Maze Therapeutics (MAZE) Q2 2026 earnings summary

Executive summary

• Clinical-stage biopharma advancing MZE829 (APOL1 inhibitor for AMKD) and MZE782 (SLC6A19 inhibitor for PKU and CKD), with Phase 2 trials ongoing and pivotal trials planned for 2027.

• Enrollment in Phase 2 HORIZON trial of MZE829 is on track, with data from all cohorts expected in late 2026 or early 2027.

• Phase 2 CIPheR trial of MZE782 in PKU initiated; topline data expected in 2027; Phase 2 trial in CKD planned for H1 2027.

• No product revenue to date; operations funded by equity, debt, and license agreements.

• Strong cash position supports operational runway into 2029.

Financial highlights

• Net loss of $44.7M for Q2 2026 and $68.9M for H1 2026, compared to $33.7M and $66.5M in prior year periods.

• License revenue of $20.0M recognized in H1 2026 from a milestone in the Shionogi agreement.

• Operating expenses increased to $48.0M in Q2 2026 and $94.6M in H1 2026, driven by R&D and G&A growth.

• Cash, cash equivalents, and marketable securities totaled $494.9M as of June 30, 2026, up from $360.0M at December 31, 2025.

• R&D expenses were $34.9M in Q2 2026, up from $28.1M in Q2 2025; G&A expenses were $13.1M in Q2 2026, up from $8.4M in Q2 2025.

Outlook and guidance

• Updated HORIZON trial data for MZE829 expected in late 2026 or early 2027; pivotal trial planned for H1 2027 pending regulatory feedback.

• Topline data from the CIPheR trial of MZE782 in PKU expected in 2027; Phase 2 trial in CKD planned for H1 2027.

• Existing cash and securities expected to fund operations into 2029.

• Anticipates continued operating losses and increased R&D expenses as clinical programs advance.

• Plans to seek additional capital through equity, debt, or partnerships as needed.