Maze Therapeutics Inc 2025年度报告

(Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from __________ to __________ MAZE THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) 82-2635018(I.R.S. Employer Identification No.) Delaware (State or other jurisdiction of incorporation or organization) 171 Oyster Point Blvd., Suite 300South San Francisco, California 94080(Address of principal executive offices, including zip code)(650) 850-5070(Registrant's telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Common Stock - par value $0.001 pershare The NasdaqStock Market LLC Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☒NO☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES☐NO☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES☒NO☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Accelerated filer Smaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the common stock held by non-affiliates of the registrant as of June 30, 2025 was approximately $443.9 million, based on the closing price of theregistrant’s common stock, as reported by the Nasdaq Stock Market LLC on June 30, 2025, of $12.27 per share. Shares of the registrant’s common stock held by executiveofficers, directors and a certain holder of 10% or more of the outstanding common stock have been excluded because such persons may be deemed to be affiliates. Thedetermination that such persons are affiliates of the registrant is not necessarily a conclusive determination for any other purpose. As of March 20, 2026, the registrant had 49,708,658 shares of common stock outstanding.DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s Definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report onForm 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscalyear ended December 31, 2025. PageNumbers PART I4Item 1.Business4Item 1A.Risk Factors26Item 1B.Unresolved Staff Comments75Item 1C.Cybersecurity75Item 2.Properties76Item 3.Legal Proceedings76Item 4.Mine Safety Disclosures76PART II77Item 5.Market for Registrant's Common Equity, Related Stockholder Matters, and IssuerPurchases of Equity Securities77Item 6.[Reserved]77Item 7.Management's Discussion and Analysis of Financial Condition and Results ofOperations78Item 7A.Quantitative and Qualitative Disclosures About Market Risk90Item 8.Financial Statements and Supplementary Data91Item 9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure121Item 9A.Controls and