The IPO Buzz: Maze Therapeutics Sets Terms & Launches $117 Million IPO

Chronic kidney disease-focused Maze Therapeutics (MAZE Proposed) disclosed the terms for its $117 million IPO early today – Monday, Jan. 27, 2025 – and launched the deal to price this week. Maze Therapeutics plans to offer 7.8 million shares at a price range of $14.00 to $16.00 to raise $117.0 million, if priced at the $15.00 mid-point. The biotech, whose most advanced leading drug candidate is in a Phase 2 clinical trial, would have a market cap of $642.4 million, assuming mid-point pricing at $15.00. J.P. Morgan, TD Cowen, Leerink and Guggenheim Securities are the joint book-runners. Maze Therapeutics’ IPO is expected to price on Thursday night, Jan. 30, 20225, to trade Friday, Jan. 31, on the NASDAQ. Chronic kidney disease (CKD) affects about 37 million people in the United States – and it’s expected to be the fifth most prevalent chronic disease by 2040, Maze Therapeutics said in the prospectus. Maze Therapeutics, based in South San Francisco, said its most advanced lead program, MZE829, is an oral small molecule inhibitor of apolipoprotein L1, or APOL1, to treat patients with APOL1 kidney disease, or AKD, which is estimated to affect over 1 million patients in the United States alone. The company began a Phase 2 clinical trial of MZE829 in November 2024. It expects to dose its first patient in the first quarter of 2025 and to report proof-of-concept data in the first quarter of 2026, according to the prospectus. The company’s second lead program, MZE782, is an oral small molecule inhibitor of the solute transporter SLC6A19, a novel CKD target, with the potential to address approximately 5 million of the CKD patients in the United States with inadequate responses to currently available CKD therapies. Maze Therapeutics started a Phase 1 trial of MZE782 in September 2024 – and it expects to report initial data from this trial in the second half of 2025, the prospectus said. Maze Therapeutics said it’s also developing another drug candidate, MZE001, as a treatment for Pompe disease through a partnership agreement with Japan’s Shionogi & Co. Ltd. Unlike most clinical biotechs when they file to go public, Maze Therapeutics has net income and revenue from its licensing and partnership agreements, according to the prospectus. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.