--- title: "Maze Therapeutics draws $40.0 million under Hercules term loan facility of up" url: "https://aibio.space/news/maze-therapeutics-draws-40-0-million-under-hercules-term-loan-facility/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-02-04" section: "Debt Financing" tickers: "NASDAQ:MAZE" source: "https://www.sec.gov/Archives/edgar/data/1842295/000119312526037747/d34522d8k.htm" summary: "Maze received an initial $40.0 million term loan and says net proceeds were approximately $38.4 million. Up to $160.0 million more is available if conditio" --- By the aibio.space news desk. Sources - [Maze Therapeutics, Inc. Form 8-K filed February 4, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1842295/000119312526037747/d34522d8k.htm) - [Maze Therapeutics, Inc. Form 10-K filed March 31, 2025: business overview and signatures (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1842295/000095017025047208/maze-10k-2024.htm) [MAZE](https://aibio.space/companies/maze-therapeutics/) 2026-02-04 # Maze Therapeutics draws $40.0 million under Hercules term loan facility of up to $200.0 million Tickers [MAZE](https://aibio.space/companies/maze-therapeutics/) Maze received an initial $40.0 million term loan and says net proceeds were approximately $38.4 million. Up to $160.0 million more is available if conditions are met. It also ended its Banc of California loan. ## Key facts - **Company**: Maze Therapeutics, Inc. (NASDAQ: MAZE) - **News type**: Debt Financing - **Primary source**: [Maze Therapeutics, Inc. Form 8-K filed February 4, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1842295/000119312526037747/d34522d8k.htm) *A conference room set for a meeting. CC0, via rawpixel. The picture shows the field, not the companies named.* Maze Therapeutics, Inc. (Nasdaq: [MAZE](https://aibio.space/companies/maze-therapeutics/)) entered into a loan agreement with Hercules Capital, Inc. on February 4, 2026 that provides for a senior secured term loan facility of up to $200.0 million. Only part of that is in hand. An initial term loan of $40.0 million, called the Tranche 1A Loan, was funded on the closing date. The company reported the deal in a [Form 8-K](https://www.sec.gov/Archives/edgar/data/1842295/000119312526037747/d34522d8k.htm) filed the same day. ## The loan facility The agreement is a Loan and Security Agreement among Maze as borrower, the lenders from time to time party to it, and Hercules Capital, Inc., which acts as administrative agent and collateral agent. Beyond the $40.0 million already funded, the facility includes up to six more term loan tranches for as much as $160.0 million in additional term loans. Those tranches are available for up to 60 months after the closing date. Maze must meet conditions first. They include compliance with financial covenants, accurate representations and warranties, and certain performance and financing milestones. The final tranche of $50.0 million also needs approval from the lenders' investment committee. The facility matures on February 1, 2031. Maze says its net proceeds from the Tranche 1A Loan were approximately $38.4 million, after estimated debt issuance costs, fees and expenses. ## Interest, exit fee and prepayment Interest accrues at an annual rate set by reference to the "prime rate" as reported in the Wall Street Journal, with floors that range from 7.95% to 9.25% depending on the tranche. The 7.95% floor applies to the Tranche 1A Loan, among other tranches. Maze pays interest only until 48 months after the closing date, or 60 months if certain performance and financing milestones are met. Accrued interest is due on the first business day of each month. After an Event of Default, the rate rises automatically by an additional 4.00% per year. When the loans are repaid, whether at maturity or earlier, Maze owes an exit fee on the principal repaid. The fee is 3.95% if repayment comes within 24 months of the closing date, 5.75% if it comes after 24 months and within 48 months, and 6.45% after that. The loans can be prepaid at any time with a prepayment premium on the amount prepaid. The premium is 3.00% within 12 months of the closing date, 2.00% from 12 to 24 months, 1.00% from 24 to 36 months and 0.00% afterward. The exit fee applies in addition. ## Security and covenants Maze's obligations are secured by a first lien perfected security interest on substantially all of its existing and after-acquired assets, subject to customary exceptions. A first lien means the lenders' claim on those assets ranks ahead of other secured creditors. The negative covenants limit Maze's ability to incur new debt, create liens, merge or make acquisitions, change its business, and make investments, distributions or redemptions, each subject to exceptions. They also restrict changes to its fiscal year, repayment of certain other debt and certain affiliate transactions. A cash covenant also applies. Unless Maze's market capitalization is at least $450.0 million and no more than $85.0 million in principal is outstanding, or its market capitalization is at least $750.0 million, it must keep unrestricted cash and cash equivalents of at least 50% of the outstanding loan amount. That falls to 40% and then 35% when certain performance and financing milestones are met. Events of Default include non-payment, covenant violations, inaccurate representations, bankruptcy and insolvency events, material judgments, cross-defaults to material contracts, certain material regulatory-related events and a change of control. An Event of Default could lead to a declaration that all outstanding principal and interest is immediately due. ## Banc of California loan ended Under Item 1.02, the company's Loan and Security Agreement with Banc of California, dated June 27, 2022, was terminated effective February 2, 2026. Banc of California's security interest in Maze's assets was released. The filing ties the termination to the new Hercules agreement. ## About the company and the filing Maze names MZE829 and MZE782 among its therapeutic candidates in its annual report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1842295/000095017025047208/maze-10k-2024.htm). General Counsel and Corporate Secretary Courtney Phillips signed the 8-K. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MAZE Maze Therapeutics, Inc. 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Cite as: aibio.space, "Maze Therapeutics draws $40.0 million under Hercules term loan facility of up", 2026-02-04, https://aibio.space/news/maze-therapeutics-draws-40-0-million-under-hercules-term-loan-facility/