All About Execution For Now, HORIZON Data Tracking To Late-2026/Early-2027

Research evidence excerpt

All About Execution For Now, HORIZON Data Tracking To Late-2026/Early-2027

guidance which management reiterated at into 2029. We estimate pro forma

Q4 Dec 0.0A 0.0E 0.0E cash exiting 2Q26 ~$479M.

Year* 0.0A 20.0E 0.0E ● Pipeline efforts on track: HORIZON data on the horizon. Following recent

EPS in $ interim Phase 2 HORIZON data (link to our note), MAZE continues to anticipate FYE Dec 2025A 2026E 2027E

Q1 Mar (1.15)A (0.45)A (0.71)E additional data from the study by late-2026/early-2027. This would include

Previous (0.33)E (0.67)E data from three separate cohorts including: AMKD w/ and w/o diabetes and

Q2 Jun (0.77)A (0.68)E (0.62)E AMKD/FSGS. Management anticipates recruiting at least ~10-15 subjects per

Previous (0.69)E (0.59)E cohort. For our part, we will be most focused on evaluating the data in a broader

Q3 Sep (0.66)A (0.71)E (0.65)E sampling of patients. Separately, the Phase 2 MZE782 study in PKU remains

Previous (0.66)E (0.62)E on track to start by mid-2026 (no change). Consistent with prior commentary,

Q4 Dec (0.65)A (0.73)E (0.69)E

Previous (0.68)E (0.66)E management anticipates earliest potential MZE782 top-line results in 2027.

Year* (3.05)A (2.58)E (2.67)E ● All about execution for now; remain Outperform rated on MAZE. Most

Previous (2.38)E (2.54)E important from the upcoming HORIZON data, we look for more clarity on

P/E NM NM NM how patient genotype status impacts MZE829 response, potential for broader

Pricing data provided by Thomson Reuters. proteinuria reductions across cohorts and recruitment trends. No change to our

*Numbers may not add up due to rounding. forward MZE829 or MZE782 estimates as our MAZE target remains unchanged

at $48. We continue to see both MZE782 and MZE829 holding an element of

de-risking data.