Maze Therapeutics Inc(US:MAZE)2025-11-06 21:27Financial Performance - For the three and nine months ended September 30, 2025, the company incurred a net loss of $30.1 million and $96.6 million, respectively, compared to a net loss of $24.8 million and net income of $81.8 million for the same periods in 2024 [103]. - The company recorded a net loss of $30.1 million for the three months ended September 30, 2025, compared to a net loss of $24.8 million in 2024 [130]. - License revenue for the three and nine months ended September 30, 2025, was $0, compared to $2.5 million and $167.5 million for the same periods in 2024, primarily due to the absence of new license agreements [131]. - Total operating expenses for the three months ended September 30, 2025, were $32.965 million, an increase of $6.236 million from $26.729 million in 2024 [130]. - Income tax benefit (expense) was zero for the three and nine months ended September 30, 2025, compared to a benefit of $0.3 million and an expense of $1.4 million in 2024 [139]. Cash and Capital - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities of $383.9 million, following an initial public offering that raised gross proceeds of $140.0 million in February 2025 and a private placement that raised $150.0 million in September 2025 [104]. - The company completed its initial public offering in February 2025, issuing 8,750,000 shares at $16.00 per share, resulting in net proceeds of approximately $127.8 million [141]. - In September 2025, the company raised approximately $141.3 million through a private placement, selling 4,000,002 shares at $16.25 each and Pre-Funded Warrants [142]. - The company anticipates needing additional capital to fund operations and develop therapeutic candidates, with ongoing expenses expected to increase [144]. - The company may seek to raise capital through various means, including equity or debt financings, but adequate funding may not be available on acceptable terms [145]. Research and Development - The company expects significant increases in research and development expenses due to planned clinical trials for MZE829 and MZE782, further development of the Compass platform, and potential IND applications [103]. - Research and development expenses increased to $25.2 million for the three months ended September 30, 2025, from $19.9 million in 2024, reflecting a $5.3 million increase driven by higher personnel-related costs and clinical trial expenses [132]. - Research and development expenses for the nine months ended September 30, 2025, were $80.9 million, up from $61.3 million in 2024, marking a $19.6 million increase [133]. - The company plans to initiate two Phase 2 proof-of-concept trials for MZE782 in 2026, focusing on plasma Phe reduction in phenylketonuria and proteinuria reduction in chronic kidney disease [111]. - MZE782 demonstrated a favorable plasma pharmacokinetics profile with a half-life of 11 hours and consistent absorption, supporting a once- or twice-daily dosing regimen for future trials [109]. Operating Losses and Deficits - As of September 30, 2025, the company had an accumulated deficit of $455.0 million and does not expect positive cash flows from operations in the foreseeable future [103]. - The company has not generated any revenue from product sales and does not expect to do so in the foreseeable future, relying on financing through equity offerings and collaborations [102]. - The company incurred significant operating losses since inception, with expectations of increasing losses due to ongoing research and development activities [103]. - The company retains approximately 48% equity in Broadwing Bio LLC, a spin-out company formed to develop therapeutic antibody therapies, but expects dilution from convertible notes issued by Broadwing [106]. Other Financial Information - Interest and other income, net was $2.9 million for the three months ended September 30, 2025, up from $1.8 million in 2024, reflecting higher cash and marketable securities balances [137]. - Net cash used in operating activities was $84.2 million for the nine months ended September 30, 2025, compared to net cash provided of $98.4 million for the same period in 2024 [153]. - Net cash used in investing activities was $67.6 million for the nine months ended September 30, 2025, primarily due to purchases of marketable securities [154]. - Net cash provided by financing activities was $271.7 million for the nine months ended September 30, 2025, significantly up from $22.6 million in the same period in 2024 [155]. - The company has obligations of $4.6 million under consortium agreements with the University of Helsinki and Queen Mary University through December 31, 2027 [149]. Lease Obligations - The company has an operating lease for its headquarters in South San Francisco, which terminates in November 2030, with an option to extend for an additional eight years [148].