Maze Therapeutics, Inc. (NASDAQ: MAZE) priced a registered equity offering of 5,540,000 shares of common stock at $23.50 per share, with pre‑funded warrants for up to 850,000 shares exercisable at $23.499. The offering, underwritten by Leerink Partners LLC, is expected to close on or about April 23, 2026.
Proceeds from the transaction will be directed primarily toward advancing the company’s lead kidney program, MZE829, and its metabolic program, MZE782, as well as general corporate purposes. The capital raise extends Maze’s financial runway through 2029, providing a longer horizon for clinical development and potential partnership opportunities.
The offering was well received by investors, with the company’s valuation increasing by roughly $121 million. Institutional participation included Farallon Capital Management, T. Rowe Price, Janus Henderson, Frazier Life Sciences, Deep Track Capital, and Driehaus Capital Management.
Maze Therapeutics has previously raised $115 million in a Series D round in December 2024 and has completed earlier rounds totaling nearly $500 million. The new equity issuance follows a planned $131 million IPO that was scheduled for early 2025, underscoring the company’s continued focus on securing capital to support its pipeline.
Management highlighted the progress of its two lead programs, noting that MZE829 has shown promising Phase 2 data and that MZE782 is advancing to Phase 2 trials. The company’s president of R&D and chief medical officer, Harold Bernstein, emphasized the importance of these programs in addressing underserved kidney and metabolic disease populations.
The offering is being conducted under a shelf registration statement effective February 4, 2026, allowing Maze to deploy the funds efficiently as development milestones are met.
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