{"url_path":"/sec/maze/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1842295/0001193125-26-219430-index.html","accession_number":"0001193125-26-219430","cik":"0001842295","ticker":"MAZE","issuer_name":"Maze Therapeutics, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1842295/0001193125-26-219430-index.html","primary_entity_key":"0001842295","primary_entity_name":"Maze Therapeutics, Inc."},"word_count":2357,"has_tables":true,"body_markdown":"10-Q\n\nQ1--12-310001842295falseYesYesAugust 29, 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\n \n\nFORM 10-Q\n\n \n\n \n\n(Mark One)\n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\n \n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from to .\n\nCommission File Number: 001-42490\n\n \n\n \n\nMAZE THERAPEUTICS, INC.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\n \n\nDelaware\n\n \n\n82-2635018\n\n(State or other jurisdiction of incorporation or organization)\n\n \n\n(I.R.S. Employer Identification No.)\n\n \n\n171 Oyster Point Blvd., Suite 300\n\nSouth San Francisco, California 94080\n\n(Address of principal executive offices, including zip code)\n\n(650) 850-5070\n\n(Registrant's telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol\n\n \n\nName of each exchange on which registered\n\nCommon Stock - par value $0.001 per share\n\n \n\nMAZE\n\n \n\nThe Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\n \n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n \n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\n \n\n \n\n \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒\n\nAs of May 7, 2026, the registrant had 55,345,261 shares of common stock outstanding.\n\n \n\n \n\n \n\nTABLE OF CONTENTS\n\n \n\n \n\n \n\n \n\nPage\n\nNumbers\n\n \n\n \n\n \n\n \n\n[PART I](#part_i_financial_information)\n\n \n\n[FINANCIAL INFORMATION](#part_i_financial_information)\n\n1\n\n[Item 1.](#item_1_financial_statements_unaudited)\n\n \n\n[Financial Statements (Unaudited)](#item_1_financial_statements_unaudited)\n\n1\n\n \n\n \n\n[Condensed Balance Sheets](#condensed_balance_sheets)\n\n1\n\n \n\n \n\n[Condensed Statements of Operations and Comprehensive Loss](#condensed_statements_of_operations_and)\n\n2\n\n \n\n \n\n[Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)](#condensed_statements_of_convertible_pref)\n\n3\n\n \n\n \n\n[Condensed Statements of Cash Flows](#statements_of_cash_flows)\n\n4\n\n \n\n \n\n[Notes to Condensed Financial Statements](#notes_to_the_financial_statements)\n\n5\n\n[Item 2.](#item_2_managements_discussion_and_analy)\n\n \n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#item_2_managements_discussion_and_analy)\n\n17\n\n[Item 3.](#item_3_quantitative_and)\n\n \n\n[Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_and)\n\n26\n\n[Item 4.](#item_4_controls_and_procedures)\n\n \n\n[Controls and Procedures](#item_4_controls_and_procedures)\n\n26\n\n \n\n \n\n \n\n \n\n[PART II](#part_ii_other_information)\n\n \n\n[OTHER INFORMATION](#part_ii_other_information)\n\n27\n\n[Item 1.](#item_1_legal_proceedings)\n\n \n\n[Legal Proceedings](#item_1_legal_proceedings)\n\n27\n\n[Item 1A.](#item_1a_risk_factors)\n\n \n\n[Risk Factors](#item_1a_risk_factors)\n\n27\n\n[Item 2.](#item_2_unregistered_sale_of_secu)\n\n \n\n[Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](#item_2_unregistered_sale_of_secu)\n\n78\n\n[Item 3.](#item_3_defaults_upon_senior_securities)\n\n \n\n[Defaults Upon Senior Securities](#item_3_defaults_upon_senior_securities)\n\n78\n\n[Item 4.](#item_4_mine_safety_disclosures)\n\n \n\n[Mine Safety Disclosures](#item_4_mine_safety_disclosures)\n\n78\n\n[Item 5.](#item_5_other_information)\n\n \n\n[Other Information](#item_5_other_information)\n\n78\n\n[Item 6.](#item_6_exhibits)\n\n \n\n[Exhibits](#item_6_exhibits)\n\n79\n\n[SIGNATURES](#signatures)\n\n80\n\n \n\ni\n\n \n\n \n\nSpecial note regarding forward-looking statements\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and the Private Securities Litigation Reform Act of 1995. These statements appear throughout this Quarterly Report on Form 10-Q and are statements regarding our intent, belief, or current expectations, primarily with respect to our business and related industry developments. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes, although not all forward-looking statements contain these words. These statements appear throughout this Quarterly Report on Form 10-Q and are statements regarding our intent, belief, or current expectations, primarily with respect to our business and related industry developments. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.\n\nThe forward-looking statements in this Quarterly Report on Form 10-Q include, among other things, statements about:\n\n•\nthe timing of our preclinical studies and clinical trials for our therapeutic candidates, including statements regarding the anticipated timing of initiation and completion of studies or trials, the period during which the results of the trials will become available and our development plans;\n\n•\nthe characteristics, safety, tolerability and efficacy of MZE829, MZE782 or any other therapeutic candidates we may develop;\n\n•\nour ability to develop, obtain and maintain regulatory approval for our therapeutic candidates or any other therapeutic candidates we may develop, including the timing of and costs involved;\n\n•\nestimates of our addressable market and market growth, including our estimates regarding the patient populations and market opportunities for our therapeutic candidates;\n\n•\nour expectations regarding demand for, and market acceptance of, our therapeutic candidates in any of the indications in which we plan to develop them, and any other therapeutic candidates we may develop;\n\n•\nour ability to use our Compass platform to identify new therapeutic targets and advance such targets into clinical development and validate such targets across multiple indications;\n\n•\nour ability to maintain and expand access to human genetics data;\n\n•\nour ability to compete effectively with existing competitors and new market entrants;\n\n•\nthe potential effects of extensive government regulations in the United States and foreign countries relating to our industry;\n\n•\nour ability to obtain, maintain, protect and enforce intellectual property and proprietary rights;\n\n•\nour ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights and proprietary technology of third parties;\n\n•\nour ability to maintain existing, and establish new, strategic collaborations, licensing or other arrangements, including our ability to comply with our financial obligations pursuant to the terms of such agreements;\n\n•\nthe timing and likelihood of the achievement of milestones pursuant to our existing collaboration and licensing agreements;\n\n•\nour reliance on and performance of third parties, including our clinical research organizations, or CROs, contract manufacturing organizations, or CMOs, suppliers and manufacturers;\n\n•\nour ability to expand our pipeline of therapeutic candidates;\n\n•\nour ability to attract and retain key management and technical personnel;\n\n \n\nii\n\n \n\n•\ngeneral economic, industry and market conditions, including fluctuating interest, inflation and tariff rates, uncertainty with respect to the federal debt ceiling and budget and the related potential for government shutdowns, uncertainty with respect to healthcare policies and regulation, instability in the global banking system, volatile market conditions, supply chain delays, and the ongoing labor shortage;\n\n•\nthe impact of natural disasters, terrorist activity, pandemics, regional conflicts around the world and the global responses thereto and other events beyond our control on any of the above or any other aspect of our business operations;\n\n•\nour expectations regarding the period during which we will qualify as an emerging growth company under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act; and\n\n•\nour expectations regarding expenses, future revenue, capital requirements, and our needs for additional financing.\n\nThe forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events or information as of the date on which the statements are made in this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations, except as required by law.\n\nYou should read this Quarterly Report on Form 10-Q and the documents that we reference herein and have filed with the Securities and Exchange Commission, or SEC, as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.\n\n \n\n \n\niii\n\n \n\nSummary of Risk Factors\n\nBelow is a summary of material factors that make an investment in our common stock speculative or risky. Importantly, this summary does not address all of the risks and uncertainties that we face. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider this summary to be a complete discussion of all potential risks or uncertainties that may substantially impact our business. Additional discussion of the risks and uncertainties summarized in this risk factor summary, as well as other risks and uncertainties that we face, are described under the heading “Risk Factors” in this Quarterly Report on Form 10-Q, and this summary is qualified in its entirety by that discussion. Moreover, we operate in a competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible to predict the impact of all of these factors on our business, financial condition or results of operations. You should consider carefully the risks and uncertainties described below and under the heading “Risk Factors” in this Quarterly Report on Form 10-Q.\n\nSome of the principal risks we are exposed to include:\n\n•\nWe are a clinical-stage biopharmaceutical company with a limited operating history, which may make it difficult to evaluate the success of our business to date and to assess our future viability. Since our inception, we have incurred significant operating losses and have not generated any product revenue. We expect to incur continued losses for the foreseeable future and may never achieve or maintain profitability.\n\n•\nWe will require substantial additional capital to finance our operations and achieve our goals. If we are unable to raise capital when needed or on terms acceptable to us, we may be forced to delay, reduce or eliminate our research or product development programs, any future commercialization efforts or other operations.\n\n•\nWe are early in our development efforts and highly dependent on the success of our lead programs. If we are unable to commercialize our therapeutic candidates or experience significant delays in doing so, our business will be materially harmed.\n\n•\nPreclinical and clinical drug development is a lengthy and expensive process, with uncertain timelines and outcomes. If preclinical studies or clinical trials of our therapeutic candidates are prolonged or delayed, we may be unable to obtain required regulatory approvals, and therefore be unable to commercialize our therapeutic candidates or any of our future therapeutic candidates on a timely basis or at all.\n\n•\nWe may not be successful in applying our Compass platform to identify targets with therapeutic potential or to discover and develop safe, effective or commercially viable therapeutic candidates.\n\n•\nCertain of the diseases we, or which our partners, seek to treat have low prevalence and/or have available therapies, and it may be difficult for us or our partners to identify patients with these diseases or face competition in the recruitment of these limited groups of patients, which may lead to difficulties in enrolling clinical trials.\n\n•\nOur Compass platform relies on access to high quality data repositories with paired genetic and clinical data and loss of such access, or the inability to use such data, could have a material adverse effect on our business, financial condition, results of operations and prospects.\n\n•\nWe have entered, and may in the future enter, into strategic collaborations, transactions and licensing partnerships for research, development or commercialization of our programs, including our first therapeutic candidate MZE001, and we may not be able to realize the full value of these partnerships or our partnered programs.\n\n•\nWe face significant competition in an environment of rapid technological change and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies or technologies that are more advanced or effective than ours, which may harm our business and financial condition, and our ability to successfully market or commercialize our therapeutic candidates.\n\n•\nOur success depends in part on our and our partners’ ability to obtain, maintain, enforce and protect our intellectual property and proprietary rights. It is difficult and costly to protect our intellectual property rights and technologies, and we may not be able to ensure their protection. If we are unable to adequately protect our technologies or obtain and maintain patent protection for our technologies and products or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize technologies and products similar or identical to ours, and our ability to successfully commercialize our technologies and products may be impaired.\n\n•\nIf we are sued for infringing, misappropriating or otherwise violating intellectual property or proprietary rights of third parties, such litigation or disputes could be costly and time-consuming and could prevent or delay us from developing or commercializing our therapeutic candidates.\n\n \n\niv\n\n \n\nPART I – FINANCIAL INFORMATION"}