Maze Therapeutics, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 11 August 2026: press release. Guidance figures: 1 lowered, 1 new, 4 kept. The quarter’s numbers.

Key takeaways

Quarterly net loss rose to $44.7 million: The company reported a net loss of $44.7 million, or $0.76 per share, for the quarter, against $33.7 million, or $0.77 per share, a year earlier. The six-month net loss was $68.9 million, or $1.22 per share. Source
R&D spend rose to $34.9 million: Research and development expenses were $34.9 million for the quarter, against $28.1 million a year earlier. For the six months, R&D expenses were $69.1 million, against $55.7 million. Source
Updated data for three cohorts: Updated HORIZON data are expected for AMKD without diabetes, AMKD with diabetes, and AMKD with severe FSGS, with 10-15 patients in each cohort. Source
Pivotal trial planned for 2027: Management plans to start a pivotal trial of MZE829 in the first half of 2027. The start is subject to regulatory feedback after the HORIZON topline results. Source
PKU Phase 2 trial now enrolling: The CIPheR trial of MZE782 in PKU has started and is evaluating plasma phenylalanine reduction. Enrollment continues. Source
CKD Phase 2 start moved to 2027: The MZE782 CKD trial on proteinuria reduction is planned to start in the first half of 2027, after the second-half 2026 timing given in the first-quarter release. Source
Cash position rose to $494.9 million: Cash, cash equivalents and marketable securities were $494.9 million at June 30, 2026, up from $360.0 million at December 31, 2025. Source
Cash runway extends into 2029: Management expects current cash to fund operations into 2029 based on the current business plan. Source

“The second quarter was marked by continued operational excellence by our team, with the Phase 2 CIPheR trial of MZE782 in PKU now underway with initial topline data expected in 2027”
Jason Coloma, Ph.D., chief executive officer of Maze

Guidance

Area	Period	Figure	Against last quarter
MZE829 HORIZON updated data Source	late 2026 or early 2027	late 2026 or early 2027	Kept
MZE829 HORIZON cohort size Source	updated data	10-15 patients per cohort	New
MZE829 pivotal trial start Source	first half of 2027	first half of 2027	Kept
MZE782 PKU topline data Source	2027	2027	Kept
MZE782 CKD Phase 2 start Source	first half of 2027	first half of 2027	Lowered from second half of 2026
Cash runway Source	into 2029	into 2029	Kept

What changed from last quarter

Guidance lowered: The MZE782 CKD Phase 2 start moved from the second half of 2026 to the first half of 2027. Source
New: The Phase 2 CIPheR trial of MZE782 in PKU has been initiated and is enrolling. The first-quarter release described this start as planned for mid-2026. Source
Guidance kept: The window for updated HORIZON data stayed at late 2026 or early 2027. Source

Quarter results and net loss

Quarterly net loss rose to $44.7 million: The company reported a net loss of $44.7 million, or $0.76 per share, for the quarter, against $33.7 million, or $0.77 per share, a year earlier. The six-month net loss was $68.9 million, or $1.22 per share. Source
License revenue offset six-month costs: No license revenue was recognized in the quarter. For the six months, $20.0 million of license revenue was recognized, against none in the same period of 2025. Source
Total operating costs rose for quarter: Total operating expenses were $48.0 million for the quarter, against $36.5 million a year earlier. Interest and other income, net was $4.2 million for the quarter. Source

Research and development and G&A

R&D spend rose to $34.9 million: Research and development expenses were $34.9 million for the quarter, against $28.1 million a year earlier. For the six months, R&D expenses were $69.1 million, against $55.7 million. Source
R&D increase tied to MZE829: Management attributed the R&D increase mainly to progression of clinical development of the MZE829 program and higher personnel-related costs, including non-cash stock-based compensation. Source
G&A rose to $13.1 million: General and administrative expenses were $13.1 million for the quarter, against $8.4 million a year earlier. For the six months, G&A was $25.5 million, against $16.2 million. Source
G&A increase from personnel and fees: Management attributed the G&A increase to higher personnel-related expenses, including non-cash stock-based compensation, and to costs for professional services. Source

“Looking ahead, we continue to prepare for the pivotal trial of MZE829.”
Jason Coloma, Ph.D., chief executive officer of Maze

MZE829 AMKD program

HORIZON enrollment described as on track: The company said enrollment in the Phase 2 HORIZON trial of MZE829 is on track. Data from all cohorts are expected in late 2026 or early 2027. Source
Updated data for three cohorts: Updated HORIZON data are expected for AMKD without diabetes, AMKD with diabetes, and AMKD with severe FSGS, with 10-15 patients in each cohort. Source
Pivotal trial planned for 2027: Management plans to start a pivotal trial of MZE829 in the first half of 2027. The start is subject to regulatory feedback after the HORIZON topline results. Source
Pivotal preparation continues: The chief executive said the company continues to prepare for the pivotal trial of MZE829. Source

MZE782 PKU and CKD programs

PKU Phase 2 trial now enrolling: The CIPheR trial of MZE782 in PKU has started and is evaluating plasma phenylalanine reduction. Enrollment continues. Source
PKU topline data expected 2027: Topline data from the PKU trial are expected in 2027, as the company stated in the first-quarter release. Source
CKD Phase 2 start moved to 2027: The MZE782 CKD trial on proteinuria reduction is planned to start in the first half of 2027, after the second-half 2026 timing given in the first-quarter release. Source
MZE782 target and potential uses: MZE782 is described as an oral small molecule targeting the SLC6A19 transporter, with potential as a best-in-class PKU therapy and a first-in-class CKD therapy. Source

“we are well positioned to execute against the clinical milestones in our pipeline.”
Jason Coloma, Ph.D., chief executive officer of Maze

Partnering and license revenue

Shionogi milestone drove license revenue: The $20.0 million of license revenue reflects a milestone achieved in the first quarter of 2026 under the Shionogi license agreement for MZE001. Source
MZE001 program for Pompe disease: MZE001 is an investigational oral GYS1 inhibitor licensed from Shionogi, aimed at Pompe disease by limiting glycogen buildup. Source

Cash, funding and balance sheet

Cash position rose to $494.9 million: Cash, cash equivalents and marketable securities were $494.9 million at June 30, 2026, up from $360.0 million at December 31, 2025. Source
April offering raised about $150 million: In April 2026 the company completed a registered offering of common stock and pre-funded warrants for gross proceeds of approximately $150 million. Source
Cash runway extends into 2029: Management expects current cash to fund operations into 2029 based on the current business plan. Source
Equity at June 30 was $453.1 million: Total stockholders’ equity was $453,124 thousand at June 30, 2026, against $354,966 thousand at December 31, 2025, with total liabilities of $78,501 thousand. Source

Management view and next steps

CEO cites PKU start and enrollment: The chief executive described the quarter as marked by operational work, with the CIPheR trial underway and HORIZON enrollment continuing across three cohorts. Source
Pipeline execution with current cash: The chief executive said the company is well positioned to execute against the clinical milestones in its pipeline, given its cash and expected runway into 2029. Source

Coming up, as management said on 11 August 2026

Updated HORIZON data: Updated data on the three HORIZON cohorts of MZE829 are expected in late 2026 or early 2027. Source
MZE829 pivotal trial start: Management plans to start the pivotal trial of MZE829 in the first half of 2027, subject to regulatory feedback. Source
PKU topline data: Topline data from the CIPheR trial of MZE782 in PKU are expected in 2027. Source
MZE782 CKD Phase 2 start: The Phase 2 proteinuria trial of MZE782 in CKD is planned to start in the first half of 2027. Source

Figures management reported

Figure	Reported
R&D expenses, quarter Source	$34.9 million
License revenue from milestone, six months Source	$20.0 million
Pipeline milestone: MZE782 PKU Phase 2 trial Source	CIPheR trial initiated
Trial readout timing: MZE782 PKU topline Source	2027

Risks management discussed

Regulatory: The planned MZE829 pivotal trial start depends on regulatory feedback following the HORIZON topline results. Source
Financial: The expected cash runway into 2029 rests on the company's current business plan. Source

Earlier plans management reported on

On track: Management said enrollment in the HORIZON trial of MZE829 is on track, with data expected from all cohorts in late 2026 or early 2027. Source
Met: The company said the CIPheR trial was initiated in line with previous guidance and continues to enroll patients. Source
On track: The company stated that the MZE782 CKD Phase 2 trial is on track for initiation in the first half of 2027. Source
Not stated: Management expects current cash to fund operations into 2029 based on the current business plan. No status word is given. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Maze Therapeutics Reports Second Quarter 2026 Financial Results and Recent Highlights

Enrollment in Phase 2 HORIZON trial of MZE829 on track; data from all cohorts expected in late 2026 or early 2027

Phase 2 CIPheR trial of MZE782 in PKU initiated and enrollment ongoing; topline data expected in 2027

Phase 2 trial of MZE782 in CKD on track for H1 2027 initiation

Strong balance sheet with $495 million in cash, cash equivalents and marketable securities supports expected runway into 2029

SOUTH SAN FRANCISCO, Calif., August 11, 2026 (GLOBE NEWSWIRE) - Maze Therapeutics, Inc. (Nasdaq: MAZE), a clinical-stage biopharmaceutical company developing small molecule precision medicines for patients with kidney and metabolic diseases, today reported financial results for the second quarter ended June 30, 2026, highlighting recent progress and business updates.

“The second quarter was marked by continued operational excellence by our team, with the Phase 2 CIPheR trial of MZE782 in PKU now underway with initial topline data expected in 2027, and continued strong enrollment in the Phase 2 HORIZON trial of MZE829 across three cohorts with additional data on track for 10-15 patients per cohort in late 2026 or early 2027,” said Jason Coloma, Ph.D., chief executive officer of Maze. “Looking ahead, we continue to prepare for the pivotal trial of MZE829. We are also advancing MZE782 toward a Phase 2 trial in CKD, which we expect to initiate in the first half of next year. With a strong balance sheet and expected cash runway into 2029, we are well positioned to execute against the clinical milestones in our pipeline.”

Program Progress and Anticipated Milestones

MZE829 for APOL1-Mediated Kidney Disease (AMKD)

MZE829 is an oral, small molecule, dual-mechanism APOL1 inhibitor that Maze is advancing as a potential treatment for patients with AMKD, a subset of chronic kidney disease (CKD) estimated to affect over one million people in the United States alone.

In March 2026, Maze announced positive topline data from the Phase 2 HORIZON trial evaluating MZE829 in patients with broad AMKD, representing the first-ever clinical proof-of-concept data in this genetically-defined, broad AMKD population, and demonstrating encouraging early data, including a clinically meaningful reduction in proteinuria in broad AMKD patients. Maze continues to enroll the HORIZON trial, and expects to announce updated data in late 2026 or early 2027 on three 10-15 patient cohorts: AMKD without diabetes, AMKD with diabetes and AMKD with severe focal segmental glomerulosclerosis (FSGS).

Based on the topline results from HORIZON, Maze plans to initiate a pivotal trial in the first half of 2027, subject to regulatory feedback.

MZE782 for Phenylketonuria (PKU) and CKD

MZE782 is an oral, small molecule targeting the solute transporter SLC6A19, with potential to be a best-in-class therapy for patients with PKU, an inherited metabolic disorder, and a first-in-class treatment for the estimated five million U.S. patients with CKD who inadequately respond to currently available CKD therapies.

In line with previous guidance, Maze initiated the Phase 2 CIPheR proof-of-concept trial of MZE782 evaluating plasma phenylalanine (Phe) reduction in PKU and continues to enroll patients. Topline data from the trial is expected in 2027.

Maze plans to initiate a Phase 2 proof-of-concept trial of MZE782 evaluating proteinuria reduction in CKD in the first half of 2027.

Recent Corporate Highlights

In April 2026, Maze completed a registered offering of its common stock and pre-funded warrants for gross proceeds of approximately $150 million, before deducting underwriting discounts and commissions and other offering expenses payable by Maze.

Second Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $494.9 million as of June 30, 2026, compared to $360.0 million as of December 31, 2025. Maze expects that its current cash, cash equivalents and marketable securities will fund operations into 2029 based on its current business plan.

License Revenue: No license revenue and $20.0 million in license revenue was recognized for the three and six months ended June 30, 2026, respectively, and no license revenue was recognized for the same periods in 2025. License revenue recognized in 2026 reflects the achievement of a milestone in the first quarter of 2026 pursuant to the exclusive license agreement with Shionogi & Co., Ltd. for the rights to MZE001, an investigational oral glycogen synthase 1 (GYS1) inhibitor that aims to address Pompe disease by limiting disease-causing glycogen buildup.

Research & Development (R&D) Expenses: R&D expenses for the three and six months ended June 30, 2026 were $34.9 million and $69.1 million, respectively, and $28.1 million and $55.7 million for the same periods in 2025. The increase primarily reflects higher expenses related to the progression of our clinical development of the MZE829 program and higher personnel-related costs, including non-cash stock-based compensation expense.

General & Administrative (G&A) Expenses: G&A expenses for the three and six months ended June 30, 2026 were $13.1 million and $25.5 million, respectively, and $8.4 million and $16.2 million for the same periods in 2025. The increase primarily reflects higher personnel-related expenses, including non-cash stock-based compensation expense, and costs for professional services.

Net Loss: Net loss for the three and six months ended June 30, 2026 was $44.7 million, or $0.76 per share, and $68.9 million, or $1.22 per share, respectively, compared to net loss of $33.7 million, or $0.77 per share, and $66.5 million, or $1.83 per share, for the same periods in 2025.

About Maze Therapeutics

Maze Therapeutics is a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel small molecule precision medicines for patients with kidney and metabolic diseases. Guided by its Compass™ platform, Maze pursues genetically validated targets by integrating variant discovery and functionalization to discover and advance small molecule programs with first- or best-in-class potential. Maze’s pipeline is led by MZE829, a dual-mechanism APOL1 inhibitor in Phase 2 development for APOL1-mediated kidney disease (AMKD), and MZE782, a SLC6A19 inhibitor in Phase 2 development with the potential to treat both phenylketonuria (PKU) and chronic kidney disease (CKD). Maze is headquartered in South San Francisco. For more information, please visit mazetx.com, or follow Maze on LinkedIn and X.

Forward Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current beliefs and expectations of management. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements concerning the company’s future plans and prospects, any expectations regarding the safety or efficacy of MZE829, MZE782 and other candidates under development, the ability of MZE829 to treat AMKD or other indications, the ability of MZE782 to treat PKU, CKD or other indications, the planned timing of the company’s clinical trials, data results and further development of MZE829, MZE782 and other therapeutic candidates, and the company’s expected cash runway. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “will,” “predict” and similar expressions and their variants, as they relate to the company may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Although the company believes the expectations reflected in such forward-looking statements are reasonable, the company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, safety, performance or events and circumstances could differ materially from those expressed or implied in the company’s forward-looking statements due to a variety of factors, including risks and uncertainties related to the company’s ability to advance MZE829, MZE782 and its other therapeutic candidates, obtain regulatory approval of and ultimately commercialize the company’s therapeutic candidates, the timing and results of preclinical studies and clinical trials, the company’s ability to fund development activities and achieve development goals, its ability to protect its intellectual property, general business and economic conditions, and risks related to the impact on its business of macroeconomic conditions, including inflation, volatile interest rates, tariffs, instability in the global banking sector, and public health crises. Further information on potential risk factors that could affect the company’s business and its financial results are detailed under the heading “Risk Factors” included in the documents the company files from time to time with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this press release and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

IR/Corporate Contact:

Argot Partners maze@argotpartners.com

Select Condensed Financial Information

(in thousands, except share and per share amounts)

(unaudited)

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
Condensed Statements of Operations
License revenue	$ -	$ -	$20,000	$ -
Operating expenses:
Research and development	34,940	28,108	69,088	55,688
General and administrative	13,095	8,366	25,500	16,187
Total operating expenses	48,035	36,474	94,588	71,875
Loss from operations	(48,035)	(36,474)	(74,588)	(71,875)
Other income (expense):
Interest and other income, net	4,239	2,795	7,450	5,410
Interest expense	(931)	-	(1,797)	-
Total other income, net	3,308	2,795	5,653	5,410
Net loss	$(44,727)	$(33,679)	$(68,935)	$(66,465)
Net loss per share, basic and diluted	$(0.76)	$(0.77)	$(1.22)	$(1.83)
Weighted-average shares of common stock outstanding used to compute net loss per share, basic and diluted	58,995,934	43,797,421	56,460,660	36,254,828

	June 30,	December 31,
	2026	2025
Condensed Balance Sheet Data
Cash, cash equivalents and marketable securities	$494,908	$360,031
Total assets	$531,625	$397,127
Total liabilities	$78,501	$42,161
Total stockholders’ equity	$453,124	$354,966

Contacts
Amanda Lazaro, 1AB Media amanda@1ABMedia.com
Maze Therapeutics, Inc.