The company's liquidity position is under pressure as evidenced by a $39.2 million free cash flow burn in 2026Q1, which significantly outpaces the firm's ability to generate internal cash.
| Cash from Operations | -121.54M | -111.94M | 75.95M | -86.83M | -99.2M |
| Operating CF Margin % | - | - | 45.35% | - | - |
| Operating CF Growth % | -182.93% | -247.38% | 187.48% | 12.48% | - |
| Net Income | -122.54M | -131.12M | 52.23M | -100.42M | -114.94M |
| Depreciation & Amortization | 2.16M | 2.4M | 3.3M | 4.09M | 3.82M |
| Stock-Based Compensation | 13.17M | 16.4M | 9.65M | 8.75M | 6.74M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 8.23M | 2.65M | 12.3M | 7.07M | 8.42M |
| Working Capital Changes | -22.56M | -2.27M | -1.52M | -6.32M | -3.24M |
| Change in Receivables | -20M | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.61M | -27K | -204K | 399K | -3.78M |
| Cash from Investing | -164.39M | -170.96M | -1.15M | -441K | -3.17M |
| Capital Expenditures | -588K | -794K | -1.15M | -441K | -1.97M |
| CapEx % of Revenue | 2.94% | - | 0.68% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -1.2M |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 190.32M | 275.34M | 92.85M | 16.39M | 1.73M |
| Debt Issued (Net) | 38.52M | 0 | 24.48M | 16.18M | 0 |
| Equity Issued (Net) | -120.32M | 275.84M | 68.37M | 209K | 1.73M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 272.12M | -500K | 0 | 0 | 0 |
| Net Change in Cash | -95.61M | -7.57M | 167.65M | -70.88M | -100.64M |
| Free Cash Flow | -122.13M | -112.73M | 74.81M | -87.27M | -101.17M |
| FCF Margin % | -610.63% | - | 44.66% | - | - |
| FCF Growth % | -277.74% | -250.7% | 185.72% | 13.74% | - |
| FCF per Share | -2.27 | -2.62 | 1.71 | -1.99 | -2.31 |
| FCF Conversion (FCF/Net Income) | 1.00x | 0.85x | 1.45x | 0.86x | 0.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.23M | 0 | 0 |
Clinical Trial Funding Gap
As reported in recent financial filings, Maze Therapeutics' operating cash flow consistently trails net income, with the 2026Q1 period showing a net cash outflow of $39.1 million, underscoring the persistent disconnect between accounting losses and the actual cash required to sustain the company's clinical development pipeline.
The divergence between net income and operating cash flow suggests that the company's accrual-based accounting does not fully capture the intensity of its cash burn. Investors should monitor the widening gap, as it indicates that the firm's operational requirements are increasingly reliant on external liquidity rather than internal cash generation.
Based on the provided quarterly data, Maze Therapeutics' free cash flow trajectory remains deeply negative, culminating in a $39.2 million outflow in 2026Q1, which highlights the company's total reliance on its diminishing cash reserves to fund ongoing research and development activities without any offsetting commercial revenue.
The lack of positive free cash flow suggests that the company is currently in a high-intensity capital consumption phase. This trajectory warrants further investigation into how long the current cash runway can support operations before management is forced to pursue dilutive financing or strategic asset divestitures.
According to recent SEC filings, Maze Therapeutics experienced a significant working capital outflow of $23.7 million in 2026Q1, a sharp reversal from previous periods that suggests erratic timing in milestone-related payments or shifts in the company's ability to manage its short-term liabilities effectively during clinical trial scaling.
This volatility in working capital appears to be a byproduct of the company's transactional revenue model, where cash inflows are tied to unpredictable milestone events. The sudden shift in 2026Q1 may indicate that the firm is struggling to align its cash outflows with the timing of its project-based income.
As indicated by financial statements, stock-based compensation has historically provided a non-cash buffer to the company's reported losses, yet this accounting adjustment obscures the underlying reality that the firm's core operations remain fundamentally cash-negative and entirely dependent on the preservation of its $189.2 million cash pile.
While stock-based compensation helps mitigate the impact on net income, it does not alleviate the actual cash burn associated with clinical trial execution. Analysts should be wary of viewing these non-cash adjustments as a sign of operational efficiency, as they do not address the fundamental need for sustainable revenue.
Quick answers to the most common questions about buying MAZE stock.
Maze Therapeutics, Inc. (MAZE) generated $-111.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Maze Therapeutics, Inc. (MAZE) reported negative free cash flow of $112.7M in 2025, indicating capital requirements exceeded cash from operations.
Maze Therapeutics, Inc. (MAZE) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.