NEW YORK – Maze Therapeutics on Tuesday filed a registration statement for a proposed initial public offering (IPO) with the US Securities and Exchange Commission.
The biopharmaceutical company, which is developing small molecule precision medicines for renal, cardiovascular, and related metabolic diseases, has applied to list its common stock on the Nasdaq Global Market under the ticker "MAZE."
With the proceeds of the proposed IPO, Maze plans to fund further development of its two wholly owned lead programs, MZE829 and MZE782, both of which are being tested as possible treatments for chronic kidney disease (CKD). MZE829 and MZE782 are designed to mimic the protective effects of certain genetic variants that have been linked with reduced disease burden and improved kidney function.
Maze is testing MZE829, an oral small molecule APOL1 inhibitor, in patients with APOL1-mediated kidney disease within a Phase II trial that launched in November 2024, for which the company expects to dose its first patient in Q1 2025. MZE782, meanwhile, is an SLC6A19 inhibitor for which Maze recently launched a Phase I trial in September 2024.
After completing the Phase I MZE782 trial, Maze said it intends to conduct a parallel Phase II trial to explore the small molecule as a treatment for phenylketonuria, in addition to CKD.
Maze launched in South San Francisco, California, in 2019 backed by Third Rock Ventures and ARCH Venture Partners. The company had incorporated earlier in 2017, initially known as Genetic Modifiers NewCo and Modulus Therapeutics, before changing its name to Maze Therapeutics.
Maze does not have commercial products and has not generated product revenue to date. In the first three quarters of 2024, the company earned $167.5 million in revenue from licensing, and reported $149.6 million in cash and cash equivalents, Maze wrote in a preliminary prospectus filed with the SEC.
Maze's operating income for that period was $87.3 million, up from a $75.5 million operating loss in the year-ago period.
In a section on risk factors within the preliminary prospectus, the company said it expects to incur operating losses for the "foreseeable future" and that it will require "substantial" additional capital to finance its operations, beyond the IPO.
"We are early in our development efforts and highly dependent on the success of our lead programs," the company said. "If we are unable to commercialize our therapeutic candidates or experience significant delays in doing so, our business will be materially harmed."