Start here if you're new
what it is
Maze Therapeutics uses human genetics to build small-molecule drugs for kidney and metabolic diseases.
how it gets paid
Last year Maze Therapeutics made $168M in revenue. Collaboration and license revenue was the main engine at $168M, or 100% of sales.
what just happened
Maze posted $0 revenue and -$2.45 EPS in the latest quarter.
At a glance
n/a balance sheet
26.5% return on capital — every dollar works hard here
-$2.88 fy2025 eps est
$168M fy2024 rev est
36.3% operating margin
What they do
Maze Therapeutics uses human genetics to build small-molecule drugs for kidney and metabolic diseases.
Maze's edge is its Compass platform, which turns human DNA into drug targets. That is jargon for finding patients by biology, not guesswork. You are backing 2 lead programs and 125 employees, so the upside is focused and the margin for error is tiny.
How they make money
$168M
annual revenue
Collaboration and license revenue
$168M
MZE829
$0
MZE782
$0
Compass platform
$0
The products that matter
phase 2 kidney-disease candidate
MZE829
lead clinical asset
this Phase 2 program is carrying a stock valued at roughly $2B while analysts still model $0 of 2026 revenue. That's concentration risk dressed up as focus.
the main event
partnered research income
Collaboration Revenue
$168M
it is all of current annual revenue. Useful for funding the pipeline. Not proof that Maze has a commercial engine yet.
current cash support
earlier-stage portfolio
Clinical Pipeline
second shot on goal
the pipeline matters because single-asset biotech is fragile. Right now the market sees optionality, but the headline still runs through one Phase 2 program first.
option value
Key numbers
$2B
Market cap
That is the price tag on a company with $168M in trailing revenue and no profits yet.
$168M
Trailing sales
This is the current sales base. It is real money, but it is still small next to the $2B valuation.
$2.88
2025 EPS
EPS means earnings per share, or profit per share. sees a $2.88 loss per share.
$19M
Long-term debt
Debt is only $19M, or 1% of capital. Leverage is not the problem here.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $19M (1% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MAZE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Maze posted $0 revenue and -$2.45 EPS in the latest quarter.
The quarter had no reported sales. EPS, or loss per share, was -$2.45, versus -$0.63 in the prior-year quarter. That is a 271% deeper loss.
$0
revenue
$2.45
eps
271%
eps vs. last year
the number that mattered
The number that mattered was $0 revenue. No sales means no product cushion for a -$2.45 EPS quarter.
source: EDGAR SEC filing, latest quarter
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk here is not generic biotech volatility. It is MZE829 failing to justify a ~$2B valuation before Maze has a commercial business to fall back on.
med
MZE829 underdelivers
This is a one-asset equity story in practice. If the lead Phase 2 program produces weaker-than-expected data or loses credibility, the current valuation has very little operating support underneath it.
With analysts modeling $0 of 2026 revenue, most of the investment case is still riding on clinical progress rather than product sales.
med
cash burn leads to dilution
Low debt helps, but development-stage biotech still consumes cash. If timelines slip or the company needs more capital before the science is de-risked, existing holders can end up funding the wait.
$19M of long-term debt means leverage is low. It does not mean equity financing risk is low.
med
platform optionality stays theoretical
Every biotech wants to be valued as more than one asset. Until the broader pipeline starts producing its own evidence, that optionality remains narrative rather than diversification.
$168M of current revenue comes from collaboration activity, so there is no broad commercial base yet to absorb a setback in the lead program.
At roughly $2B of equity value and $0 expected 2026 revenue, MAZE does not need a normal bad quarter to get hurt. It needs one clinical disappointment or one financing surprise.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next MZE829 data update
This is the event that matters more than any quarter. MAZE does not need prettier accounting. It needs a clearer clinical path.
metric
2026 revenue expectations
Analysts are still at $0. The first real upward movement here would signal the market sees a credible path from science to sales.
risk
financing language
Listen for any hint that cash needs arrive before the science is settled. That is how an attractive story turns into a cap-table problem.
trend
belief versus proof
The stock has already traveled from $7 to $53 inside one year. From here, price can keep outrunning fundamentals only if the evidence keeps catching up.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak: nobody has a clean consensus because the whole setup depends on clinical milestones.
risk profile
volatile
a mid-cap clinical biotech with a $7–$53 range is not a calm hold. Expect bigger swings than you would get from a mature healthcare name.
chart momentum
catalyst-driven
this chart is a referendum on MZE829 and financing confidence, not a smooth trend-following setup.
earnings predictability
40 / 100
reported numbers matter less than trial progress because the operating model is still being built in real time.
source: institutional data
Institutional activity
institutional ownership data for MAZE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$46
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive