Maze Therapeutics Inc (NASDAQ: MAZE) is a clinical-stage biopharmaceutical company that develops small molecule therapeutics targeting genetically defined patient populations. The company has not generated product revenue and funds operations through financing activities, with net cash used in operating activities of $111.9 million for the year ended December 31, 2025, compared to net cash provided by operating activities of $76.0 million for the year ended December 31, 2024. The shift reflects a net loss of $131.1 million in FY2025 versus net income of $52.2 million in FY2024. Maze is headquartered in the San Francisco Bay Area and is led by CEO Jason Coloma, Ph.D. The company's Compass platform, which incorporates third-party licensed open source software, underpins its drug discovery and development work. Maze has never paid dividends on its common stock and has no plans to do so. Stock-based compensation totaled $16.4 million in FY2025 and $9.6 million in FY2024.

Revenue model

Maze Therapeutics has no product revenue disclosed in the filing excerpts. Operations are funded through financing activities. The company reported a net loss of $131.1 million for the year ended December 31, 2025.

Products and services

Maze operates a drug discovery platform called Compass, which uses open source software licensed under Apache 2.0, MIT, BSD, and other licenses. The company is developing therapeutic candidates in clinical and preclinical stages, though specific named programs are not detailed in the available filing excerpts.

Customers and end markets

Maze targets genetically defined patient populations through its therapeutic candidates. End markets include pharmaceutical and biotechnology drug development. No commercial customers or partnership revenue are disclosed in the available filing excerpts.

Value-chain role

Maze occupies the drug discovery and clinical development role in the pharmaceutical value chain, relying on its Compass platform for target identification and candidate development. The company depends on third-party manufacturers, scientific advisors, and clinical partners, as indicated in the 10-K filed March 25, 2026.

Geographic exposure

Maze is headquartered in the San Francisco Bay Area. The filing references international regulatory and pricing frameworks relevant to potential future drug commercialization, but no current international revenue or operations are disclosed.

Source: SEC 10-K, filed 2026-03-25

Industry: Biological Products, (No Diagnostic Substances)