Tearsheet

Maze Therapeutics (MAZE)

Market Price (12/30/2025): $40.49 | Market Cap: $1.9 Bil
Sector: Health Care | Industry: Biotechnology

Maze Therapeutics (MAZE)

Market Price (12/30/2025): $40.49
Market Cap: $1.9 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%	Trading close to highs Dist 52W High is -4.8%, Dist 3Y High is -4.8%	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Genetics-based Drug Discovery, Targeted Therapies, Show more.		Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -135 Mil
2			Stock price has recently run up significantly 6M Rtn6 month market price return is 230%, 12M Rtn12 month market price return is 154%
3			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
5			High stock price volatility Vol 12M is 103%
6			Key risks MAZE key risks include [1] its heavy dependence on the clinical and commercial success of its limited lead candidates, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%
1	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Genetics-based Drug Discovery, Targeted Therapies, Show more.
2	Trading close to highs Dist 52W High is -4.8%, Dist 3Y High is -4.8%
3	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -135 Mil
5	Stock price has recently run up significantly 6M Rtn6 month market price return is 230%, 12M Rtn12 month market price return is 154%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
8	High stock price volatility Vol 12M is 103%
9	Key risks MAZE key risks include [1] its heavy dependence on the clinical and commercial success of its limited lead candidates, Show more.

Valuation, Metrics & Events

	12/30/25	2024	2023	2022
Share Price CYE	$40.49
Market Cap CYE ($ Bil)	1.9	-	-	-
Total Debt ($ Bil)	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.4	0.2	0.0	0.1
Enterprise Value ($ Bil)	1.5
Valuation Ratios
P/S TTM	-	-	-	-
P/EBIT TTM	-13.8	-	-	-
P/E TTM	-14.7	-	-	-
P/FCF TTM	-17.2	-	-	-
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9	4.5
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5

	12/30/25	2024	2023
Share Price CYE	$40.49
Market Cap CYE ($ Bil)	1.9	-	-
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.4	0.2	0.0
Enterprise Value ($ Bil)	1.5
Valuation Ratios
P/S TTM	-	-	-
P/EBIT TTM	-13.8	-	-
P/E TTM	-14.7	-	-
P/FCF TTM	-17.2	-	-
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

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Metric	Value	Date	Source
Number of Patents	54	9112025	Link
Number of Drug Candidates in Pipeline	3	1172025	Link
Number of Clinical Trials	2	1172025	Link
Phase 2 Clinical Trial Programs	1	1172025	Link
Phase 1 Clinical Trial Programs	1	1172025	Link
Number of Strategic Collaborations/Joint Ventures	2	5102024	Link
Number of Research Abstracts Presented at ASN Kidney Week	7	1162025	Link

Upcoming
3/30/2026	Earnings Release	Rev: - EPS: -

MAZE Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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1. Positive Phase 1 Results for MZE782. Maze Therapeutics announced positive first-in-human results from the Phase 1 trial of MZE782 on September 11, 2025. The data demonstrated an excellent safety profile, robust target engagement, and compelling pharmacodynamic effects, exceeding expectations and supporting its potential as a best-in-class therapy for Phenylketonuria (PKU) and a first-in-class therapy for Chronic Kidney Disease (CKD).

2. Oversubscribed $150 Million Private Placement. Following the positive MZE782 Phase 1 results, Maze Therapeutics announced on September 11, 2025, an oversubscribed private placement that raised approximately $150.0 million. This significant capital infusion, secured at a premium to the last closing price, indicated strong investor confidence and provided substantial funds to advance their clinical programs.

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Stock Movement Drivers

Fundamental Drivers

The 60.9% change in MAZE stock from 9/29/2025 to 12/29/2025 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.

	9292025	12292025	Change
Stock Price ($)	25.20	40.55	60.91%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2.50	0.00	-100.00%
P/S Multiple	441.48	∞	∞%
Shares Outstanding (Mil)	43.80	45.78	-4.53%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

9/29/2025 to 12/29/2025

	Return	Correlation
MAZE	60.9%
Market (SPY)	3.6%	41.5%
Sector (XLV)	14.7%	17.6%

Fundamental Drivers

The 230.5% change in MAZE stock from 6/30/2025 to 12/29/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	6302025	12292025	Change
Stock Price ($)	12.27	40.55	230.48%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	0.00	�
P/S Multiple	�	∞	�
Shares Outstanding (Mil)	34.97	45.78	-30.91%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 12/29/2025

	Return	Correlation
MAZE	230.5%
Market (SPY)	11.6%	21.0%
Sector (XLV)	16.1%	26.4%

Fundamental Drivers

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Market Drivers

12/29/2024 to 12/29/2025

	Return	Correlation
MAZE
Market (SPY)	16.6%	18.9%
Sector (XLV)	13.6%	21.3%

Fundamental Drivers

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Market Drivers

12/30/2023 to 12/29/2025

	Return	Correlation
MAZE
Market (SPY)	47.9%	18.9%
Sector (XLV)	17.6%	21.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MAZE Return	-	-	-	-	-	164%	164%
Peers Return	16%	38%	-12%	21%	26%	16%	151%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
MAZE Win Rate	-	-	-	-	-	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
MAZE Max Drawdown	-	-	-	-	-	-53%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/29/2025 (YTD)

How Low Can It Go

MAZE has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Unique Key	Event	XLV	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-16.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	19.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	599 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-28.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	40.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	116 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-15.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	18.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-40.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	68.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,100 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.

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About Maze Therapeutics (MAZE)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We are a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with renal, cardiovascular and related metabolic diseases, including obesity. We are advancing a pipeline using our Compass platform, which allows us to identify and characterize genetic variants in disease and then link those variants to the biological pathways that drive disease in specific patient groups through a process we refer to as variant functionalization. Our Compass platform has been purpose-built to inform all phases of our drug discovery and development process through clinical trial design. We are currently advancing two wholly owned lead programs, MZE829 and MZE782, each of which represents a novel precision medicine-based approach for chronic kidney disease, or CKD. Our goal is to bring novel precision medicines to patients to maximize our impact on human health. CKD is a serious, progressive condition that affects approximately 37 million patients in the United States, where it is expected to be the fifth most prevalent chronic disease by 2040. Current treatments for CKD consider patients as falling into clinical categories and focus on slowing the progression of disease, but do not target the underlying genetic drivers of disease. Our lead programs are designed to phenocopy, or mimic, the protective effects of certain genetic variants that are associated with reduced disease burden and improved kidney function in distinct groups of CKD patients. Our most advanced lead program, MZE829, is an oral, small molecule inhibitor of apolipoprotein L1, or APOL1, for the treatment of patients with APOL1 kidney disease, or AKD, which is estimated to affect over one million patients in the United States alone. Although the link between APOL1 variants and renal dysfunction has been known for over a decade, we have identified a new protective variant that underpins our therapeutic approach for MZE829 and may ultimately allow us to address a broader population of AKD than has previously been possible in the clinical setting. In October 2024, we reported results for our Phase 1 clinical trial of MZE829, in which we enrolled 111 healthy patients who received either single or multiple ascending doses of 20 mg to 480 mg of MZE829 administered daily. Treatment was well tolerated with no severe adverse events or serious adverse events reported in patients treated with single doses up to 480 mg and multiple doses of up to 350 mg daily for seven days. Dose-proportional pharmacokinetics, or PK, was observed with low variability (10-40%) across doses. We initiated a Phase 2 trial of MZE829 in November 2024 and expect to dose our first patient in the first quarter of 2025 and to report proof of concept data in the first quarter of 2026. Our second lead program, MZE782, is an oral, small molecule inhibitor of the solute transporter SLC6A19, a novel CKD target, with the potential to address approximately five million of the CKD patients in the United States with inadequate responses to currently available CKD therapies. Beyond its use as a potential standalone therapy, MZE782 may also provide a significant benefit to patients in combination with standard of care, including as a complementary treatment to current approved regimens or as an alternative option for those patients who do not adequately respond to today’s standard of care. We initiated a Phase 1 trial of MZE782 in September 2024 and expect to report initial data from this trial in the second half of 2025. In addition to CKD, we believe MZE782 may provide benefit to patients suffering from the genetically defined metabolic disease, phenylketonuria, or PKU. Following our ongoing Phase 1 trial of MZE782, we plan to conduct a parallel Phase 2 clinical trial to explore MZE782 as a potential treatment of PKU. Our Compass platform supports end-to-end variant identification and functionalization capabilities as well as advanced research tools and methodologies for drug development. We believe the process of variant functionalization, or understanding how genetic variants function to affect the course of disease, is a foundational aspect of precision medicine and one of the core capabilities that sets us apart from others in the field. We were incorporated under the laws of the State of Delaware on August 29, 2017, originally under the name Genetic Modifiers NewCo, Inc. We changed our name on July 5, 2018 to Modulus Therapeutics, Inc. and on September 25, 2018, to Maze Therapeutics, Inc. Our principal executive offices are located at 171 Oyster Point Blvd., Suite 300, South San Francisco, California.

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1. An early-stage Vertex Pharmaceuticals, but using a genetic platform to discover precision small molecule drugs for a broader range of genetic diseases.

2. Like Moderna, but applying a genetic insights platform to discover small molecule drugs for a wide range of genetic diseases, rather than mRNA therapeutics.

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MZE001: An investigational oral therapy in clinical development for the treatment of Pompe disease, a rare genetic disorder.
Early-Stage Precision Medicine Candidates: Preclinical drug candidates being developed through their human genetics platform for various other rare genetic diseases.

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As a clinical-stage biotechnology company, Maze Therapeutics (MAZE) is primarily engaged in the research and development of precision medicines for common diseases with a genetic basis. The company does not currently have any commercial products on the market.

Based on its latest financial reports, including the Form 10-Q for the quarter ended March 31, 2024, Maze Therapeutics reported no revenue from product sales or collaborations. This indicates that the company does not currently have any commercial products on the market generating sales.

Therefore, Maze Therapeutics does not currently have major customers in the traditional sense of selling products or services to other companies or individuals. Its operations are funded through equity financing and other investments to advance its drug pipeline through clinical trials.

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Jason Coloma, Chief Executive Officer, President, Director

Dr. Jason Coloma was appointed CEO of Maze Therapeutics in July 2019. He was instrumental in founding and launching the company, having served as a venture partner at Third Rock Ventures, a venture capital firm, prior to his CEO appointment. While at Third Rock, he focused on new company creation and held interim Chief Business Officer roles at insitro and Celsius Therapeutics. Dr. Coloma also served as interim Chief Operating Officer of Maze Therapeutics. His previous experience includes serving as Senior Vice President and Chief Business Officer at Corvus Pharmaceuticals and various leadership roles at Roche, including Vice President & Global Therapeutic Area Head of Oncology and Cancer Immunotherapy Partnering. He also worked in finance at Amgen and in research at the University of California, San Francisco and Cytokinetics, and was a consultant at L.E.K. Consulting.

Misbah Tahir, Chief Financial Officer

Misbah Tahir was appointed Chief Financial Officer of Maze Therapeutics in September 2025, bringing over two decades of financial and strategic leadership experience in the biopharmaceutical industry. Before joining Maze, he served as CFO at IGM Biosciences, Inc., where he played a key role in guiding the company through its 2019 initial public offering and helped raise over $1 billion through various equity financings and a pharmaceutical partnership. Mr. Tahir held senior finance positions at Dermira, Inc. (acquired by Eli Lilly and Company), Onyx Pharmaceuticals, Inc. (acquired by Amgen Inc.), and Human Genome Sciences Inc. (acquired by GSK plc), where he contributed significantly to capital formation, strategic partnerships, and product launches. He began his career in the biopharmaceutical sector at Amgen, Inc. after working as a management consultant with Oliver Wyman.

Atul Dandekar, Chief Strategy Officer

Atul Dandekar serves as the Chief Strategy Officer at Maze Therapeutics.

David Morgans, Executive Vice President, Drug Discovery

David Morgans is the Executive Vice President of Drug Discovery at Maze Therapeutics.

Matthew Krause, Senior Vice President, Human Resources

Matthew Krause holds the position of Senior Vice President, Human Resources at Maze Therapeutics.

AI Analysis | Feedback

The key risks to Maze Therapeutics (MAZE) business are primarily associated with the high-risk nature of a clinical-stage biopharmaceutical company focused on developing novel precision medicines.

Dependence on Lead Programs and Clinical Trial Success: Maze Therapeutics' future success is highly contingent on the successful clinical development, regulatory approval, and commercialization of its limited number of lead therapeutic candidates, specifically MZE829, MZE782, and MZE001. Any setbacks in clinical trials, such as safety concerns, efficacy issues, or delays, could significantly impact the company's prospects and amplify its risk profile.
Lack of Profitability and Significant Cash Burn: As a clinical-stage company, Maze Therapeutics currently operates without product revenue and incurs substantial operating losses. The company reports negative earnings per share, negative return on equity, and negative free cash flow due to heavy investment in research and development. While recent funding has provided a cash runway of approximately 3.6 years as of September 2025, sustained profitability is contingent upon the successful development and market acceptance of its therapeutic candidates, making its financial health a significant long-term risk.
Regulatory Hurdles and Market Access Challenges: Bringing new therapeutic candidates to market requires navigating complex and stringent regulatory pathways. Maze Therapeutics faces the significant challenge of obtaining regulatory approvals for its drug candidates. Failure to secure these approvals or difficulties in achieving favorable market access and reimbursement could severely hinder the company's ability to commercialize its products and generate revenue.

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Clear emerging threats to Maze Therapeutics (MAZE) include:

    
        Competition in APOL1-mediated kidney disease: Vertex Pharmaceuticals has a drug candidate, VX-1473, which is in Phase 3 clinical trials for APOL1-mediated kidney disease. This is significantly ahead of Maze's preclinical MAZE-800 program targeting the same indication. The potential approval and market entry of VX-1473 could capture a substantial portion of the patient population before Maze's candidate even enters clinical development, severely limiting its future market opportunity.
    
    
        Competition in TREM2-mediated neurodegenerative diseases (e.g., ALS/FTD): Vigil Neuroscience is developing VGL101, a TREM2-activating antibody, which is in Phase 2 clinical trials for adult-onset leukoencephalopathy with axonal spheroids and pigmented glia (ALSP) and has completed Phase 1 for Alzheimer's disease. This program is significantly ahead of Maze's preclinical TREM2 program for ALS/FTD. Successful development and potential approval of VGL101 could establish Vigil Neuroscience as a leader in TREM2 modulation, potentially diminishing the market opportunity for Maze's later-stage candidate.

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The addressable markets for Maze Therapeutics' main products are as follows:

MZE829 (APOL1-mediated kidney disease - AMKD): The addressable market for AMKD is estimated to affect over one million people in the United States alone.
MZE782 (Chronic Kidney Disease - CKD): For chronic kidney disease, MZE782 has the potential to treat approximately five million U.S. patients who inadequately respond to currently available therapies.
MZE782 (Phenylketonuria - PKU): While MZE782 is also being developed for Phenylketonuria (PKU), a specific addressable market size for PKU was not provided in the search results.

AI Analysis | Feedback

Maze Therapeutics (NASDAQ: MAZE) is a clinical-stage biopharmaceutical company, and its revenue generation over the next two to three years will primarily stem from its pipeline development and strategic collaborations rather than product sales. The company's future revenue growth is expected to be driven by the following factors:

Advancement of Lead Clinical Programs: A significant driver will be the successful progression of its lead clinical candidates, MZE829 and MZE782, through clinical trials. Maze Therapeutics anticipates reporting topline proof-of-concept data for MZE829 in APOL1-mediated kidney disease (AMKD) by the end of the first quarter of 2026. For MZE782, following positive Phase 1 results, the company plans to initiate two Phase 2 proof-of-concept trials in phenylketonuria (PKU) and chronic kidney disease (CKD) in 2026. Positive data and advancement through these trials could trigger significant milestone payments from existing or new collaborators.
New Licensing and Partnership Agreements: As a clinical-stage company, Maze Therapeutics generates revenue through strategic partnerships and licensing agreements. In 2024, the company recognized substantial license revenue from an upfront payment for MZE001, an investigational therapy for Pompe disease, which was exclusively licensed to Shionogi & Co., Ltd. Future revenue growth is expected from additional upfront payments, research funding, and milestone payments associated with similar new or existing collaborations for its other pipeline assets, leveraging its proprietary Maze Compass™ platform.
Milestone Payments from Existing Collaborations: The license agreement for MZE001 with Shionogi & Co., Ltd. is likely structured with various development and regulatory milestone payments. While the initial upfront payment has been recognized, future payments contingent on the successful progression of MZE001 through clinical development and regulatory approvals would serve as a source of revenue growth within the forecast period.

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Share Issuance

Maze Therapeutics priced its initial public offering (IPO) in January 2025, offering 8,750,000 shares of common stock at $16.00 per share, which aimed to raise approximately $140 million in gross proceeds.
The company granted underwriters a 30-day option to purchase up to an additional 1,312,500 shares of common stock at the IPO price.
In September 2025, Maze Therapeutics completed an oversubscribed private placement, raising approximately $150.0 million in gross proceeds through the issuance of 4,000,002 shares of common stock at $16.25 per share and 5,231,090 pre-funded warrants.

Inbound Investments

Maze Therapeutics completed a Series D financing round in December 2024, raising $115 million, co-led by Deep Track Capital and Frazier Life Sciences.
In January 2022, the company secured $190 million in Series C financing, led by Matrix Capital Management.
An oversubscribed private placement in September 2025 brought in approximately $150.0 million from new and existing investors, including Frazier Life Sciences and Deep Track Capital.

Outbound Investments

Maze Therapeutics entered into a Joint Venture with Broadwing Bio on December 7, 2020.

Capital Expenditures

Proceeds from the December 2024 Series D funding and the January 2025 IPO are intended to support the clinical development of lead candidates MZE829 and MZE782 for kidney disease programs.
Funds from the September 2025 private placement are allocated to advance MZE829 in APOL1-mediated kidney disease, initiate Phase 2 clinical trials for MZE782 in phenylketonuria and chronic kidney disease, and further develop its Compass platform.
The January 2022 Series C financing was aimed at advancing its MZE001 program into the clinic, expanding its precision medicine pipeline, and developing the Maze Compass drug discovery platform.

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What You Pay
P/E	-14.7	22.1	13.6	32.8	13.6	11.8	78.6	74.7	28.0	11.4	57.7
P/EBIT	-13.8	10.7	10.6	33.6	11.4	8.9	57.2	72.9	27.4	7.7	67.1
What You Get
Rev Chg Q	-100.0%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	-100.0%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	�	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	�	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

Latest Trefis Analyses

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0	DASHBOARDS
1	Maze Therapeutics Earnings Notes
2	null

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Trade Ideas

Select ideas related to MAZE. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.4%	21.4%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.4%	-7.4%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	18.0%	18.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.9%	3.9%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.2%	12.2%	-5.1%

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SGML	Sigma Lithium	1.5	-8.8%	17.9%
IMSR	Terrestrial Energy	0.6	-8.5%	-59.4%
ZBIO	Zenas BioPharma	1.6	-8.1%	376.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	1.0	72.6%	67.7%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
RZLT	Rezolute	0.3	37.3%	-50.4%
ADEA	Adeia	1.9	35.6%	25.7%
METC	Ramaco Resources	1.1	25.1%	80.3%
AAOI	Applied Optoelectronics	2.3	17.3%	-0.3%
BNTC	Benitec Biopharma	0.6	17.3%	6.8%
UAMY	United States Antimony	0.7	16.4%	216.9%
DBRG	DigitalBridge	2.7	15.7%	35.7%
METCB	Ramaco Resources	0.7	15.5%	49.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.2%	-19.6%
RARE	Ultragenyx Pharmaceutical	2.0	-41.1%	-53.1%
LAB	Standard BioTools	0.5	-21.5%	-26.9%
NNE	Nano Nuclear Energy	1.0	-20.0%	6.1%
TMC	TMC The Metals	2.3	-19.9%	464.3%
IMSR	Terrestrial Energy	0.6	-18.9%	-59.4%
DJT	Trump Media & Technology	3.7	-18.2%	-61.4%
TLRY	Tilray Brands	9.8	-17.0%	-30.4%
EVEX	Eve	1.3	-16.5%	-26.3%
TDUP	ThredUp	0.8	-16.2%	351.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	9.8	799.0%	-30.4%
HPP	Hudson Pacific Properties	4.7	428.6%	-51.2%
WVE	WAVE Life Sciences	2.9	132.9%	44.4%
OMER	Omeros	1.0	72.1%	67.7%
PL	Planet Labs PBC	6.0	69.5%	391.8%
LUNR	Intuitive Machines	1.8	69.0%	-13.5%
RKLB	Rocket Lab	36.1	67.2%	175.3%
TE	T1 Energy	1.0	67.2%	372.1%
PRAX	Praxis Precision Medicines	6.7	61.5%	295.8%
DBRG	DigitalBridge	2.7	60.3%	35.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-74.6%	-50.4%
JANX	Janux Therapeutics	0.9	-59.4%	-73.7%
FRMI	Fermi	5.3	-52.4%	-76.9%
LENZ	LENZ Therapeutics	0.5	-46.2%	-42.8%
RARE	Ultragenyx Pharmaceutical	2.0	-41.6%	-53.1%
NKTR	Nektar Therapeutics	0.6	-35.0%	206.3%
GOGO	Gogo	0.6	-33.9%	-42.2%
SYM	Symbotic	6.5	-31.5%	152.3%
IMSR	Terrestrial Energy	0.6	-30.9%	-59.4%
ORIC	ORIC Pharmaceuticals	0.6	-30.2%	2.2%

Peer Comparisons for Maze Therapeutics

Peers to compare with:

Financials

	MAZE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Maze The.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	40.55	22.73	24.33	305.74	77.79	273.76	59.17
Mkt Cap	1.9	21.4	32.4	285.5	307.7	4,079.8	159.0
Rev LTM	0	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	-135	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-108	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-	2,978	1,400	11,753	13,879	100,503	11,753
CFO LTM	-107	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	-	3,672	3,896	13,498	14,736	111,559	13,498

Growth & Margins

	MAZE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Maze The.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-100.0%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	-	-3.9%	6.5%	2.6%	3.7%	1.8%	2.6%
Rev Chg Q	-100.0%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-100.0%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	-	6.6%	4.8%	17.7%	22.5%	31.9%	17.7%
Op Mgn 3Y Avg	-	7.4%	7.2%	16.4%	24.2%	30.8%	16.4%
QoQ Delta Op Mgn LTM	-	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.1%
CFO/Rev LTM	-	6.7%	8.5%	20.6%	23.8%	26.6%	20.6%
CFO/Rev 3Y Avg	-	6.8%	12.7%	21.4%	26.1%	28.4%	21.4%
FCF/Rev LTM	-	5.1%	1.8%	18.1%	22.1%	23.5%	18.1%
FCF/Rev 3Y Avg	-	5.5%	4.6%	18.6%	24.6%	25.6%	18.6%

Valuation

	MAZE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Maze The.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	1.9	21.4	32.4	285.5	307.7	4,079.8	159.0
P/S	-	0.4	0.9	4.4	5.3	10.0	4.4
P/EBIT	-13.8	6.6	19.7	25.1	22.4	31.3	21.1
P/E	-14.7	8.4	569.0	36.1	29.8	41.1	33.0
P/CFO	-17.4	5.8	11.1	21.2	22.4	37.6	16.1
Total Yield	-6.8%	14.4%	2.3%	5.0%	5.5%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-	10.6%	5.5%	6.4%	6.0%	3.1%	6.0%
D/E	0.0	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	-0.2	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	MAZE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Maze The.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	7.4%	-5.8%	11.9%	-0.9%	1.1%	-1.8%	0.1%
3M Rtn	60.9%	-14.5%	1.4%	9.9%	15.6%	7.7%	8.8%
6M Rtn	230.5%	-5.0%	20.3%	5.0%	13.5%	33.7%	16.9%
12M Rtn	154.2%	-28.7%	15.4%	40.8%	33.9%	7.6%	24.6%
3Y Rtn	154.2%	-5.3%	65.8%	142.1%	78.3%	113.9%	96.1%
1M Excs Rtn	5.3%	-5.5%	12.3%	-0.5%	0.9%	-2.7%	0.2%
3M Excs Rtn	57.2%	-18.1%	-2.3%	6.2%	11.9%	4.0%	5.1%
6M Excs Rtn	219.2%	-16.3%	9.0%	-6.3%	2.2%	22.4%	5.6%
12M Excs Rtn	139.9%	-43.3%	-0.2%	25.4%	19.0%	-7.8%	9.4%
3Y Excs Rtn	76.2%	-82.8%	-10.4%	61.9%	0.1%	27.1%	13.6%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	11/6/2025	3/31/2025	1/31/2025	1/31/2025
Key Financials
Total Revenue	0	168	0	0
EBITDA	-132	61	-94	-107
Operating Income	-135	58	-99	-111
Net Income	-126	52	-100	-115
EPS	-3.60	0.08	-2.87	-3.29
Growth Rates
Total Revenue Growth	-100.0%	∞%	-	-
EBITDA Growth	-294.5%	164.5%	11.9%	-
Operating Income Growth	-309.4%	158.4%	11.2%	-
Net Income Growth	-328.4%	152.0%	12.6%	-
Margins
EBITDA Margin	-	36.3%	-	-
Operating Income Margin	-	34.4%	-	-
Net Income Margin	-	31.2%	-	-
Cash & Debt
Total Cash	384	197	29	100
Total Debt	24	27	50	32
Net Debt / (Cash)	-360	-170	20	-68
Cash Flows
Net Cash from Operations	-107	76	-87	-99
Free Cash from Operations	-108	75	-87	-101
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023
Filing Date	11/6/2025	8/12/2025	5/14/2025	3/31/2025	1/31/2025	9/13/2024	5/14/2025	1/31/2025
Key Financials Quarterly
Total Revenue	0	0	0	0	2	165	0	0
Ebitda	-32	-36	-35	-29	-23	140	-27	-22
Operating Income	-33	-36	-35	-30	-24	140	-28	-23
Net Income	-30	-34	-33	-30	-25	139	-32	-27
EPS	-0.66	-0.77	-1.15	-1.02	-0.57	0.32	-0.93	-0.76
Key Financials TTM
Total Revenue TTM	0	2	168	168	168	165	-	-
Ebitda TTM	-132	-123	53	61	68	67	-	-
Operating Income TTM	-135	-126	50	58	64	63	-	-
Net Income TTM	-126	-121	52	52	55	55	-	-
Growth Rates Quarterly
Total Revenue Growth	-100.0%	-100.0%	-	-	-	-	-	-
EBITDA Growth	-38.2%	-125.5%	-28.3%	-31.5%	3.2%	-	-	-
Operating Income Growth	-36.1%	-126.1%	-26.4%	-29.0%	4.0%	-	-	-
Net Income Growth	-21.6%	-124.2%	-0.9%	-11.3%	-0.0%	-	-	-
Margins Quarterly
EBITDA Margin	-	-	-	-	-937.6%	85.1%	-	-
Operating Income Margin	-	-	-	-	-969.2%	84.6%	-	-
Net Income Margin	-	-	-	-	-990.1%	84.3%	-	-
Cash & Debt
Total Cash	384	265	294	197	150	175	-	29
Total Debt	24	25	26	27	79	77	0	50
Net Debt / (Cash)	-360	-240	-269	-170	-70	-98	-	20
Cash Flows Quarterly
FCF from Operations	-25	-30	-30	-22	-23	145	-23	-21
Cash Flows TTM
FCF from Operations TTM	-107	-105	70	76	78	81	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-27.8%	-32.6%	-34.1%	-	-	-	-	-218.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-28.3%	-28.1%	12.1%	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023
Business of harnessing its understanding of human genetics and variant functionalization to develop	0	0
Total	0	0

Operating Income by Segment

$ Mil	2024	2023
Business of harnessing its understanding of human genetics and variant functionalization to develop	-99
Total	-99

Assets by Segment

$ Mil	2024	2023
Business of harnessing its understanding of human genetics and variant functionalization to develop		150
Total		150

Price Behavior

Price Behavior

Market Price	$40.55
Market Cap ($ Bil)	1.9
First Trading Date	01/31/2025
Distance from 52W High	-4.8%
	50 Days	200 Days
DMA Price	$28.25	$28.25
DMA Trend	up	up
Distance from DMA	43.5%	43.5%
	3M	1YR
Volatility	52.3%	103.0%
Downside Capture	69.08	130.51
Upside Capture	290.33	212.81
Correlation (SPY)	38.7%

MAZE Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.39	1.53	2.09	1.93	-0.25	0.13
Up Beta	2.51	2.70	5.41	2.76	0.52	-1.21
Down Beta	2.38	1.58	1.42	0.88	0.30	0.09
Up Capture	204%	289%	524%	608%	274%	31%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	12	26	38	70	111	111
Down Capture	35%	18%	-105%	36%	101%	66%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	16	25	55	94	94

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	2,224,690
Short Interest: % Change Since 11302025	0.2%
Average Daily Volume	426,903
Days-to-Cover Short Interest	5.21
Basic Shares Quantity	45,779,577
Short % of Basic Shares	4.9%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	-3.5%	7.5%	37.6%
8/12/2025	-1.0%	-2.1%	80.5%
3/31/2025	-3.6%	-20.6%	-23.0%
SUMMARY STATS
# Positive	0	1	2
# Negative	3	2	1
Median Positive		7.5%	59.0%
Median Negative	-3.5%	-11.3%	-23.0%
Max Positive		7.5%	80.5%
Max Negative	-3.6%	-20.6%	-23.0%

	Forward Returns
11/6/2025	-3.5%	7.5%	37.6%
8/12/2025	-1.0%	-2.1%	80.5%
3/31/2025	-3.6%	-20.6%	-23.0%
SUMMARY STATS
# Positive	0	1	2
# Negative	3	2	1
Median Positive		7.5%	59.0%
Median Negative	-3.5%	-11.3%	-23.0%
Max Positive		7.5%	80.5%
Max Negative	-3.6%	-20.6%	-23.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	11/06/2025	10-Q (09/30/2025)
06/30/2025	08/12/2025	10-Q (06/30/2025)
03/31/2025	05/14/2025	10-Q (03/31/2025)
12/31/2024	03/31/2025	10-K (12/31/2024)
09/30/2024	01/31/2025	424B4 (09/30/2024)
06/30/2024	09/13/2024	DRS/A (06/30/2024)

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

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2	SeekingAlpha	ValueLine
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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Maze Therapeutics (MAZE)

Market Price (12/30/2025): $40.49 | Market Cap: $1.9 BilSector: Health Care | Industry: Biotechnology

Maze Therapeutics (MAZE)

Market Price (12/30/2025): $40.49Market Cap: $1.9 BilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

MAZE Stock

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In The Past

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About Maze Therapeutics (MAZE)

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Interactive Breakdown

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FDIC Bank Data

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Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/30/2025): $40.49 | Market Cap: $1.9 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (12/30/2025): $40.49
Market Cap: $1.9 Bil
Sector: Health Care
Industry: Biotechnology