The company exhibits a lack of operating leverage, evidenced by a 2026Q1 operating margin of -132.8% as R&D expenses of $33.7 million continue to dwarf sporadic revenue.
| Sales/Revenue | 20M | 0 | 167.5M | 0 | 0 |
| Revenue Growth % | -88.06% | -100% | - | - | - |
| Cost of Goods Sold | 1.59M | 2.4M | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 18.41M | -2.4M | 167.5M | 0 | 0 |
| Gross Margin % | 92.04% | - | 100% | - | - |
| Gross Profit Growth % | - | -101.43% | - | - | - |
| Operating Expenses | 152.46M | 140.5M | 109.91M | 98.55M | 111.03M |
| OpEx % of Revenue | - | - | 65.62% | - | - |
| Selling, General & Admin | 39.03M | 34.45M | 26.42M | 24.61M | 22.83M |
| SG&A % of Revenue | - | - | 15.77% | - | - |
| Research & Development | 114.57M | 108.45M | 83.5M | 73.94M | 88.19M |
| R&D % of Revenue | - | - | 49.85% | - | - |
| Other Operating Expenses | -1.15M | -2.4M | 0 | 0 | 0 |
| Operating Income | -134.05M | -142.9M | 57.59M | -98.55M | -111.03M |
| Operating Margin % | -670.25% | - | 34.38% | - | - |
| Operating Income Growth % | - | -348.15% | 158.43% | 11.24% | - |
| EBITDA | -131.89M | -140.5M | 60.88M | -94.46M | -107.21M |
| EBITDA Margin % | -659.44% | - | 36.35% | - | - |
| EBITDA Growth % | -347.77% | -330.76% | 164.45% | 11.89% | - |
| D&A (Non-Cash Add-back) | 2.16M | 2.4M | 3.3M | 4.09M | 3.82M |
| EBIT | -128.38M | -142.9M | 57.59M | -98.55M | -111.03M |
| Net Interest Income | 8.3M | 0 | 4.65M | 1.97M | 2.03M |
| Interest Income | 9.16M | 0 | 4.65M | 1.97M | 2.03M |
| Interest Expense | 866K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 11.51M | 11.78M | -4.18M | -1.86M | -3.91M |
| Pretax Income | -122.54M | -131.12M | 53.4M | -100.42M | -114.94M |
| Pretax Margin % | -612.71% | - | 31.88% | - | - |
| Income Tax | 0 | 0 | 1.17M | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 2.19% | 0% | 0% |
| Net Income | -122.54M | -131.12M | 52.23M | -100.42M | -114.94M |
| Net Margin % | -612.71% | - | 31.18% | - | - |
| Net Income Growth % | -335.93% | -351.04% | 152.02% | 12.64% | - |
| Net Income (Continuing) | -122.54M | -131.12M | 52.23M | -100.42M | -114.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.27 | -3.05 | 0.08 | -2.29 | -2.63 |
| EPS Growth % | -4396.88% | -4020.31% | 103.39% | 12.64% | - |
| EPS (Basic) | - | -3.05 | 0.08 | -2.29 | -2.63 |
| Diluted Shares Outstanding | 53.9M | 42.98M | 43.8M | 43.78M | 43.78M |
| Basic Shares Outstanding | 53.9M | 42.98M | 43.8M | 43.78M | 43.78M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical Trial Funding Gap
As indicated by the company's financial history, Maze Therapeutics exhibits a highly erratic revenue profile, with periods of total inactivity punctuated by sporadic milestone payments, such as the $20.0 million recognized in 2026Q1, highlighting the absence of a sustainable, recurring commercial revenue stream for the firm.
The revenue trajectory is entirely dependent on non-recurring collaboration milestones rather than product sales. This lack of organic growth durability suggests that the firm remains in a precarious state where top-line performance is dictated by external partnership events rather than internal operational scaling.
According to reported income statements, Maze Therapeutics maintains a rigid cost structure dominated by R&D expenses, which reached $33.7 million in 2026Q1, consistently outpacing the firm's ability to generate offsetting revenue and necessitating a reliance on existing cash reserves to fund ongoing clinical development.
The company's cost structure is heavily skewed toward laboratory and clinical trial expenditures, which are essential for platform validation but offer no immediate return on investment. This high fixed-cost burden implies that without a new licensing partner, the firm's operating losses will continue to widen as clinical programs advance.
Based on the provided quarterly data, Maze Therapeutics demonstrates a lack of operating leverage, as evidenced by the 2026Q1 operating margin of -132.8%, which underscores the firm's inability to scale its discovery platform efficiently relative to the substantial overhead required to maintain its clinical pipeline.
The absence of positive operating income suggests that the company is currently unable to achieve economies of scale. Investors should monitor whether future clinical milestones can provide the necessary capital to offset these fixed costs, or if the firm will remain trapped in a cycle of perpetual operating losses.
As highlighted by the termination of the Sanofi partnership following FTC intervention, the company faces significant external risks to its business model, as the loss of major validation partners complicates the path to future profitability and increases the likelihood of dilutive equity financing for shareholders.
The reliance on large-scale licensing deals to fund operations creates a structural vulnerability, particularly when regulatory bodies impede such transactions. This suggests that the firm's current financial strategy may be unsustainable if it cannot secure alternative, non-dilutive funding sources to replace the lost milestone payments.
Quick answers to the most common questions about buying MAZE stock.
For fiscal year 2025, Maze Therapeutics, Inc. (MAZE) reported total revenue of $0.0M.
Maze Therapeutics, Inc. (MAZE) reported a net loss of $131.1M for the fiscal year ending 2025.