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Maze Therapeutics, Inc. (MAZE)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 was an operational quarter with no license revenue; Maze reported net loss of $29.6M as R&D scaled for MZE829 (APOL1 inhibitor) and MZE782 (SLC6A19 inhibitor) programs, while ending FY 2024 with $196.8M cash to fund operations into H2 2027 .
  • The company reiterated key milestones: initial Phase 1 data for MZE782 in H2 2025 and initial Phase 2 HORIZON topline for MZE829 in Q1 2026; the breadth of the AKD population enrolled and biomarker readouts for MZE782 frame near-term catalysts .
  • Corporate financing strengthened liquidity: $115M Series D (Nov 2024, incl. ~$40M note conversion) and upsized $140M IPO (Feb 2025), extending runway and supporting Phase 2 execution across lead programs .
  • Stock reaction catalysts are tied to clinical data timing and trial breadth (AKD basket design; CKD/PKU Phase 2 starts) rather than quarterly P&L; estimate comparisons were largely unavailable due to pre-revenue profile .

What Went Well and What Went Wrong

What Went Well

  • Strategic progress: “With a strong financial foundation, highly accomplished team and clear mission, we are well-positioned to execute our milestones and deliver breakthrough medicines to patients,” said CEO Jason Coloma, highlighting Phase 1 MZE782 and Phase 2 MZE829 timelines .
  • Robust balance sheet and runway into H2 2027, underpinned by $196.8M cash at year-end and subsequent $140M IPO, supports completion of Phase 2 trials for both lead programs .
  • Positive Phase 1 MZE829 data (healthy volunteers) supported once-daily dosing and compatibility with standard-of-care agents, de-risking Phase 2 in diverse AKD phenotypes .

What Went Wrong

  • Operating loss widened in Q4 2024 vs Q3 amid increased R&D and G&A, reflecting higher clinical trial and personnel-related expenses as programs scale (Q4 R&D $22.2M; G&A $7.5M) .
  • Absence of Q4 license revenue (vs $2.5M in Q3 and $165.0M in Q2) removed a revenue offset, resulting in net loss of $29.6M in Q4 .
  • Limited Street estimate coverage and lack of an earnings call transcript constrained transparency on near-term OpEx cadence and trial pace for investor Q&A .

Financial Results

MetricQ2 2024Q3 2024Q4 2024
License Revenue ($USD Millions)$165.0 $2.5 $0.0
Net (Loss) Income ($USD Millions)$139.1 $(24.8) $(29.6)
Total Operating Expenses ($USD Millions)$25.445*$26.729 $29.726
Diluted EPS ($USD)$6.75*$(10.25)*$(18.32)
  • Values marked with * retrieved from S&P Global.

KPIs

KPIQ2 2024Q3 2024Q4 2024
R&D Expense ($USD Millions)$19.5 $19.9 $22.216
G&A Expense ($USD Millions)$5.9 $6.9 $7.510
Cash & Cash Equivalents (Period End) ($USD Millions)——$196.812

Notes:

  • Margins are not meaningful given non-recurring license revenue and no product revenue in Q4.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti-yearRunway into H2 2027 (pre-IPO + Nov 2024 Series D) Reiterated runway into H2 2027 (includes Feb 2025 IPO) Maintained
MZE782 Phase 1 Initial DataH2 2025Phase 1 initiated Sept 2024; initial data expected H2 2025 Reiterated initial Phase 1 data in H2 2025 Maintained
MZE829 Phase 2 HORIZON ToplineQ1 2026Phase 2 to initiate early 2025 with broad AKD phenotypes; initial data timeline to follow Initial topline Phase 2 data expected in Q1 2026 Clarified timeline
Revenue/OpEx/Tax GuidanceFY/QtrNot providedNot providedMaintained (no quantitative guidance)

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was available.

TopicPrevious Mentions (Q2 2024 and Q3 2024)Current Period (Q4 2024)Trend
APOL1 program (MZE829)Phase 1 positive data; once-daily dosing; plan to initiate Phase 2 early 2025; broad AKD basket design Phase 2 HORIZON enrolling; topline expected Q1 2026 Execution progressing; timeline firmed
SLC6A19 program (MZE782)Phase 1 initiated Sept 2024; proof-of-mechanism biomarkers planned Initial Phase 1 data in H2 2025; Phase 2 CKD/PKU planned thereafter Advancing toward data/readouts
Financing/LiquidityLicense revenue in 2024 (Q2 $165.0M; Q3 $2.5M); Series D in Nov 2024 $140M IPO in Feb 2025; cash runway into H2 2027 Strengthened balance sheet
Regulatory/Clinical ExecutionIND-enabled; Phase 1 MZE829 data presented at ASN; Phase 1 MZE782 initiated Ongoing Phase 2 enrollment and Phase 1 biomarker focus Continued execution

Management Commentary

  • “Maze has reached a pivotal moment…with two ongoing clinical-stage programs…we are well-positioned to execute our milestones and deliver breakthrough medicines to patients.” — Jason Coloma, Ph.D., CEO .
  • “We look forward to reporting initial Phase 1 data for MZE782 in healthy volunteers in the second half of 2025…We also expect to report initial data from the Phase 2 HORIZON trial of MZE829 in patients with AKD in the first quarter of next year.” — Jason Coloma, Ph.D. .
  • Phase 1 MZE829 demonstrated tolerability up to 480 mg single dose and 350 mg multiple doses, with ~15-hour half-life supporting once-daily dosing; potential co-administration with cyclosporine/tacrolimus — R&D leadership .

Q&A Highlights

  • No Q4 2024 earnings call transcript available; no Q&A highlights to report .

Estimates Context

  • Wall Street consensus for Q4 2024 EPS and revenue via S&P Global was largely unavailable; revenue estimates were not meaningful given reliance on non-recurring license revenue and no product revenue in Q4. Results should be assessed against internal milestones rather than quarterly consensus. Values retrieved from S&P Global.

Key Takeaways for Investors

  • Liquidity and runway are sufficient to deliver multiple clinical inflections (MZE782 Phase 1 biomarkers in H2 2025; MZE829 Phase 2 topline Q1 2026), reducing near-term financing overhangs .
  • The AKD basket design and compatibility with standard-of-care agents for MZE829 broaden potential applicability across severe and moderate phenotypes, increasing the chance of clinically meaningful signals .
  • OpEx increases are aligned with trial scale-up; monitoring quarterly R&D/G&A cadence is prudent as programs advance toward Phase 2 and potential Phase 2 initiations for MZE782 .
  • With minimal Street estimate coverage, stock is likely to trade on clinical momentum and milestone delivery rather than quarterly P&L beats/misses .
  • The $255M combined financings (Series D + IPO) and FY 2024 net income (license-driven) reflect strategic capital and BD execution; future revenue is expected to be milestone/license-dependent pre-approval .
  • Near-term trading setup hinges on incremental enrollment updates and biomarker clarity for MZE782; medium-term thesis depends on Phase 2 outcomes and pathway to pivotal development .
  • Watch for any additional BD/licensing that could smooth cash burn while preserving core program optionality .

Sources: Q4 2024 8-K and Exhibit 99.1 press release ; MZE829 Phase 1 press release and ASN-related materials ; Q2/Q3 2024 comparative data in 2025 press releases .