Maze reports positive Phase 2 data for MZE829, raises $290M, but swings to $131M loss

Filed March 25, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read

Key Changes

• high

  MZE829 Phase 2 showed 35.6% mean reduction in proteinuria (61.8% in FSGS subset), supporting advancement to pivotal trials. First efficacy data validates lead program's mechanism.

  Business: MZE829 Phase 2 results verify on EDGAR →
• high

  Company raised $269M net via February IPO ($128M) and September private placement ($141M), ending 2025 with $360M in cash and securities. New $200M Hercules debt facility ($40M drawn) adds non-dilutive capital.

  MD&A: Capital raises and debt facility verify on EDGAR →
• high

  Net loss of $131M in FY2025 vs. $52M net income in FY2024, driven by absence of one-time $168M license revenue and 30% increase in R&D spend to $108M. Operating cash burn was $112M.

  MD&A: Financial performance verify on EDGAR →