Maze Therapeutics prices $150 million stock and pre-funded warrant offering

Maze Therapeutics, Inc. (MAZE) priced an underwritten registered offering of 5,540,000 shares of common stock at $23.50 per share, and pre-funded warrants for up to 850,000 shares at $23.499 each, according to a company release dated April 21, 2026. Each pre-funded warrant is priced at the share price less its $0.001 exercise price. The company expects gross proceeds of $150 million before underwriting discounts, commissions and other expenses. The offering price is below the $25.69 last reported sale price on The Nasdaq Global Market on April 21, 2026.

Banks, investors and proceeds

Leerink Partners LLC is sole bookrunner and sole underwriter. The underwriting discount is $0.705 per share, or $4,504,950 in total, and proceeds to Maze before expenses are $145,659,200. The prospectus supplement estimates offering expenses of approximately $1.0 million and net proceeds of approximately $144.7 million. The release names Farallon Capital Management, accounts advised by T. Rowe Price Investment Management, Inc., Frazier Life Sciences, Janus Henderson Investors, Deep Track Capital and Driehaus Capital Management among the investors.

Fenwick & West LLP of San Francisco passes on the validity of the securities for Maze, and Davis Polk & Wardwell LLP of Redwood City is counsel to the underwriter. Maze intends to use the proceeds mainly to advance research and development of MZE829 and MZE782, and for general corporate purposes.

Dilution, lock-up and existing sales agreement

The prospectus supplement puts common shares outstanding immediately after the offering at 54,875,551, assuming no exercise of the pre-funded warrants. Net tangible book value was $7.19 per share at December 31, 2025. After the offering, the figure would be $9.10 per share, leaving dilution of $14.40 per share to investors buying in the offering. If all pre-funded warrants are exercised, the figure falls to $8.97 per share and dilution rises to $14.53 per share.

Maze, its directors and executive officers and certain stockholders agreed, subject to exceptions, not to sell shares for 60 days without the permission of Leerink Partners LLC. Maze also has an Open Market Sale Agreement with Jefferies LLC, dated February 4, 2026, covering up to $200 million of common stock.

Cash burn and the 2029 runway

Maze expects the net proceeds, together with existing cash, cash equivalents and marketable securities, to fund operations into 2029. The prospectus supplement says that estimate rests on assumptions that may prove to be wrong, and that Maze could use its capital resources sooner than it now expects.

The annual report filed March 25, 2026 shows a net loss of $131.1 million for 2025 and cash used in operations of $111.9 million. Cash and cash equivalents were $196.8 million at the end of 2024.

What the trials show

MZE829 is in a Phase 2 trial in APOL1-mediated kidney disease (AMKD). The open-label study enrolled 15 patients, and 12 were evaluable for efficacy. Among evaluable patients with broad AMKD, the mean reduction in urine albumin-to-creatinine ratio (uACR) at week 12 was 35.6%, and 50% of them achieved at least a 30% reduction. The prospectus reports a 61.8% mean reduction in a subset of patients with focal segmental glomerulosclerosis (FSGS), but does not say how many of those patients were evaluable. Of the eight enrolled patients without diabetes, five had biopsy-confirmed FSGS. Among patients with diabetes, two of five evaluable patients reached at least a 30% reduction.

The drug was generally well tolerated, with no serious adverse events and no severe treatment-related adverse events. Headache and diarrhea were each reported in two patients, and one patient stopped treatment because of mild nausea. Maze plans to continue enrollment, advance MZE829 into a pivotal program, and report more Phase 2 data in late 2026 or early 2027.

MZE782 is an oral small-molecule inhibitor being developed for phenylketonuria (PKU) and chronic kidney disease (CKD). Its Phase 1 trial enrolled 112 healthy adult volunteers and was reported in September 2025. The prospectus says eGFR changes in those healthy individuals were similar to those seen with SGLT2 inhibitors, and suggests a potential benefit in CKD patients. The trial enrolled healthy volunteers, not patients with CKD. Maze plans to start Phase 2 proof-of-concept trials in PKU by mid-2026 and in CKD in the second half of 2026.

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