424B41d769642d424b4.htm424B4 TableofContents Prospectus 8,750,000shares FiledpursuanttoRule424(b)(4)RegistrationNos.333-284164and333-284612 Commonstock Weareoffering8,750,000sharesofourcommonstock.Thisisourinitialpublicofferingandnopublicmarketcurrentlyexistsforourcommonstock.Theinitialpublicofferingpriceis$16.00pershare. OurcommonstockhasbeenapprovedforlistingontheNasdaqGlobalMarket,orNasdaq,underthesymbol“MAZE.” Wearean“emerginggrowthcompany”anda“smallerreportingcompany”asdefinedunderthefederalsecuritieslawsand,assuch,wehaveelectedtocomplywithcertainreducedreportingrequirementsforthisprospectusandmayelecttodosoinfuturefilings. Pershare Total Initialpublicofferingprice 16.0 140,000,00 $0 $0 Underwritingdiscountsandcommissions(1) $1.12 $9,800,000 ProceedstoMazeTherapeutics,Inc.,beforeexpenses 14.8 130,200,00 $8 $0 (1Seethesectionentitled“Underwriting”foradescriptionofthecompensationpayabletotheunderwriters. ) Wehavegrantedtheunderwritersanoptionforaperiodof30daysafterthedateofthisprospectustopurchaseupto1,312,500additionalsharesofourcommonstockfromusattheinitialpublicofferingprice,lessunderwritingdiscountsandcommissions. Investinginourcommonstockinvolvesahighdegreeofrisk.Pleasereadthesectionentitled“Riskfactors”beginningonpage15ofthisprospectus. NeithertheSecuritiesandExchangeCommissionnoranystatesecuritiescommissionhasapprovedordisapprovedofthesesecuritiesordeterminedifthisprospectusistruthfulorcomplete.Anyrepresentationtothecontraryisacriminaloffense. TheunderwritersexpecttodeliverthesharesofcommonstockagainstpaymentinNewYork,NewYork,onFebruary3,2025. J.P.Morgan TDCow en LeerinkPartn ers GuggenheimSecuri ties ProspectusdatedJanuary30,2025TableofContentsTableofcontents Prospectussummary Page 1 Theoffering 10 Riskfactors 15 Specialnoteregardingforward-lookingstatements 82 Useofproceeds 85 Dividendpolicy 86 Capitalization 87 Dilution 90 Management’sdiscussionandanalysisoffinancialconditionandresultsofoperations 93 Business 114 Management 160 Executivecompensation 173 Certainrelationshipsandrelatedpartytransactions 188 Principalstockholders 192 Descriptionofcapitalstock 195 Shareseligibleforfuturesale 201 MaterialU.S.federalincometaxconsequencestonon-U.S.holders 203 Underwriting 208 Legalmatters 220 Experts 220 Whereyoucanfindadditionalinformation 220 Indextofinancialstatements F-1 ThroughandincludingFebruary24,2025(the25thdayafterthedateofthisprospectus),alldealerseffectingtransactionsinthesesecurities,whetherornotparticipatinginthisoffering,mayberequiredtodeliveraprospectus.Thisdeliveryrequirementisinadditiontoadealer’sobligationtodeliveraprospectuswhenactingasanunderwriterandwithrespecttoanunsoldallotmentorsubscription. Neitherwenortheunderwritershaveauthorizedanyonetoprovideanyinformationortomakeanyrepresentationsotherthanthosecontainedinthisprospectusorinanyfreewritingprospectuseswehaveprepared.Weandtheunderwriterstakenoresponsibilityfor,andcanprovidenoassuranceastothereliabilityof,anyotherinformationthatothersmaygiveyou.Thisprospectusisanoffertosellonlythesharesofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso.Theinformationcontainedinthisprospectusorinanyapplicablefreewritingprospectusiscurrentonlyasofitsdate,regardlessofitstimeofdeliveryorthetimeofanysaleofsharesofourcommonstock. i TableofContents ForinvestorsoutsideoftheUnitedStates:Neitherwenoranyoftheunderwritershavedoneanythingthatwouldpermitthisofferingorpossessionordistributionofthisprospectusinanyjurisdictionwhereactionforthatpurposeisrequired,otherthantheUnitedStates.PersonsoutsideoftheUnitedStateswhocomeintopossessionofthisprospectusmustinformthemselvesabout,andobserveanyrestrictionsrelatingto,theofferingofthesharesofourcommonstockandthedistributionofthisprospectusoutsideoftheUnitedStates. ii TableofContents Prospectussummary Thissummaryhighlightsselectedinformationcontainedelsewhereinthisprospectusanddoesnotcontainalloftheinformationthatyoushouldconsiderinmakingyourinvestmentdecision.Beforeinvestinginourcommonstock,youshouldcarefullyreadthisentireprospectus,includingourfinancialstatementsandtherelatednotestheretoandtheinformationsetforthunderthesectionsentitled“Risk factors”and“Management’sdiscussionandanalysisoffinancialconditionandresultsofoperations,”ineachcaseincludedinthisprospectus.Someofthestatementsinthisprospectusconstituteforward-lookingstatementsthatinvolverisksanduncertainties.Seethesectionentitled“Specialnoteregardingforward-lookingstatements”foradditionalinformation.Unlessthecontextotherwiserequires,weusetheterms“Maze,”“thecompany,”“we,”“us”and“our”inthisprospectustorefertoMazeTherapeutics,Inc. Overview Weareaclinical-stagebiopharmaceuticalcompanyharnessingthepowerofhumangeneticstodevelopnovel,smallmoleculeprecisionmedicinesforpatientslivingwithrenal,cardiovascularandrelatedmetabolicdiseases,includingobesity.WeareadvancingapipelineusingourCompassplatform,whichallowsustoidentifyandcharacterizegeneticvariantsindiseaseandthenlinkthosevariantstothebiologicalpathwaysthatdrivediseaseinspecifi