Maze Therapeutics Inc. (NASDAQ:MAZE) reported a fourth-quarter loss of $0.65 per share on Wednesday, while also announcing encouraging results from a Phase 2 clinical trial of its lead drug candidate MZE829.
The company’s shares jumped 22.18% in pre-market trading following the release of the trial update.
The clinical-stage biopharmaceutical firm generated no revenue in the quarter ended December 31, 2025, unchanged from the same period a year earlier. For the full year 2025, Maze also reported no revenue, compared with $167.5 million in 2024, which had included a $150 million upfront payment tied to its licensing agreement with Shionogi & Co., Ltd.
The sharp rise in the stock came after the company disclosed positive topline results from its Phase 2 HORIZON trial evaluating MZE829 in patients with APOL1-mediated kidney disease (AMKD).
According to the company, the study showed a mean reduction in proteinuria of 35.6% after 12 weeks among a broad group of AMKD patients, with half of the participants achieving reductions greater than 30%. Based on these outcomes, Maze said it intends to move MZE829 into a pivotal clinical development program.
“We are proud of the progress that Maze achieved in 2025 and have already carried our strong record of execution into the new year, as evidenced by today’s positive topline data from our Phase 2 HORIZON trial of MZE829 in broad AMKD,” said Jason Coloma, Ph.D., chief executive officer of Maze.
Research and development spending increased to $27.6 million in the fourth quarter, up from $22.2 million in the same period a year earlier, largely reflecting higher clinical trial and manufacturing costs. For the full year, R&D expenses rose to $108.4 million, compared with $83.5 million in the previous year.
General and administrative expenses also increased, reaching $10.5 million in the quarter, up from $7.5 million a year earlier.
Maze ended 2025 with $360.0 million in cash, cash equivalents, and marketable securities, compared with $196.8 million at the end of 2024. The company said its current cash resources are expected to support operations through 2028.