Maze Therapeutics, Inc. (MAZE) AI Stock Analysis

• Market Cap: $2.18B
• Dividend Yield: N/A
• Average Volume (3M): 461.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.97
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 125
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.66
• Shares Outstanding: 48,119,446
• 10 Day Avg. Volume: 392,342
• 30 Day Avg. Volume: 461,072
• PEG Ratio: -0.13
• Price to Book (P/B): 3.55
• Price to Sales (P/S): 4.17
• P/FCF Ratio: 9.34
• Enterprise Value/Market Cap: 0.87
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -2.91K
• Enterprise Value/Ebitda: -14.94
• 1Y Price Target: $52.80
• Price Target Upside: 15.94% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -3.14
• Revenue Forecast (FY): $2.00M

• Rating: 68 Neutral
• Price Target: $52.00 ▲(14.19% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is driven primarily by improved 2024 financial performance (profitability and strong cash generation) and supportive technical momentum (price above key moving averages with positive MACD). These positives are tempered by valuation limitations from a negative P/E and the still-volatile multi-year financial history, while the new loan facility modestly strengthens liquidity but adds secured debt and covenant risk.

Positive Factors

Cash generation quality

Maze delivered strong cash generation in 2024 with operating cash flow and free cash flow roughly matching net income, indicating high earnings quality for the year. Durable cash conversion supports reinvestment, R&D funding, and reduces reliance on external financing over the medium term.

Profitability and operating leverage

A sharp inflection to positive margins in 2024 demonstrates meaningful operating leverage and a scalable cost base if revenue levels persist. Sustained margins would improve internal funding capacity and resilience to industry swings, strengthening long-term business viability.

Strengthened balance sheet and low leverage

Material improvement in equity and low reported debt reduces financial risk and enhances strategic optionality. A stronger balance sheet provides buffer for development cycles, supports multi-year investment plans and lowers probability of liquidity-driven constraints.

Negative Factors

Prior multi-year volatility and unproven track record

The company's recent profitable year follows two years of no revenue and significant cash burn, indicating earnings are early-stage and potentially non-recurring. This weakens confidence in predictability of future results and increases model sensitivity to execution risks.

Loan facility adds secured leverage and covenant risk

The new senior secured facility materially expands liquidity capacity but creates first‑lien security and covenants (including cash minimums tied to market cap). These structural obligations raise refinancing and default risks that could constrain strategic flexibility in downturns.

Uneven cash-flow trajectory

Despite strong absolute cash generation in 2024, a notable ~26% decline versus the prior period signals volatility in cash flows. Persistent variability undermines planning for multi-year R&D programs and increases the chance of future financing needs under different scenarios.

Maze Therapeutics, Inc. Business Overview & Revenue Model

Company Description

Maze Therapeutics, Inc., a clinical stage biopharmaceutical company, develops small molecule precision medicines for the treatment of renal, cardiovascular, related metabolic diseases, and obesity in the United States. Its lead programs includes MZE829, an oral small molecule inhibitor of apolipoprotein L1, which is in phase II clinical trial for the treatment of patients with APOL1 kidney disease; and MZE782, an oral small molecule inhibitor of the solute transporter SLC6A19, which is in phase I clinical trial for the treatment of chronic kidney disease. Maze Therapeutics, Inc. was formerly known as Modulus Therapeutics, Inc. and changed its name to Maze Therapeutics, Inc. in September 2018. The company was incorporated in 2017 and is based in South San Francisco, California.

How the Company Makes Money

Maze Therapeutics generates revenue through a combination of strategic partnerships, collaborations, and the development and commercialization of its own therapeutic products. The company partners with other biotech and pharmaceutical companies to co-develop therapies, often receiving milestone payments and royalties from these collaborations. Additionally, Maze invests in its proprietary drug development programs, aiming to bring its therapies to market and generate revenue from product sales. The company's revenue model is heavily reliant on research and development success, regulatory approvals, and the establishment of lucrative partnerships that provide funding and market access for its innovations.

Maze Therapeutics, Inc. Financial Statement Overview

Summary

2024 shows a sharp step-change to profitability and strong cash generation (EBIT margin ~34%, net margin ~31%, operating cash flow ~$76M, free cash flow ~$74.8M with strong earnings quality). Offsetting this, 2022–2023 had no revenue and large losses/cash burn, indicating a still-unproven and potentially volatile financial profile.

Income Statement

Profitability inflected sharply in 2024, with revenue of $167.5M and strong operating leverage (EBIT margin ~34% and net margin ~31%). However, the prior two years showed no revenue and very large losses (2022–2023), highlighting an early-stage and potentially non-recurring earnings profile that may be volatile going forward.

Balance Sheet

The balance sheet strengthened materially in 2024 with equity rising to ~$196.9M and low debt of ~$26.6M (debt-to-equity ~0.14), which reduces financial risk. The key weakness is the sharp year-to-year swing in capital structure versus 2023 (very low equity), indicating less stability and making trend-based assessment harder.

Cash Flow

Cash generation was strong in 2024, with operating cash flow of ~$76.0M and free cash flow of ~$74.8M, closely matching net income (free cash flow to net income ~0.98), suggesting earnings quality is solid for the year. The main concern is volatility: 2022–2023 burned significant cash, and 2024 free cash flow declined ~26% versus the prior period, which underscores an uneven cash-flow trajectory.

Breakdown	TTM	Mar 2025	Dec 2023	Dec 2022
Income Statement
Total Revenue	0.00	167.50M	0.00	0.00
Gross Profit	-649.00K	167.50M	0.00	0.00
EBITDA	-126.28M	60.88M	-94.46M	-107.21M
Net Income	-126.13M	52.23M	-100.42M	-114.94M
Balance Sheet
Total Assets	422.06M	240.54M	71.50M	149.96M
Cash, Cash Equivalents and Short-Term Investments	383.94M	196.81M	29.16M	99.92M
Total Debt	24.18M	26.63M	49.62M	32.05M
Total Liabilities	42.62M	43.64M	61.45M	48.51M
Stockholders Equity	379.44M	196.90M	10.05M	101.44M
Cash Flow
Free Cash Flow	-108.03M	74.81M	-87.27M	-101.17M
Operating Cash Flow	-106.66M	75.95M	-86.83M	-99.20M
Investing Cash Flow	-68.18M	-1.15M	-441.00K	-3.17M
Financing Cash Flow	342.01M	92.85M	16.39M	1.73M

Maze Therapeutics, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRMD	72 Outperform	$564.92M	3.45	75.08%	―	1647.67%	―
MAZE	68 Neutral	$2.18B	-20.09	-36.13%	―	―	―
NUVB	59 Neutral	$1.94B	-8.81	-52.49%	―	1137.19%	70.51%
KALV	57 Neutral	$797.12M	-3.94	―	―	―	-13.14%
GERN	54 Neutral	$1.24B	-16.22	-29.57%	―	522.13%	62.68%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ANAB	49 Neutral	$1.53B	-19.66	-308.02%	―	196.42%	53.92%

Maze Therapeutics, Inc. Corporate Events

Maze Therapeutics Secures New $200 Million Loan Facility

On February 4, 2026, Maze Therapeutics, Inc. entered into a Loan and Security Agreement with Hercules Capital, Inc. for a senior secured term loan facility of up to $200 million, with an initial $40 million tranche funded on the same date and net proceeds of approximately $38.4 million. The facility, maturing on February 1, 2031, is structured into multiple additional tranches available over up to 60 months subject to financial, performance and financing milestones, and carries a floating interest rate tied to the prime rate with specified floors, interest-only payments for up to 48–60 months, prepayment premiums, and tiered exit fees. The loan is secured by a first lien on substantially all of Maze’s assets and imposes customary affirmative and negative covenants, including minimum cash requirements tied to the company’s market capitalization, and provides for customary events of default that could accelerate repayment. In connection with this new facility, Maze terminated its prior Loan and Security Agreement with Banc of California effective February 2, 2026, and the bank’s security interest in the company’s assets was released, signaling a strategic refinancing and strengthening of Maze’s liquidity position under a larger, more flexible debt structure.

The most recent analyst rating on (MAZE) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on Maze Therapeutics, Inc. stock, see the MAZE Stock Forecast page.