Maze Therapeutics Launches $125 Million IPO at $15–$17 per Share to Advance Precision Therapies for Kidney Disease

SmartCom APP learned that Maze Therapeutics, a company focused on the development of small-molecule drugs for precise treatment of kidney diseases, announced the specific terms of its initial public offering (IPO) on Monday.

This South San Francisco, California-based company plans to raise $125 million by offering 7.8 million shares at a price range of $15 to $17 per share. At the midpoint of the price range, Maze Therapeutics will have a fully diluted market value of $715 million.

Maze Therapeutics is dedicated to developing novel small-molecule precision medicines for patients with kidney, cardiovascular, and related metabolic diseases, including obesity. The company leverages its proprietary "Compass Platform" to advance its drug pipeline. This platform is capable of identifying and characterizing disease-associated genetic variants and linking these variants to disease-driving biological pathways in specific patient populations.

Maze Therapeutics' core candidate drug, MZE829, is an oral small-molecule inhibitor developed for patients with APOL1 nephropathy. In October 2024, Maze announced the Phase I clinical trial results of MZE829, which showed good tolerability, and initiated the Phase II clinical trial in November 2024. The company expects to complete the first patient dosing in the first quarter of 2025 and obtain proof-of-concept data in the first quarter of 2026.

Maze Therapeutics was founded in 2017. For the 12 months ended September 30, 2024, the company generated $168 million in revenue through licensing income. The company plans to list on NASDAQ under the ticker symbol "MAZE." The joint bookrunners for this IPO include J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities. Pricing is expected to be completed in the week of January 27, 2025.