Maze Therapeutics prices IPO of 8,750,000 shares at $16.00

Maze Therapeutics, Inc. (Nasdaq: MAZE) priced its initial public offering at $16.00 per share, selling 8,750,000 shares of common stock for $140,000,000 in total. The prospectus is dated January 30, 2025, and the underwriters expected to deliver the shares against payment in New York on February 3, 2025. The common stock is approved for listing on the Nasdaq Global Market.

What the company keeps

Underwriting discounts and commissions are $1.12 per share, or $9,800,000. Proceeds to Maze are $14.88 per share, or $130,200,000, before expenses. The prospectus estimates net proceeds of approximately $127.7 million, or approximately $147.2 million if the underwriters exercise their option in full.

The underwriters have 30 days from the prospectus date to buy up to 1,312,500 more shares from Maze at the offering price, less discounts and commissions. After the offering, 43,776,978 common shares are expected to be outstanding, or 45,089,478 if the option is exercised in full.

Maze intends to use the net proceeds, together with its existing cash, to fund clinical development of MZE829, MZE782 and its other discovery and preclinical programs, to conduct research, to broaden its pipeline, to develop its Compass platform, and for working capital.

The underwriters and counsel

J.P. Morgan, TD Cowen, Leerink Partners and Guggenheim Securities are the underwriters named on the prospectus. The prospectus cover names no counsel for the company or the underwriters.

The lead programs

Maze describes itself as a clinical-stage biopharmaceutical company that uses human genetics to develop small molecule precision medicines for renal, cardiovascular and related metabolic diseases, including obesity. Its prospectus says it has no products approved for sale in any jurisdiction.

Its most advanced lead program, MZE829, is an oral small molecule inhibitor of apolipoprotein L1, or APOL1, for APOL1 kidney disease. The company says that condition affects over one million patients in the United States alone, and that it identified a protective variant of the APOL1 gene, N264K. In a Phase 1 trial, Maze enrolled 111 healthy patients who received single or multiple ascending doses of 20 mg to 480 mg daily. The prospectus says treatment was well tolerated, with no severe or serious adverse events reported at single doses up to 480 mg or multiple doses up to 350 mg daily for seven days. Maze started a Phase 2 trial in November 2024, expects to dose its first patient in the first quarter of 2025, and expects proof of concept data in the first quarter of 2026. The Phase 1 study enrolled healthy patients, so it does not test efficacy in kidney disease.

MZE782 is an oral small molecule inhibitor of the solute transporter SLC6A19, a chronic kidney disease target that Maze says could address about five million chronic kidney disease patients in the United States with inadequate responses to current therapies. The Phase 1 trial started in September 2024, with initial data expected in the second half of 2025.

MZE001, for Pompe disease, is partnered. In March 2024, after completing its Phase 1 trial, Maze exclusively licensed it to Shionogi & Co., Ltd. for an upfront payment of $150 million, plus possible milestones and royalties, including a Phase 2 milestone.

Losses and the balance sheet

Maze reported a net loss of $114.9 million for 2022 and $100.4 million for 2023. Its risk factors give an accumulated deficit of $313.9 million as of September 30, 2024. The audited statements show an accumulated deficit of $395,686 thousand at December 31, 2023, and a total stockholders' deficit of $373,848 thousand at that date.

Cash, cash equivalents and restricted cash totaled $30,246 thousand at December 31, 2023, down from $101,129 thousand a year earlier.

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