Market Analysis

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Maze Therapeutics, a biotech firm supported by Third Rock Ventures, reported a profit for the first nine months of 2024 in its filing for a U.S. initial public offering (IPO) on Tuesday.  

The U.S. IPO market has gained momentum in 2024 due to lower interest rates, robust equity markets, and optimism surrounding regulatory policies under the incoming Trump administration. Maze’s IPO plans come after a strong year for biotech companies, with recent debuts by Septerna and Bicara Therapeutics receiving favorable investor responses.  

Maze reported a net income of $9.03 million for the nine months ending September 30, 2024, a significant turnaround from a $73.84 million loss during the same period the previous year.  

Details regarding the IPO's terms were not disclosed.  

Based in San Francisco, California, Maze Therapeutics is also backed by prominent healthcare investors, including ARCH Venture Partners and General Catalyst. The company is advancing two lead programs, MZE829 and MZE782, which use a novel precision medicine approach to treat chronic kidney disease. Proceeds from the IPO will support the clinical development of these programs.  

Additionally, Maze is developing MZE001, a treatment for Pompe disease, in collaboration with Japanese partner Shionogi. The program was previously licensed globally to Sanofi in May 2023. However, Sanofi later terminated the agreement following a Federal Trade Commission complaint alleging the firm’s monopoly in Pompe disease treatments.  

Maze plans to list its shares on the Nasdaq Global Market under the ticker symbol "MAZE." The IPO is being underwritten by J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities.  

Paraphrasing text from "Reuters" all rights reserved by the original author.