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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 31, 2025 |
Maze Therapeutics, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware |
001-42490 |
82-2635018 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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171 Oyster Point Blvd., Suite 300 |
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South San Francisco, California |
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94080 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 650 850-5070 |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Common Stock - par value $0.001 per share |
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MAZE |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 31, 2025, Maze Therapeutics Inc. (the “Company”) issued a press release reporting its financial results for the fourth quarter and year-ended December 31, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section or Section 11 or 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), nor shall it be deemed incorporated by reference into any filing by the Company under the Exchange Act or the Securities Act, whether made before or after the date hereof, except as expressly set forth by reference in such filing.
Item 9.01 Financial Statements and Exhibits.
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Exhibit Number |
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Description |
99.1* |
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* Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: |
March 31, 2025 |
By: |
/s/ Courtney Phillips |
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Courtney Phillips General Counsel and Corporate Secretary |
Exhibit 99.1
Maze Therapeutics Reports Fourth Quarter and Full-Year 2024 Financial Results and Recent Highlights
MZE829 Phase 2 HORIZON Trial Enrolling Patients with APOL1 Kidney Disease (AKD); Initial Data Expected in Q1 2026
MZE782 Phase 1 Healthy Volunteer Trial Ongoing; Initial Data Expected in H2 2025
Raised $140 Million in Gross Proceeds in Upsized IPO in February 2025, Providing Expected Cash Runway into H2 2027
SOUTH SAN FRANCISCO, CA, March 31, 2025 – Maze Therapeutics, Inc. (Nasdaq: MAZE), a clinical-stage biopharmaceutical company developing small molecule precision medicines for patients with renal, cardiovascular and metabolic diseases, today reported financial results for the fourth quarter and year ended December 31, 2024, highlighted recent progress and reiterated upcoming milestones.
“Maze has reached a pivotal moment in our journey. On the heels of a successful IPO and with two ongoing clinical-stage programs - MZE829 for AKD and MZE782 for both chronic kidney disease (CKD) and phenylketonuria (PKU) - we are making meaningful progress towards advancing genetic-based medicines with the potential to transform patient care,” said Jason Coloma, Ph.D., chief executive officer of Maze. “We look forward to reporting initial Phase 1 data for MZE782 in healthy volunteers in the second half of 2025, which will enable us to prepare to initiate Phase 2 trials in CKD and PKU. We also expect to report initial data from the Phase 2 HORIZON trial of MZE829 in patients with AKD in the first quarter of next year. With a strong financial foundation, highly accomplished team and clear mission, we are well-positioned to execute our milestones and deliver breakthrough medicines to patients.”
Pipeline Accomplishments and Upcoming Milestones
MZE829 for AKD
MZE829 is an oral, small molecule APOL1 inhibitor that Maze is advancing as a potential treatment for patients with AKD, a subset of CKD estimated to affect over one million people in the United States alone.
MZE782 in CKD and PKU
MZE782 is an oral small molecule targeting the solute transporter SLC6A19, with potential to be a first-in-class treatment for approximately five million U.S. patients with CKD who have inadequate responses to currently available CKD therapies, as well as those with PKU, an inherited metabolic disorder.
Corporate Highlights
Fourth Quarter and Full Year 2024 Financial Results
Cash Position: Cash and cash equivalents were $196.8 million as of December 31, 2024, compared to $29.2 million as of December 31, 2023. Maze expects its current cash and cash equivalents, which includes proceeds from its February 2025 IPO, will fund operations into the second half of 2027.
License Revenue: License revenue was $167.5 million for the year ended December 31, 2024, compared to none for the year ended December 31, 2023. The increase was primarily due to the receipt of a one-time upfront payment of $150.0 million in May 2024 under the license agreement with Shionogi & Co., Ltd. (Shionogi) for the development of MZE001 in Pompe disease. No license revenue was recognized for the fourth quarter of 2024 and 2023.
Research & Development (R&D) Expenses: R&D expenses were $22.2 million for the fourth quarter of 2024 and $83.5 million for the year ended December 31, 2024, compared to $16.0 million for the fourth quarter of 2023 and $73.9 million for the year ended December 31, 2023. This year-over-year increase primarily reflects higher clinical trial expenses for MZE829 and MZE782 as well as for preclinical studies for MZE782.
General & Administrative (G&A) Expenses: G&A expenses were $7.5 million for the fourth quarter of 2024 and $26.4 million for the year ended December 31, 2024, compared to $7.0 million for the fourth quarter of 2023 and $24.6 million for the year ended December 31, 2023. This year-over-year increase primarily reflects higher personnel-related expenses, including non-cash stock-based compensation expense, partially offset by lower expenses for professional services.
Net (Loss) Income: Net loss was $29.6 million for the fourth quarter of 2024 and net income was $52.2 million for the year ended December 31, 2024, compared to net loss of $26.6 million for the fourth quarter of 2023 and net loss of $100.4 million for the year ended December 31, 2023. Net income for the year ended December 31, 2024 includes $167.5 million in license revenue recognized under various license agreements, including the exclusive license agreement with Shionogi.
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 living with renal, cardiovascular and related metabolic diseases, including obesity. The company is advancing a pipeline using its Compass platform, which provides insights into the genetic variants in disease and links them with the biological pathways that drive disease in specific patient groups. The company’s pipeline is led by two wholly owned lead programs, MZE829 and MZE782, each of which represents a novel precision medicine-based approach for patients. For more information, please visit mazetx.com, or follow us on LinkedIn and X.
Forward Looking Statements
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 AKD or other indications, the ability of MZE782 to treat CKD, PKU 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 sufficiency of the company’s cash and cash equivalents to fund its operating expenses and capital expenditure requirements. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “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 company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC) on March 31, 2025, and the company’s annual and quarterly reports and other filings filed from time to time with the SEC. 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 Maze undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Corporate Contact:
Jillian Connell, Maze Therapeutics
jconnell@mazetx.com
(650) 850-5080
Media Contact:
Dan Budwick, 1AB
dan@1abmedia.com
Maze Therapeutics, Inc.
Select Condensed Financial Information
(in thousands, except share and per share amounts)
(unaudited)
Condensed Statements of Operations |
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Three months ended |
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Year ended |
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December 31, |
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December 31, |
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2024 |
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2023 |
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2024 |
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2023 |
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License revenue |
$ |
— |
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$ |
— |
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$ |
167,500 |
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$ |
— |
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Operating expenses: |
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Research and development |
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22,216 |
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16,045 |
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83,496 |
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73,945 |
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General and administrative |
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7,510 |
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7,006 |
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26,418 |
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24,606 |
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Total operating expenses |
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29,726 |
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23,051 |
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109,914 |
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98,551 |
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(Loss) income from operations |
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(29,726 |
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(23,051 |
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57,586 |
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(98,551 |
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Interest and other income, net |
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1,516 |
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304 |
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4,654 |
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1,966 |
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Change in fair value of convertible promissory notes |
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(1,644 |
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(3,830 |
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(8,837 |
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(3,830 |
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(Loss) income before income tax expense |
$ |
(29,854 |
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$ |
(26,577 |
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$ |
53,403 |
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$ |
(100,415 |
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Income tax benefit (expense) |
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275 |
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— |
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(1,172 |
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— |
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Net (loss) income |
$ |
(29,579 |
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$ |
(26,577 |
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$ |
52,231 |
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$ |
(100,415 |
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Net (loss) income attributable to common stockholders, basic and diluted |
$ |
(44,551 |
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$ |
(26,577 |
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$ |
3,405 |
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$ |
(100,415 |
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Net (loss) income per share attributable to common stockholders: |
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Basic |
$ |
(18.32 |
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$ |
(11.46 |
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$ |
1.42 |
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$ |
(43.89 |
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Diluted |
$ |
(18.32 |
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$ |
(11.46 |
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$ |
1.25 |
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$ |
(43.89 |
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Weighted-average shares used in computing net (loss) income per share attributable to common stockholders: |
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Basic |
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2,431,764 |
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2,318,137 |
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2,396,094 |
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2,287,980 |
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Diluted |
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2,431,764 |
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2,318,137 |
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2,730,299 |
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2,287,980 |
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Condensed Balance Sheet Data |
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December 31, |
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December 31, |
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2024 |
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2023 |
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Cash and cash equivalents |
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$ |
196,812 |
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$ |
29,158 |
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Total assets |
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$ |
240,542 |
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$ |
71,504 |
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Total liabilities |
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$ |
43,638 |
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$ |
61,450 |
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Total redeemable convertible preferred stock and stockholders’ deficit |
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$ |
196,904 |
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$ |
10,054 |
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