Maze Completes HORIZON Enrollment and Widens Loss

The Tip Desk · November 12, 2026 · 3 min read

The company booked a $48.0 million net loss, or $0.79 a share, in the three months ended September 30, 2026, as it finished enrolling more than 50 patients in three AMKD cohorts.

Maze Therapeutics, Inc. (MAZE), a clinical-stage biopharmaceutical company developing small molecule precision medicines for kidney and metabolic diseases, completed enrollment in its Phase 2 HORIZON trial of MZE829 in more than 50 patients across three APOL1-mediated kidney disease cohorts, exceeding a prior target of 10 to 15 patients per cohort.

Chief executive Jason Coloma said the finish “marks an important milestone for MZE829” and that the company looks forward to reporting the complete dataset in early 2027 to inform a pivotal program. Previously reported interim data showed clinically meaningful uACR reductions at 12 weeks among 12 efficacy-evaluable patients.

HORIZON is designed to evaluate MZE829, an oral dual-mechanism APOL1 inhibitor, in AMKD without diabetes, AMKD with diabetes and AMKD with focal segmental glomerulosclerosis. Subject to regulatory feedback, Maze plans to initiate a pivotal trial in the first half of 2027. In October 2026 the company presented previously reported HORIZON data at ASN Kidney Week in Denver.

MZE782, an oral SLC6A19 inhibitor, remained in Phase 2 CIPheR enrollment in phenylketonuria, with topline data still expected in 2027. A Phase 2 proof-of-concept trial of MZE782 in chronic kidney disease remained on track for a first-half 2027 start. Maze also presented two preclinical posters on MZE782’s SLC6A19 mechanism at Kidney Week.

The company reported no license revenue in the three months ended September 30, 2026, after recognizing $20.0 million in the first quarter from a Shionogi milestone on MZE001. For the nine months ended September 30, 2026, license revenue was $20.0 million, versus none in the year-ago nine months.

Research and development expenses were $40.2 million in the three months ended September 30, 2026, compared with $25.2 million a year earlier. Maze attributed the increase primarily to higher costs related to progression of the MZE829 and MZE782 clinical programs and higher personnel-related costs, including non-cash stock-based compensation. General and administrative expenses were $11.3 million, versus $7.8 million a year earlier, which the company said reflected higher personnel costs, stock-based compensation and professional services.

Net loss widened to $48.0 million, or $0.79 a share, from $30.1 million, or $0.66 a share, a year earlier. Weighted-average shares used to compute the loss were 60.9 million, versus 45.8 million. Interest expense of $0.98 million appeared in the quarter, versus none a year earlier; interest and other income, net was $4.5 million.

Cash, cash equivalents and marketable securities were $477.0 million as of September 30, 2026, down from $495 million at June 30, 2026. Maze said the September 30 cash position supports an expected runway into 2029 based on its current business plan.

In August 2026 the company added Paula Johnson and Sophie Kornowski to its board of directors.

Maze said it expects to announce final HORIZON data in early 2027 and, subject to regulatory feedback, to start a pivotal MZE829 trial in the first half of 2027. CIPheR topline data in PKU remains expected in 2027, and the planned MZE782 CKD Phase 2 start remains targeted for the first half of 2027.