Maze Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 25, 2026
MAZE$34.91+2.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
(in thousands)
| Year ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net (loss) income | $(131,120) | $52,231 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
| Depreciation expense | 2,403 | 3,297 |
| Stock-based compensation expense | 16,400 | 9,646 |
| Non-cash lease expense | 3,134 | 2,889 |
| Accretion of discounts on marketable securities, net | (505) | — |
| Change in fair value of convertible promissory notes | — | 8,837 |
| Other items, net | 21 | 577 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (2,941) | 93 |
| Other assets | 537 | (2,304) |
| Accounts payable | (27) | (204) |
| Accrued expenses and other liabilities | 3,482 | 3,807 |
| Operating lease liabilities | (3,324) | (2,915) |
| Net cash (used in) provided by operating activities | (111,940) | 75,954 |
| Investing activities | ||
| Purchases of marketable securities | (187,668) | — |
| Maturities of marketable securities | 17,500 | — |
| Purchases of property and equipment | (794) | (1,147) |
| Net cash used in investing activities | (170,962) | (1,147) |
| Financing activities | ||
| Proceeds from initial public offering, net of offering costs paid | 127,752 | — |
| Proceeds from private placement, net of offering costs paid | 141,267 | — |
| Proceeds from exercise of stock option awards, net of repurchases | 5,561 | 733 |
| Proceeds from issuance of common stock under the 2025 Employee Stock Purchase Plan | 1,256 | — |
| Payment of success fee derivative | (500) | — |
| Proceeds from exercise of pre-funded warrants | 1 | — |
| Payment of deferred offering costs | — | (3,154) |
| Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs | — | 70,793 |
| Proceeds from issuance of convertible promissory notes, net of issuance costs | — | 24,475 |
| Net cash provided by financing activities | 275,337 | 92,847 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (7,565) | 167,654 |
| Cash, cash equivalents and restricted cash at beginning of year | 197,900 | 30,246 |
| Cash, cash equivalents and restricted cash at end of year | $190,335 | $197,900 |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Purchases of property and equipment recorded in accounts payable and accrued expenses | $5 | $59 |
| Vesting of restricted stock and stock options subject to repurchase | $— | $23 |
| Offering costs recorded in accounts payable and accrued expenses | $11 | $1,126 |
| Settlement of convertible promissory notes by conversion to Series D-1 redeemable convertible preferred stock | $— | $53,392 |
| Deemed dividend for anti-dilution adjustments to Series B and Series C redeemable convertible preferred stock upon issuance of Series D redeemable convertible preferred stock | $— | $14,972 |
| Reconciliation to cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $189,247 | $196,812 |
| Restricted cash | 1,088 | 1,088 |
| Total cash, cash equivalents and restricted cash | $190,335 | $197,900 |
| Supplemental disclosure of cash flow information: | ||
| Income taxes paid | $— | $1,230 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.