectual property.

The Company has not elected to draw down any funds from this debt facility as of March 31, 2025 .

The Company has not elected to draw down any funds from this debt facility as of June 30, 2025 .

Advances under the revolving line may be prepaid and reborrowed by the Company without penalty.

7 unchanged sentences

In February 2025, the Company paid a success fee of $ 0.5 million pursuant to the terms of the loan and security agreement, upon the completion of the Company’s initial public offering.

No change in fair value of the derivative was recorded for the three months ended March 31, 2025 and 2024 .

No change in fair value of the derivative was recorded for the three and six months ended June 30, 2025 .

The change in fair value of the derivative of approximately $ 0.1 million for the three and six months ended June 30, 2024 was recorded in interest and other income, net in the condensed statements of operations and comprehensive (loss) income.

Total issuance costs and the debt discount arising from the success fee amounted to $ 0.3 million and were recorded in other assets, which are amortized as interest expense over the commitment period.

The unamortized debt discount balance as of March 31, 2025 amounted to less than $ 0.1 million and is recorded in other current assets as the commitment period ends within one year of the balance sheet date.

The debt discount was fully amortized as of June 30, 2025 .

Related party transactions

The Company has paid fees to its founders and certain board members in exchange for consulting services.

During the three months ended March 31, 2025 , the Company recorded such fees of less than $ 0.1 million as research and development expenses and $ 0.1 million as general and administrative expenses.

During three months ended March 31, 2024 , the Company recorded such fees of $ 0.1 million in each of research and development expenses and general and administrative expenses, respectively.

Net loss per share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):

Three Months Ended March 31,

During the three and six months ended June 30, 2025 and 2024 , the Company recorded an immaterial amount of such fees in each of research and development expenses and general and administrative expenses in the condensed statements of operations and comprehensive (loss) income.

The Company’s provision for income taxes is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items, if any.

For the three and six months ended June 30, 2024 , the Company recorded an income tax provision of $ 1.7 million.

No income tax provision was recorded for the three and six months ended June 30, 2025.

The decrease in income tax expense for the three and six months ended June 30, 2025 as compared to the same periods in 2024 was primarily driven by the recognition of revenue from the Company’s license agreements as discussed in Note 7 on License agreements, resulting in taxable income to the Company.

Based on available objective evidence as of June 30, 2025 and December 31, 2024 , the Company believes it is more likely than not that its net deferred tax assets may not be realized.

The primary difference between the effective tax rate and the statutory tax rate relates to the Company’s change in valuation allowance against deferred taxes.

Net (loss) income per share

The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except share and per share data):

Three Months Ended June 30,

Six Months Ended June 30,

Basic (loss) income per share:

Net (loss) income

Allocation of undistributed earnings to participating

Net (loss) income attributable to common stockholders, basic

Weighted-average shares of common stock outstanding

weighted-average shares of common stock subject to

Weighted-average shares of common stock outstanding used

in the calculation of basic and diluted net loss per share

Net loss per share, basic and diluted

The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:

Three Months Ended March 31,

Series A redeemable convertible preferred stock

Series B redeemable convertible preferred stock

Series C redeemable convertible preferred stock

Weighted-average shares of common stock outstanding used in the calculation of (loss) income per share attributable to common stockholders, basic

Net (loss) income per share attributable to common stockholders, basic

Diluted (loss) income per share:

Net (loss) income attributable to common stockholders, basic

After tax effect of assumed conversion of convertible notes

Net (loss) income attributable to common stockholders, diluted

Weighted-average shares of common stock outstanding,

Weighted-average dilutive effect of convertible promissory notes

Weighted-average dilutive effect of equity awards

Weighted-average shares of common stock outstanding,

Net (loss) income per share attributable to common

stockholders, diluted

The potential shares of common stock that were excluded from the computation of diluted net (loss) income per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:

Six Months Ended June 30,

Shares subject to outstanding stock options

1 unchanged sentence

Unvested exercised options subject to repurchase

In addition to the above, the Company has excluded common shares from the assumed conversion of the convertible promissory notes outstanding at March 31, 2024 from the computation of net loss per share for the periods indicated because including them would have had an anti-dilutive effect.

The convertible promissory notes were convertible into either common stock or into preferred shares of the Company, which would then be convertible into common shares as described in the convertible promissory note agreements.

The convertible promissory notes converted into Series D-1 redeemable convertible preferred stock in November 2024 and are no longer outstanding as of March 31, 2025.

Convertible promissory notes

The antidilutive potential common stock table above includes instruments for convertible notes and equity awards that are different tranches and are excluded from the amounts included in the table computing diluted net income (loss) per share.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements