UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-42490 MAZE THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 82-2635018 171 Oyster Point Blv ...

Financial Position - Maze Therapeutics reported a cash position of $294.4 million as of March 31, 2025, up from $196.8 million as of December 31, 2024, providing a cash runway into H2 2027[6]. - Total stockholders' equity improved to $292.1 million as of March 31, 2025, from a deficit of $311.2 million as of December 31, 2024[17]. Expenses - Research and Development (R&D) expenses increased to $27.6 million in Q1 2025 from $21.9 million in Q1 2024, primarily due to higher clinical trial expenses for MZE829 and MZE782[7]. - General and Administrative (G&A) expenses rose to $7.8 million in Q1 2025 compared to $6.1 million in Q1 2024, reflecting higher personnel-related expenses and professional services fees[8]. - Total operating expenses for Q1 2025 were $35.4 million, compared to $28.0 million in Q1 2024[15]. Net Loss - The net loss for Q1 2025 was $32.8 million, slightly higher than the net loss of $32.5 million in Q1 2024[8]. Clinical Trials - Maze is actively enrolling patients in the Phase 2 HORIZON trial of MZE829, with initial proof-of-concept data expected in Q1 2026[5]. - MZE782 is currently in a Phase 1 clinical trial, with initial data, including biomarker results, expected in Q3 2025[11]. - The company plans to initiate two separate Phase 2 clinical trials of MZE782 in CKD and PKU based on Phase 1 results[11]. Target Diseases - MZE829 targets APOL1 Kidney Disease, which affects over one million people in the U.S., while MZE782 targets approximately five million U.S. patients with CKD[3][4].

MZE829 Phase 2 HORIZON Trial Enrolling Patients with APOL1 Kidney Disease; Initial Data Expected in Q1 2026 MZE782 Phase 1 Healthy Volunteer Trial Ongoing; Initial Data Expected in Q3 2025 Strong Balance Sheet with $294.4 Million in Cash and Cash Equivalents, Expected to Provide Cash Runway into H2 2027 SOUTH SAN FRANCISCO, Calif., May 14, 2025 (GLOBE NEWSWIRE) -- Maze Therapeutics, Inc. (Nasdaq: MAZE), a clinical-stage biopharmaceutical company developing small molecule precision medicines for patients wit ...

Financial Performance - The company incurred a net loss of $100.4 million for the year ended December 31, 2023, and had an accumulated deficit of $358.4 million as of December 31, 2024[243]. - The company anticipates continued operating losses due to the high costs associated with clinical trials, preclinical studies, and regulatory approval processes[243]. - The company has incurred substantial losses and does not expect to become profitable in the near future, with limitations on the deductibility of federal net operating losses (NOLs) to 80% of current year taxable income starting from taxable years after December 31, 2020[429]. Cash and Funding - As of December 31, 2024, the company had cash and cash equivalents of $196.8 million, which, along with net proceeds of approximately $127.8 million from its initial public offering, is expected to fund operations for at least one year[252]. - The company may require additional capital to finance its operations and achieve its goals, with potential dilution to existing shareholders if capital is raised through equity offerings[250][255]. - The company’s future capital requirements will depend on various factors, including the costs of clinical trials, regulatory approvals, and potential partnerships[253]. Research and Development - The company expects significant increases in research and development expenses related to clinical trials for lead programs MZE829 and MZE782, as well as the expansion of its Compass platform[245]. - The company initiated a Phase 2 trial of MZE829 in November 2024 and expects to report proof of concept data in the first quarter of 2026[262]. - A Phase 1 clinical trial of MZE782 was initiated in September 2024[266]. Clinical Trials and Regulatory Challenges - The company faces high risks of failure in its early-stage programs, with potential therapeutic candidates needing to demonstrate safety and efficacy in extensive clinical trials before obtaining marketing approval[267]. - Delays in clinical trials can arise from regulatory approval issues, patient enrollment challenges, and external factors such as natural disasters or public health crises[268]. - The company must navigate various regulatory requirements and potential delays in obtaining necessary approvals for clinical trials[274]. Competition and Market Dynamics - The company faces significant competition in the biotechnology industry, with competitors potentially achieving regulatory approval before it does[382]. - There are currently no approved therapies for APOL1 kidney disease, but other companies are advancing therapeutic candidates in clinical trials targeting APOL1[385]. - The company may face challenges in obtaining adequate reimbursement for drugs, as coverage policies vary significantly among third-party payors in the U.S.[360]. Intellectual Property and Legal Risks - The company's success depends on obtaining and maintaining intellectual property rights, with challenges in protecting technologies and potential competition from similar products[432]. - The patenting process is costly and time-consuming, and the company may not be able to file all necessary patent applications in a timely manner[436]. - Changes in patent law could have a material adverse effect on the ability to obtain and enforce new patents[441]. Operational Risks - The company relies on third-party partners for the development and commercialization of therapeutic candidates, which limits control over resources and timelines[307]. - The company does not have manufacturing facilities and relies on third-party manufacturers, which increases risks related to supply adequacy and compliance with regulations[317]. - The company is dependent on the integrity of its information technology systems, and any failure could disrupt operations and lead to financial losses[414]. Compliance and Regulatory Environment - Compliance with healthcare laws and regulations may involve substantial costs, and violations could lead to significant penalties, including exclusion from government-funded healthcare programs[348]. - The company may need to implement costly compliance programs if it expands operations internationally, particularly under the Foreign Corrupt Practices Act[361]. - The company faces potential limitations on growth and increased development costs due to U.S. laws restricting the dissemination of classified information and certain products outside the United States[363]. Strategic Partnerships and Collaborations - The company has entered into strategic collaborations, including exclusive licenses for programs related to amyotrophic lateral sclerosis (ALS) and its first clinical stage therapeutic candidate, MZE001[305]. - Partnerships may not lead to efficient development or commercialization, and failure to recognize their benefits could adversely affect the company's financial condition and prospects[309]. - The company has formed joint ventures and spin-outs, such as with Alloy Therapeutics in 2020, to develop therapeutic targets outside its core expertise[310]. Data Privacy and Security - The company is at risk of reputational damage and financial loss due to potential breaches of data privacy obligations by third-party service providers[380]. - Any perceived failure to comply with privacy laws could lead to enforcement actions, significant fines, and loss of customer trust, adversely affecting the company's business[381]. - The company may face significant penalties under the EU GDPR, including fines of up to €20 million or 4% of annual global revenue for non-compliance[377]. Employee and Growth Challenges - The company’s ability to attract and retain qualified personnel is critical for its success in the competitive biotechnology and pharmaceutical industries[408]. - The company plans to expand its employee base to enhance managerial, operational, and financial resources as part of its growth strategy[411]. - There is a risk of misconduct by employees and partners, which could lead to regulatory sanctions and harm the company's reputation[412]. Economic and Market Conditions - Unfavorable global economic conditions could adversely affect the company's business, financial condition, and stock price, potentially leading to weakened demand for therapeutic candidates[431]. - The company anticipates continued pricing pressures globally due to state and federal healthcare reform measures that may impose downward pressure on product prices[355]. - Recent legislative changes may increase the difficulty and cost of obtaining marketing approval and could negatively affect pricing and third-party payment for therapeutic candidates[349].