10-Q · May 12, 2026
Maze Therapeutics reported a significant improvement in operational performance for Q1 2026, generating $20 million in license revenue following a milestone achievement, compared to zero revenue in the same quarter last…
Earnings analysis · 10-Q
MAZE earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Maze reported no Q2 license revenue and a net loss of $44.7 million, versus a $33.7 million loss in the prior-year quarter, as R&D and G&A spending increased. Liquidity improved materially to $494.9 million of cash,…
Read full summary
Maze reported no Q2 license revenue and a net loss of $44.7 million, versus a $33.7 million loss in the prior-year quarter, as R&D and G&A spending increased. Liquidity improved materially to $494.9 million of cash, cash equivalents and marketable securities after a $144.6 million equity offering and $38.5 million of debt proceeds, but management expects increasing losses, negative operating cash flow, and a need for substantial additional capital. Clinical execution remains active, with MZE829 Phase 2 development advancing and MZE782’s PKU Phase 2 trial initiated, but the new secured debt and Neurocrine’s planned November 2026 termination add financial and partnership risks.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.76
- Segment
- Single operating segment: license revenue was $0 for Q2 2026 versus $0 in Q2 2025; six-month license revenue was $20.0 million versus $0.
What stood out
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Cash resources increased to $494.9M
Cash, cash equivalents and marketable securities totaled $494.9 million at June 30, 2026, up from $360.0 million at December 31, 2025. Management believes this balance will fund operations for at least one year from the filing date.
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MZE829 clinical development advanced
MZE829 Phase 2 development progressed, with direct external program spending of $8.4 million in Q2 2026 versus $5.2 million in Q2 2025, an increase of $3.2 million. Management plans additional data in late 2026 or early 2027 and a pivotal trial in the first half of 2027, subject to regulatory feedback.
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MZE782 PKU Phase 2 initiated
MZE782 direct external R&D spending declined to $3.2 million in Q2 2026 from $4.6 million in Q2 2025, a decrease of $1.4 million, while management announced initiation of the Phase 2 PKU proof-of-concept trial and expects topline data in 2027.
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Capital raise strengthened liquidity
The company raised $144.6 million of net proceeds in the April 2026 underwritten offering and received $38.5 million of net proceeds from the Hercules Loan Agreement during the six months ended June 30, 2026.
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Operating cash burn moderated
Operating cash outflow improved to $54.2 million in the first six months of 2026 from $59.6 million in the prior-year period, a reduction in cash use of $5.4 million.
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Shionogi milestone generated revenue
Six-month license revenue was $20.0 million versus $0 in the prior-year period, reflecting the Shionogi clinical development milestone achieved upon dosing the first patient in its Phase 2 MZE001 Pompe study.
What to watch
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Operating losses and spending increased
Q2 2026 net loss widened to $44.7 million from $33.7 million in Q2 2025, while total operating expenses increased $11.6 million to $48.0 million. R&D rose $6.8 million to $34.9 million and G&A rose $4.7 million to $13.1 million.
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New secured debt adds obligations
The company had $38.96 million of term debt at June 30, 2026, compared with $0 at December 31, 2025. The facility carries interest-rate floors ranging from 7.95% to 9.25%, and substantially all assets other than intellectual property secure the loan.
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Additional financing remains necessary
Management states it will require substantial additional capital and does not expect positive operating cash flow for the foreseeable future. The company had an accumulated deficit of $558.5 million and used $54.2 million in operating cash during the first six months of 2026.
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Neurocrine partnership termination
Neurocrine notified the company in August 2026 of its intent to terminate the ATXN2 license agreement effective November 2026. Although management does not expect a material impact on previously recognized license revenue, the termination removes a partnered program and potential future milestone and royalty opportunities.
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Chinese CMO and supply-chain exposure
The company relies on third-party manufacturers in China, including WuXi, and states that potential BIOSECURE Act or similar restrictions could require alternative CMO arrangements. The company currently has no redundant supply or second source for bulk drug substance.
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Debt availability and covenant risk
The Hercules facility permits up to $200.0 million of total borrowings, but $160.0 million of additional commitments remain subject to conditions precedent and the final $50.0 million tranche requires investment committee approval. Failure to maintain required unrestricted cash of at least 50% of outstanding loan amounts, subject to reductions to 40% and 35% after milestones, could trigger covenant consequences.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management expects additional MZE829 Phase 2 data in late 2026 or early 2027, plans to initiate a pivotal MZE829 trial in the first half of 2027 subject to regulatory feedback, expects MZE782 PKU topline data in 2027, and plans to initiate the MZE782 CKD Phase 2 proof-of-concept trial in the first half of 2027. Management stated that $494.9 million of cash, cash equivalents and marketable securities should fund operations for at least one year from the filing date, while also stating that substantial additional capital will be required.
Earlier filings 4
10-K · March 25, 2026
Maze is a clinical-stage biotech focused on genetically defined kidney and metabolic diseases using its Compass platform; the 10-K highlights positive Phase 2 topline proof-of-concept for MZE829 (35.6% mean uACR…
10-Q · November 6, 2025
Maze reported Q3 2025 results showing no revenue (license revenue $0) and a net loss of $30.1M (basic EPS -$0.66). Cash and marketable securities strengthened to $383.9M after a $127.8M IPO and ~$141.3M private…
10-Q · August 12, 2025
Maze reported a sharp operating swing in Q2 2025: license revenue fell to $0 from $165,000 in Q2 2024 and the company posted a net loss of $(33,679) versus net income of $139,056 a year earlier, producing EPS of $(0.77)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.