Maze Therapeutics, a Phase 2 biotech developing precision small molecule therapies for kidney disease, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $125 million by offering 7.8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Maze Therapeutics would command a fully diluted market value of $715 million.
Maze Therapeutics is developing novel, small molecule precision medicines for patients living with renal, cardiovascular, and related metabolic diseases, including obesity. The company is advancing a pipeline using its Compass platform, which allows it to identify and characterize genetic variants in disease and then link those variants to the biological pathways that drive disease in specific patient groups. Its most advanced lead program, MZE829, is an oral, small molecule inhibitor of apolipoprotein L1 (APOL1) for the treatment of patients with APOL1 kidney disease. Maze reported results for its Phase 1 trial of MZE829 in October 2024, which showed that treatment was well tolerated, and initiated a Phase 2 trial in November 2024. It expects to dose its first patient in the 1Q25, with proof of concept data expected in the 1Q26.
Maze Therapeutics was founded in 2017 and booked $168 million in license revenue for the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the symbol MAZE. J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of January 27, 2025.
