--- title: "Maze Therapeutics signs Hercules loan of up to $200.0 million" url: "https://aibio.space/news/maze-therapeutics-signs-hercules-loan-up-200-0-million-draws-40-0/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-02-04" section: "Distress" tickers: "NASDAQ:MAZE" source: "https://www.sec.gov/Archives/edgar/data/1842295/000119312526037747/d34522d8k.htm" summary: "The senior secured facility matures February 1, 2031. Maze ended its Banc of California loan agreement in connection with the deal." --- By the aibio.space news desk. Sources - [Maze Therapeutics, Inc. 8-K (2026-02-04)](https://www.sec.gov/Archives/edgar/data/1842295/000119312526037747/d34522d8k.htm) [MAZE](https://aibio.space/companies/maze-therapeutics/) 2026-02-04 # Maze Therapeutics signs Hercules loan of up to $200.0 million, draws $40.0 million Tickers [MAZE](https://aibio.space/companies/maze-therapeutics/) The senior secured facility matures February 1, 2031. Maze ended its Banc of California loan agreement in connection with the deal. ## Key facts - **Company**: Maze Therapeutics, Inc. (NASDAQ: MAZE) - **News type**: Distress - **Primary source**: [Maze Therapeutics, Inc. 8-K (2026-02-04)](https://www.sec.gov/Archives/edgar/data/1842295/000119312526037747/d34522d8k.htm) *Marble steps and columns of a supreme court building. CC0, via rawpixel. The picture shows the field, not the companies named.* Maze Therapeutics, Inc. ([MAZE](https://aibio.space/companies/maze-therapeutics/)) signed a Loan and Security Agreement on February 4, 2026, with Hercules Capital, Inc., which acts as administrative agent and collateral agent for itself and the lenders party to the agreement. The 8-K does not name those other lenders. The agreement provides a senior secured term loan facility of up to $200.0 million. Only the first tranche was funded at closing: an initial term loan of $40.0 million, with net proceeds of approximately $38.4 million after estimated debt issuance costs, fees and expenses. ### Most of the facility is conditional The headline figure is a ceiling, not cash in hand. Up to six more term loan tranches could add up to $160.0 million, available for up to 60 months after the closing date. Each depends on conditions precedent: compliance with financial covenants, continued accuracy of Maze's representations and warranties, and satisfaction of 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. ### What the loan costs Interest accrues at a rate tied to the prime rate reported in The Wall Street Journal, with interest rate floors that range from 7.95% for the Tranche 1A Loan and some other tranches to 9.25%, depending on the tranche. Interest is payable on the first business day of each month. Maze pays interest only until 48 months after closing, or until 60 months if certain performance and financing milestones are satisfied. If an Event of Default occurs, the rate rises by an additional 4.00% per annum. An exit fee of 3.95% of the principal repaid applies if repayment happens on or within 24 months of closing, 5.75% if it happens after 24 months and on or within 48 months, and 6.45% after that. Prepayment is allowed at any time, subject to a premium of 3.00% of the principal prepaid on or within 12 months of closing, 2.00% after 12 months and on or within 24 months, 1.00% after 24 months and on or within 36 months, and 0.00% thereafter. The exit fee applies in addition to the premium. ### Security, covenants and the Banc of California exit All of Maze's obligations under the agreement are secured by a first lien on substantially all of its existing and after-acquired assets, subject to customary exceptions. The negative covenants limit, subject to exceptions, new indebtedness, liens, mergers and acquisitions, changes to the business, investments, distributions and redemptions. They also restrict changes to the fiscal year, repayment of certain other indebtedness, affiliate transactions, and entering into, amending or terminating agreements that would restrict its ability to repay the loan. The 8-K refers to financial covenants but does not set out their terms. The 8-K sets out one covenant in detail, a minimum cash test. Unless Maze's market capitalization is at least $450.0 million with no more than $85.0 million in principal outstanding under the term loans, or is at least $750.0 million, Maze must keep unrestricted cash and cash equivalents of at least 50% of the outstanding loan amount at all other times. That level falls to 40% and then 35% when certain performance and financing milestones are met. The 8-K does not give Maze's cash balance or market capitalization, so it does not show whether the company meets the test today. Events of default include non-payment of principal, interest or fees, 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. A default could let the lenders declare all principal and interest immediately due. Maze also ended its Loan and Security Agreement with Banc of California, dated June 27, 2022. That agreement was terminated effective February 2, 2026, and Banc of California's security interest in Maze's assets was released. ### What the 8-K leaves out The 8-K does not say how Maze will use the $40.0 million, and it names no financial advisor or legal counsel for either side. The company says the full agreement will be filed with its quarterly report for the quarter ending March 31, 2026. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MAZE Maze Therapeutics, Inc. NASDAQ ยท United States Open the starter desk ## More in Distress Distress ### [Mineralys takes ownership of lorundrostat patents but keeps Tanabe milestone debts](https://aibio.space/news/mineralys-takes-ownership-lorundrostat-patents-but-keeps-tanabe/) Oct 29, 2026 Distress ### [Bristol Myers Squibb drops Prothena's PRX019, ending up to $617.5 million in milestones](https://aibio.space/news/bristol-myers-squibb-drops-prothenas-prx019-ending-up-617-5-million/) Oct 29, 2026 Distress ### [LENZ Therapeutics reorganizes to cut 2027 operating expenses by more than 50%](https://aibio.space/news/lenz-therapeutics-reorganizes-cut-2027-operating-expenses-more-50/) Oct 28, 2026 --- Source page: https://aibio.space/news/maze-therapeutics-signs-hercules-loan-up-200-0-million-draws-40-0/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Maze Therapeutics signs Hercules loan of up to $200.0 million", 2026-02-04, https://aibio.space/news/maze-therapeutics-signs-hercules-loan-up-200-0-million-draws-40-0/