# Maze Therapeutics, Inc. (MAZE)

> Source: Nexqual · https://nexqual.com/MAZE · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Maze Therapeutics, Inc. (MAZE), nexqual.com/MAZE" · informational, not investment advice.

**Price:** USD 31.93 (+0.63% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 31.73 · day 31.56–32.63 · 52w 21.95–53.65 · market cap $1.77B · NGM

## Key facts
- Analysts: Buy (mean 1.93 on a 1–5 scale) (14 analysts), mean target USD 62.54 (range 46–110).
- Total return with dividends: 1Y -4.5% vs S&P 500 +14.8%; 5Y +100.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05 (date not yet confirmed by the company), EPS estimate USD -0.75, revenue estimate $0K. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: MAZE paid no cash dividend in the last five years.
- Short interest: 15.26% of float (as of 2026-10-15), 8.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2024 | FY2025 | TTM |
|---|---|---|---|
| Revenue | $168M | — | — |
| Operating income | $57.6M | -$143M | -$146M |
| Net income | $52.2M | -$131M | -$134M |
| EPS (diluted) | $1.25 | -$3.05 | — |
| Free cash flow | $74.8M | -$113M | -$107M |
| Operating margin | 34.4% | — | — |
| Net margin | 31.2% | — | — |
| Cash + short-term investments | $197M | $342M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 3.9x · FCF yield -6.02% · Earnings yield -7.53% · Net cash $372M · EV $1.40B

## Analysts
Consensus Buy (mean 1.93 on a 1–5 scale), 14 analysts; mean target USD 62.54 (low 46, high 110).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Canaccord Genuity | Initiated | Buy | $75 |
| 2026-09-24 | HC Wainwright & Co. | Reiterated | Buy | $110 |
| 2026-09-23 | Citigroup | Initiated | Buy | $50 |
| 2026-09-23 | Wedbush | Reiterated | Outperform | $48 |
| 2026-09-22 | BTIG | Reiterated | Buy | $46 |
| 2026-08-12 | BTIG | Reiterated | Buy | $46 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2025-01-27) |
|---|---|---|
| Total return | -4.5% | +100.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -4.5% | +48.5% |
| Volatility (annualized) | 70.9% | 80.0% |
| Max drawdown | -56.8% (Mar 2026→Sep 2026) | -55.1% (Mar 2026→Sep 2026) |

## Dividends
MAZE paid no cash dividend in the last five years.

## Short interest
7,527,939 shares sold short, 15.26% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 5,678,289 shares (+32.6%). Days to cover: 8.3 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/MAZE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-11)

- "We are also advancing MZE782 toward a Phase 2 trial in CKD, which we expect to initiate in the first half of next year."
- "Maze continues to enroll the HORIZON trial, and expects to announce updated data in late 2026 or early 2027 on three 10-15 patient cohorts: AMKD without diabetes, AMKD with diabetes and AMKD with severe focal segmental glomerulosclerosis (FSGS). • Based on the topline results from HORIZON, Maze plans to initiate a pivotal trial in the first half of 2027, subject to regulatory feedback."
- "Topline data from the trial is expected in 2027. • Maze plans to initiate a Phase 2 proof-of-concept trial of MZE782 evaluating proteinuria reduction in CKD in the first half of 2027."
- "Maze expects that its current cash, cash equivalents and marketable securities will fund operations into 2029 based on its current business plan."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.75 | $-0.75 | $0.00 | $0 | 10 |
| Next quarter (ends 2026-12-31) | $-0.79 | $-0.78 | −$0.01 | $0 | 10 |
| Current fiscal year (ends 2026-12-31) | $-2.73 | $-2.67 | −$0.05 | $20.0M | 10 |
| Next fiscal year (ends 2027-12-31) | $-3.19 | $-3.19 | $0.00 | $7.5M | 10 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.76 | −$0.70 | Miss −8.6% | — |
| — | Quarter ended Dec 31, 2025 | −$0.65 | −$0.69 | Beat +5.8% | — |
| — | Quarter ended Sep 30, 2025 | −$0.66 | −$0.69 | Beat +4.3% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-16 | 8-K | Entered a material agreement; Unregistered sale of shares | https://www.sec.gov/Archives/edgar/data/1842295/000119312526424067/0001193125-26-424067-index.htm |
| 2026-08-17 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On August 13, 2026, the Board of Directors (the "Board") of Maze Therapeutics, Inc. (the "Company") appointed Paula A. Johnson, M.D., M.P.H. as a Class III director and Sophie Kornowski, Pharm.D. as a Class I director, in each case effective August 13, 2026 (the "Appointment Date"). Dr. Johnson will serve as a Class III director for a term expiring at the Company's 2028 annual meeting of stockholders, and Dr. Kornowski will serve as a Class I director for a term expiring at the Company's 2029 annual meeting of…” | https://www.sec.gov/Archives/edgar/data/1842295/000119312526354092/0001193125-26-354092-index.htm |
| 2026-08-14 | Schedule 13G/A | Paradigm BioCapital Advisors LP, Paradigm BioCapital Advisors GP LLC: 0.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1842295/000110465926097205/0001104659-26-097205-index.htm |
| 2026-08-11 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1842295/000119312526344903/0001193125-26-344903-index.htm |
| 2026-08-11 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1842295/000119312526344878/0001193125-26-344878-index.htm |
| 2026-07-29 | Schedule 13G | BlackRock, Inc.: 5.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1842295/000201238326002905/0002012383-26-002905-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.