While the firm maintains a clean balance sheet with a 0.18 debt-to-equity ratio, the accumulation of a $513.8 million deficit in retained earnings highlights the significant capital erosion inherent in its current business model.
| Total Current Assets | 379.78M | 349.72M | 201.67M | 34.11M | 106.15M |
| Cash & Short-Term Investments | 352.38M | 341.92M | 196.81M | 29.16M | 99.92M |
| Cash Only | 198.77M | 189.25M | 196.81M | 29.16M | 99.92M |
| Short-Term Investments | 153.62M | 152.67M | 0 | 0 | 0 |
| Accounts Receivable | 20M | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 94.44 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 7.4M | 7.8M | 4.86M | 4.95M | 6.23M |
| Total Non-Current Assets | 39.93M | 47.41M | 38.87M | 37.39M | 43.81M |
| Property, Plant & Equipment | 23.97M | 25.16M | 29.92M | 34.98M | 41.23M |
| Fixed Asset Turnover | 0.77x | - | 5.60x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 20.29M | 18.11M | 1.09M | 1.09M | 1.21M |
| Other Non-Current Assets | 15.96M | 4.14M | 7.87M | 1.32M | 1.37M |
| Total Assets | 419.71M | 397.13M | 240.54M | 71.5M | 149.96M |
| Asset Turnover | 0.05x | - | 0.70x | - | - |
| Asset Growth % | 251.12% | 65.1% | 236.4% | -52.32% | - |
| Total Current Liabilities | 21.24M | 22.56M | 20.67M | 16.32M | 20.78M |
| Accounts Payable | 4.01M | 1.79M | 1.94M | 2.02M | 1.58M |
| Days Payables Outstanding | 710.23 | 272.5 | - | - | - |
| Short-Term Debt | 4.84M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 12.38M | 10.85M | 6.02M | 2.93M | 7.49M |
| Current Ratio | 17.88x | 15.50x | 9.76x | 2.09x | 5.11x |
| Quick Ratio | 17.88x | 15.50x | 9.76x | 2.09x | 5.11x |
| Cash Conversion Cycle | -615.78 | - | - | - | - |
| Total Non-Current Liabilities | 56.77M | 19.61M | 22.96M | 45.13M | 27.73M |
| Long-Term Debt | 38.83M | 0 | 0 | 20.08M | 0 |
| Capital Lease Obligations | 75.77M | 18.51M | 22M | 25.05M | 27.73M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 388K | 1.09M | 969K | 0 | 0 |
| Total Liabilities | 78.01M | 42.16M | 43.64M | 61.45M | 48.51M |
| Total Debt | 61.22M | 23.31M | 26.63M | 49.62M | 32.05M |
| Net Debt | -137.54M | -165.94M | -170.18M | 20.46M | -67.86M |
| Debt / Equity | 0.18x | 0.07x | 0.14x | 4.94x | 0.32x |
| Debt / EBITDA | -0.46x | - | 0.44x | - | - |
| Net Debt / EBITDA | 1.04x | - | -2.80x | - | - |
| Interest Coverage | -148.24x | - | - | - | - |
| Total Equity | 341.7M | 354.97M | 196.9M | 10.05M | 101.44M |
| Equity Growth % | 579.06% | 80.27% | 1858.46% | -90.09% | - |
| Book Value per Share | 6.34 | 8.26 | 4.50 | 0.23 | 2.32 |
| Total Shareholders' Equity | 341.7M | 354.97M | 196.9M | 10.05M | 101.44M |
| Common Stock | 50K | 49K | 2K | 22K | 21K |
| Retained Earnings | -513.75M | -489.55M | -358.43M | -395.69M | -295.27M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -135K | 110K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Gap
As reported in financial statements, Maze Therapeutics' total assets have fluctuated significantly, reaching $419.7 million in 2026Q1, yet the underlying trajectory remains concerning as the company continues to consume its capital base to fund R&D activities without the support of recurring commercial revenue streams.
The recent increase in total assets appears driven by financing activities rather than organic growth, masking the underlying depletion of core equity. Investors should monitor whether this asset expansion can be sustained without further dilutive equity raises as the company advances its clinical pipeline.
Based on the provided quarterly data, Maze Therapeutics maintains a cash position of $198.8 million as of 2026Q1, which provides a necessary buffer for ongoing clinical trials but remains under pressure due to the company's persistent and significant cash burn rate in its pre-revenue stage.
While the current ratio of 17.88 suggests strong short-term solvency, this metric is somewhat misleading for a pre-revenue biotech firm where liquidity is essentially a countdown clock. The lack of operational cash inflow means that the current liquidity position is strictly finite and highly sensitive to trial enrollment costs.
According to recent SEC filings, the company's retained earnings have plummeted to a deficit of $513.8 million by 2026Q1, reflecting the substantial capital investment required to build the Compass platform and advance lead candidates through the early stages of the clinical development process.
The persistent negative retained earnings highlight the high-risk nature of the company's business model, where value creation is entirely back-loaded to future clinical success. Shareholders should be aware that this equity structure leaves little room for error, as any further clinical setbacks could rapidly erode the remaining book value.
As indicated by the 0.18 debt-to-equity ratio in 2026Q1, Maze Therapeutics appears to maintain a clean balance sheet, yet this headline figure obscures the 'synthetic debt' represented by the inevitable need for future capital raises to fund late-stage clinical trials and commercialization efforts.
While the company avoids traditional interest-bearing debt, the reliance on equity financing creates a hidden cost for current shareholders through potential dilution. This structural reality suggests that the balance sheet's apparent strength is contingent upon the company's ability to access capital markets under favorable conditions.
Quick answers to the most common questions about buying MAZE stock.
As of 2025, Maze Therapeutics, Inc. (MAZE) had total assets of $397.1M including $349.7M in current assets.
Maze Therapeutics, Inc. (MAZE) carries total debt of $23.3M, offset by $341.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Maze Therapeutics, Inc. (MAZE) has total shareholders' equity (book value) of $355.0M ($8.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Maze Therapeutics, Inc. (MAZE) reported a current ratio of 15.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.