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Maze Therapeutics, Inc. (Nasdaq: MAZE) announced the pricing of its underwritten registered offering of 5,540,000 shares of common stock at $23.50 per share. The company is also offering, in lieu of common stock, pre-funded warrants to purchase up to an aggregate of 850,000 shares of common stock at a price of $23.499 per pre-funded warrant, which equals the common stock price minus a $0.001 per share exercise price for each pre-funded warrant.
Gross proceeds from the offering are expected to be $150 million before deducting underwriting discounts and commissions and other offering expenses payable by Maze. The offering is expected to close on or about April 23, 2026, subject to customary closing conditions. All securities are being offered by Maze.
The offering includes participation from both new and existing investors, including Farallon Capital Management; accounts advised by T. Rowe Price Investment Management, Inc.; a large U.S.-based healthcare-focused fund; a leading mutual fund; Frazier Life Sciences; Janus Henderson Investors; Deep Track Capital; and Driehaus Capital Management, along with other healthcare-dedicated funds.
Leerink Partners LLC is acting as sole underwriter for the offering.
Maze intends to use net proceeds primarily to advance research and development of its product candidates, including MZE829 for the treatment of APOL1-mediated kidney disease (AMKD) and MZE782 for the treatment of phenylketonuria (PKU) and chronic kidney disease (CKD), as well as for general corporate purposes. The company expects that net proceeds from the offering, together with its current cash, cash equivalents and marketable securities, will fund operations into 2029 based on its current business plan.
The public offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-293206), which became automatically effective with the SEC on February 4, 2026. A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. A copy of the prospectus supplement may be obtained from Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at 1-800-808-7525 ext. 6105 or by email at syndicate@leerink.com.
Maze Therapeutics is a clinical-stage biopharmaceutical company developing small molecule precision medicines for patients with kidney and metabolic diseases, guided by its Compass™ platform. Its pipeline is led by MZE829, a dual-mechanism APOL1 inhibitor in Phase 2 development for APOL1-mediated kidney disease (AMKD), and MZE782, a SLC6A19 inhibitor advancing to Phase 2 with potential to treat both phenylketonuria (PKU) and chronic kidney disease (CKD). The company is headquartered in South San Francisco.
This press release includes forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other items, the offering and its expected closing, the expected use of proceeds, future plans and prospects, and expectations regarding the safety and efficacy of MZE829 and MZE782, as well as the company’s cash runway. The company cautions that actual results could differ materially due to risks and uncertainties, including the ability to advance product candidates, obtain regulatory approval, commercialize therapies, and fund development activities, as well as broader economic conditions and other factors described in SEC filings.
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