Reports Q1: More HORIZON Data By YE/Early 27; MZE782 PhII Studies Begin Soon

Research evidence excerpt

Reports Q1: More HORIZON Data By YE/Early 27; MZE782 PhII Studies Begin Soon

Biotechnology

Maze Therapeutics

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 12, 2026

Price: $25.78 (05/12/2026) Reports Q1: More HORIZON Data By YE/Early

Price Target: NA 27; MZE782 PhII Studies Begin Soon

BUY (1)

ESG SCORE: 50/100

Tyler Van Buren THE TD COWEN INSIGHT

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Additional data from HORIZON in late 26/early 27 could confirm 829's BIC profile, while a

tyler.vanburen@tdsecurities.com

pivotal study in AMKD patients w/o diabetes (including FSGS) patients is expected to launch

Ikenna Okafor, Ph.D. during H1:27. MZE782 Phase IIs for PKU (mid-year) and CKD (H2) are planned to initiate this

646 562 1395 year as well, which have high probabilities of success. From these studies, the first topline data

ikenna.okafor@tdsecurities.com

will come from PKU in 2027.

Nicholas Lorusso

646 562 1390 Additional Phase II HORIZON Data Are Expected Late 2026 Or Early 2027 And We Remain

nick.lorusso@tdsecurities.com Confident In MZE829's Best-In-Class Potential; Pivotal Study To Begin H1:27

Sam Rollenhagen Maze recently reported topline data from its Phase II HORIZON study for MZE829 and the 62%

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uACR reduction in FSGS bests inaxaplin's reported 40-43%, as does the 49% in the broader

samuel.rollenhagen@tdsecurities.com

non-diabetic AMKD population. While the diabetic AMKD uACR reduction was lower, the two

Key Data positive and first-of-their-kind case studies (-47%, -35%) are encouraging. Safety was clean,

Symbol NASDAQ: MAZE supporting pivotal readiness in non-diabetic AMKD, additional data are expected in late 2026

Beta: 2.50 or early 2027 (discussed more here), and a pivotal study is expected to begin in the first half of