Biotech Prepares for APOL1 Kidney Disease Phase 2 Data Release, Executives Liquidate $20 Million Stake

On March 10, an executive serving as both Head of Research and Development and Chief Medical Officer at Maze Therapeutics, Inc. (NASDAQ: MAZE) exercised 30,000 stock options at $10.42 per share. Pursuant to a Rule 10b5-1 trading plan, he sold all of the shares in the open market, generating approximately $1.51 million (about KRW 2 billion) in proceeds. The pre-tax intrinsic gain is estimated at roughly $1.2 million (around KRW 1.6 billion). Following the transaction, the executive remains a holder of 300,000 common shares, representing an equity stake valued at approximately $15.13 million (around KRW 20 billion).

In its March 25 announcement of fourth-quarter and full-year 2025 results, the company stated that positive topline data from the Phase 2 HORIZON trial of its APOL1-mediated kidney disease candidate, MZE829, supports entry into a pivotal program. It also plans to initiate two Phase 2 proof-of-concept trials of MZE782 in 2026, targeting the rare disease phenylketonuria (PKU) and chronic kidney disease. The announcement disclosed the receipt of a $20 million milestone payment (approximately KRW 27 billion) under its collaboration with Japan’s Shionogi for the Phase 2 ESPRIT trial of its Pompe disease candidate, MZE001. For the full year 2025, Maze reported a net loss of $131.1 million (about KRW 180 billion) and ended the period with $360 million (roughly KRW 480 billion) in cash and cash equivalents, which it expects will fund operations through 2028.

Separately, on February 4, the company entered into a senior secured credit facility with Hercules Capital for up to $200 million (approximately KRW 270 billion). It drew an initial tranche of $40 million (around KRW 54 billion) to repay and replace its existing Bank of California loan, thereby securing a medium- to long-term nondilutive funding line.

Maze Therapeutics is a clinical-stage biopharmaceutical company based in South San Francisco, California, developing small-molecule precision medicines for patients with kidney, cardiovascular, and related metabolic diseases using human genomic information. Since its Nasdaq listing, the company has positioned its APOL1-mediated kidney disease candidate MZE829 and its MZE782 candidate targeting PKU and chronic kidney disease as its core pipeline to expand its Phase 2 programs. It has also strengthened governance by adding Neil Kumar, founder and CEO of BridgeBio, to its board of directors.