Maze Therapeutics Q3 2026: Wider Loss, But HORIZON Trial Delivers
As seen on the 24/7 Wall St. homepage on November 9, 2026.
The wider loss bought something investors actually want: enrollment in the Phase 2 HORIZON trial of MZE829 closed with more than 50 patients, well above the 10 to 15 per cohort target, with final data due early 2027. Cash of $477 million funds operations into 2029.
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Maze Therapeutics posted a GAAP loss of $0.79 per share in the third quarter of 2026, missing expectations. Operating costs surged: research and development expenses climbed to $40.2 million from $25.2 million a year earlier, as the company accelerated spending on its two lead clinical programs.
Maze completed enrollment in its Phase 2 HORIZON trial of MZE829, an APOL1 inhibitor being tested in APOL1-mediated kidney disease, pulling in more than 50 patients across three cohorts. That figure well exceeded the company's own target of 10 to 15 patients per cohort, and CEO Jason Coloma described it as an important milestone. Final data from all three cohorts are expected in early 2027.
Those three cohorts cover meaningfully distinct patient groups: people with APOL1-mediated kidney disease without diabetes, those with diabetes, and those with focal segmental glomerulosclerosis. An interim data cut presented at ASN Kidney Week in October 2026 showed clinically meaningful reductions in uACR among 12 efficacy-evaluable patients. Subject to regulatory feedback, Maze plans to start a pivotal trial in the first half of 2027.
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MZE782, the company's second pipeline asset, is also advancing. The Phase 2 CIPheR trial in PKU continues to enroll, with topline data expected in 2027, and a proof-of-concept trial in chronic kidney disease is planned to begin in the first half of 2027. The company estimates that roughly five million U.S. CKD patients respond inadequately to currently available therapies, framing the potential addressable population for MZE782.
With $477 million in cash and marketable securities, Maze projects it can fund operations into 2029, leaving a meaningful runway to absorb the results of both HORIZON and CIPheR without an imminent need to return to capital markets. The net loss widened to $47.97 million from $30.09 million in the year-ago quarter, a reminder that the company remains entirely pre-revenue and that the investment case rests entirely on what those 2027 readouts show.
Mentioned: MAZE