Maze Therapeutics Inc(US:MAZE)2025-05-14 20:06PART I FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) The unaudited statements reflect a significantly improved cash position and stockholders' equity following the February 2025 IPO Condensed Balance Sheets The balance sheet reflects a substantial increase in assets and a shift from a stockholders' deficit to equity, driven by the IPO Condensed Balance Sheet Comparison (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $294,374 | $196,812 | | Total current assets | $299,707 | $201,671 | | Total assets | $332,840 | $240,542 | | Liabilities and Stockholders' Equity (Deficit) | | | | Total liabilities | $40,772 | $43,638 | | Redeemable convertible preferred stock | $— | $508,087 | | Total stockholders' equity (deficit) | $292,068 | $(311,183) | Condensed Statements of Operations and Comprehensive Loss The net loss remained stable year-over-year as increased operating expenses were offset by higher interest income Statement of Operations Summary (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $27,580 | $21,877 | | General and administrative | $7,821 | $6,137 | | Loss from operations | $(35,401) | $(28,014) | | Interest and other income, net | $2,615 | $281 | | Change in fair value of convertible promissory notes | $— | $(4,761) | | Net loss and comprehensive loss | $(32,786) | $(32,494) | | Net loss per share, basic and diluted | $(1.15) | $(13.91) | Condensed Statements of Cash Flows A significant cash inflow from the IPO offset increased cash used in operations, resulting in a net cash increase of $97.6 million Cash Flow Summary (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(29,516) | $(23,437) | | Net cash used in investing activities | $(299) | $(279) | | Net cash provided by financing activities | $127,378 | $24,581 | Notes to Condensed Financial Statements Notes detail the $127.8M IPO, confirm one-year operational funding, and clarify 2024 revenue from license agreements - In February 2025, the company completed its IPO, selling 8,750,000 shares of common stock for net proceeds of approximately $127.8 million30 - As of March 31, 2025, the company had $294.4 million in cash and cash equivalents and believes this is sufficient to fund operations for at least one year33 - The company entered into significant license agreements in 2024 with Shionogi ($150.0M upfront), Trace ($15.0M upfront), and Neurocrine ($2.5M upfront), with revenue recognized in 2024757880 Management's Discussion and Analysis of Financial Condition and Results of Operations Management analyzes rising R&D expenses for its clinical programs and the strengthened financial condition post-IPO Results of Operations Operating expenses increased by $7.4 million year-over-year, driven primarily by higher clinical trial and personnel costs Comparison of Operating Results (in thousands) | | Three Months Ended March 31, | Change | | :--- | :--- | :--- | | | 2025 | 2024 | | | Research and development | $27,580 | $21,877 | $5,703 | | General and administrative | $7,821 | $6,137 | $1,684 | | Total operating expenses | $35,401 | $28,014 | $7,387 | | Loss from operations | $(35,401) | $(28,014) | $(7,387) | - The $5.7 million increase in R&D expenses was primarily driven by a $3.1 million rise in clinical trial expenses for the Phase 2 trial of MZE829 and the Phase 1 trial of MZE782110 Liquidity and Capital Resources The company's liquidity was significantly boosted by its February 2025 IPO, providing sufficient capital for at least the next year - As of March 31, 2025, the company had cash and cash equivalents of $294.4 million and an accumulated deficit of $391.2 million116 - The company believes its existing cash and cash equivalents are sufficient to fund operations for at least one year from the date of the report118 - Future funding requirements are substantial and depend on the progress of clinical trials for MZE829 and MZE782 and other pipeline candidates120 Quantitative and Qualitative Disclosures About Market Risk The company indicates it does not have material exposure to market risks requiring disclosure - The report states "Not applicable" for this item138 Controls and Procedures Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - Based on an evaluation as of March 31, 2025, the Chief Executive Officer concluded that the company's disclosure controls and procedures were effective140 - No changes in internal control over financial reporting occurred during the quarter that materially affected or are likely to materially affect internal controls141 PART II OTHER INFORMATION Legal Proceedings The company is not currently party to any material legal proceedings - The company is not currently a party to any legal proceedings that management believes would have a material adverse effect on the business144 Risk Factors The company faces significant risks related to its history of losses, dependence on early-stage programs, and reliance on third parties - The company is a clinical-stage biopharmaceutical company with a limited operating history, a history of significant operating losses, and expects to incur continued losses146147 - The business is highly dependent on the success of its lead programs, MZE829 and MZE782, which are in early stages of development165 - The company relies on third parties for critical functions, including genetic data, manufacturing, and conducting clinical trials204218226 - The company faces significant competition from major pharmaceutical and biotechnology companies with greater financial resources and expertise291296 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities The company details its IPO proceeds and confirms no material change in their planned use - The company's IPO closed on February 3, 2025, resulting in net proceeds of approximately $127.8 million from the sale of 8,750,000 shares418 - There has been no material change in the planned use of proceeds from the IPO as described in the final prospectus419 Defaults Upon Senior Securities The company reports no defaults upon its senior securities - The report states "Not applicable" for this item420 Mine Safety Disclosures This item is not applicable as the company is not engaged in mining operations - The report states "Not applicable" for this item421 Other Information No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the quarter - During the three months ended March 31, 2025, no directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement422 Exhibits This section lists the exhibits filed with the Form 10-Q, including required certifications and XBRL data Signatures The report is duly signed by the company's Chief Executive Officer on May 14, 2025