Maze Therapeutics Q2 rev. $3.8mln, cash runway into H2 2027.

• Maze Therapeutics reports Q2 2025 financial results • MZE782 Phase 1 trial expected to provide PKU and CKD proof of mechanism data in Q3 2025 • MZE829 Phase 2 HORIZON trial actively enrolling patients with APOL1-mediated kidney disease • Initial data expected in Q1 2026 • Strong balance sheet with $264.5 million in cash and cash equivalents • Cash runway expected into H2 2027

Maze Therapeutics (NASDAQ: MAZE), a biopharmaceutical company specializing in precision medicines for kidney and metabolic diseases, has released its Q2 2025 financial results and clinical progress updates. The company reported a robust balance sheet with $264.5 million in cash and cash equivalents, providing a significant runway into the second half of 2027.

Key clinical developments include the ongoing Phase 1 trial of MZE782, a potential first-in-class treatment for chronic kidney disease (CKD) and phenylketonuria (PKU). The trial is expected to provide proof of mechanism data in Q3 2025, which will be critical in determining the compound's future in both indications. Additionally, MZE829, an oral APOL1 inhibitor for APOL1-mediated kidney disease, continues enrollment in the Phase 2 HORIZON trial, with initial data expected in Q1 2026.

Financial results showed R&D expenses of $28.1 million and a net loss of $33.7 million for Q2 2025, compared to net income of $139.1 million in Q2 2024. The prior year's net income included $165 million in license revenue from Shionogi and Trace partnerships. The increased R&D spend reflects the advancing clinical programs, with manufacturing scale-up and expanded clinical activities for both lead programs.

Maze Therapeutics' transition from revenue-generating licensing deals to clinical-stage execution introduces near-term cash burn but positions the company for long-term value creation. The company's strong balance sheet and cash position provide approximately two years of runway based on current burn rate, creating a solid operational foundation.

The financial dynamics reveal important strategic shifts. In Q2 2024, Maze reported $165 million in license revenue from deals with Shionogi and Trace Neuroscience. This year's Q2 shows no license revenue, resulting in a net loss of $33.7 million compared to last year's $139.1 million net income. The increased R&D spend demonstrates disciplined capital allocation toward clinical advancement.

Maze's clinical programs target substantial market opportunities. APOL1-mediated kidney disease affects over 1 million patients in the US, while the CKD program targets 5 million patients who respond inadequately to current therapies. The PKU market, though smaller, represents a high-value rare disease opportunity where novel mechanisms can command premium pricing.

The near-term clinical catalysts in Q3 2025 (MZE782 biomarker data) and Q1 2026 (MZE829 proof-of-concept data) represent critical value inflection points that could drive partnership interest or validate Maze's independent development strategy.

The company appears well-positioned to reach these milestones without additional financing, preserving equity value for existing shareholders.

References:
[1] https://www.stocktitan.net/news/MAZE/maze-therapeutics-reports-second-quarter-2025-financial-results-and-kc8w3dbzlx43.html