MAZE: 1Q—Targeting More Definitive Readout in AMKD; VRTX Ph2 Data in Diabetic Pop'n Next Catalyst

研报英文原文证据摘录

MAZE: 1Q—Targeting More Definitive Readout in AMKD; VRTX Ph2 Data in Diabetic Pop'n Next Catalyst

Equity Research

Earnings Revised — May 13, 2026

Biotechnology

Maze Therapeutics, Inc.

1Q—Targeting More Definitive Readout in AMKD; VRTX Ph2 Overweight

Data in Diabetic Pop'n Next Catalyst Price Target: $55.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

MAZE is prioritizing a larger and more robust Ph2 dataset in expanded cohorts to answer EPS 2026 (2.29) (3.37) 32.1%

outstanding questions (late '26/early '27 readout), while moving forward with Ph3 in non- EPS 2027 (2.33) (3.71) 37.2%

diabetics. Nearer term, we see VRTX's diabetic data in 2H as key. Rev. (MM) 2026 40.0 0.0 -

Additional data from Ph2 to clarify outstanding questions. Mgmt acknowledges that Ticker MAZE

the initial readout was viewed as too small & heterogenous to answer key questions. Upside/(Downside) to Target 103.6%

Additional data is planned for late 2026 or early 2027 in expanded cohorts of patients, Price (05/13/2026) $27.02

targeting N=10-15 per cohort. Mgmt wants to ensure there is adequate time to enroll

52 Week Range $8.25 - 53.65

each segment instead of rushing to an earlier readout. They emphasize that enrollment is

tracking well, particularly in FSGS and diabetic cohorts. Market Cap (MM) $1,333

Enterprise Value (MM) $844

Ph3 planned for 1H27 start. MAZE plans to begin a Ph3 in non-diabetic patients in 1H27, Average Daily Value (MM) $23

mirroring VRTX's approach. They say there are still questions to answer in diabetic AMKD, Dividend Yield 0.0%

although they continue to believe there is a signal there. We see this as a good balance

between moving quickly in the pop'n with a cleaner signal, while continuing to evaluate $ (Dec) Q1 Q2 Q3 Q4 FY

diabetic response.