0001193125-26-344903 | 10-Q | XBRL Viewer

Organization and Principal Activities	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Principal Activities	1. Organization and principal activities Description of business Maze Therapeutics, Inc., or the Company, is a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with kidney and metabolic diseases. The Company was incorporated in Delaware in August 2017 and is located in South San Francisco, California. 2026 Sale Agreement In February 2026, the Company entered into an Open Market Sale Agreement with Jefferies LLC, serving as sales agent, with respect to an at-the-market offering program pursuant to which the Company may elect to issue and sell shares of its common stock having an aggregate offering price of up to $200.0 million, or the 2026 Sale Agreement, in such quantities and on such minimum price terms as the Company sets from time to time through its sales agent. The Company has agreed to pay its sales agent an aggregate commission equal to up to 3.0% of the gross proceeds of the sales under the agreement. To date, no sales of common stock have occurred under the 2026 Sale Agreement. Hercules Loan and Security Agreement In February 2026, the Company entered into a loan and security agreement, or the Hercules Loan Agreement, with certain lenders and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the lenders, which provides for a senior secured term loan facility in an aggregate principal amount of up to $200.0 million, or the Hercules Term Loan Facility. An initial term loan of $40.0 million was funded under the Hercules Loan Agreement and the Hercules Term Loan Facility includes up to six additional term loan tranches providing up to an aggregate $160.0 million in additional loan commitments through February 2031, so long as the Company satisfies certain conditions precedent. The final tranche of $50.0 million is subject to approval by the lenders’ investment committee. The Hercules Loan Agreement has a maturity date of February 1, 2031, and may be prepaid at any time, subject to prepayment premiums. See Note 10, Loan and security agreements, for further discussion of the Hercules Loan Agreement. Liquidity and capital resources The Company has incurred significant losses and negative cash flows from operations and expects to incur significant and increasing losses as a result of its continued research and development activities. As of June 30, 2026, the Company had an accumulated deficit of $558.5 million. Historically, the Company has financed its operations primarily through issuances of its equity, issuances of convertible promissory notes, debt financings and license agreements. The Company may seek to raise capital through additional term loan tranches pursuant to the Hercules Term Loan Facility, equity financings, including pursuant to the 2026 Sale Agreement, license agreements, or other sources of financing. There can be no assurance that such financings will be available or will be at terms acceptable to the Company. As of June 30, 2026, the Company had cash, cash equivalents and marketable securities of $494.9 million. The Company believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund the Company’s operations for at least one year from the issuance date of these unaudited condensed financial statements.

Organization and Principal Activities

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and principal activities

Description of business

Maze Therapeutics, Inc., or the Company, is a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with kidney and metabolic diseases. The Company was incorporated in Delaware in August 2017 and is located in South San Francisco, California.

2026 Sale Agreement

In February 2026, the Company entered into an Open Market Sale Agreement with Jefferies LLC, serving as sales agent, with respect to an at-the-market offering program pursuant to which the Company may elect to issue and sell shares of its common stock having an aggregate offering price of up to $200.0 million, or the 2026 Sale Agreement, in such quantities and on such minimum price terms as the Company sets from time to time through its sales agent. The Company has agreed to pay its sales agent an aggregate commission equal to up to 3.0% of the gross proceeds of the sales under the agreement. To date, no sales of common stock have occurred under the 2026 Sale Agreement.

Hercules Loan and Security Agreement

In February 2026, the Company entered into a loan and security agreement, or the Hercules Loan Agreement, with certain lenders and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the lenders, which provides for a senior secured term loan facility in an aggregate principal amount of up to $200.0 million, or the Hercules Term Loan Facility. An initial term loan of $40.0 million was funded under the Hercules Loan Agreement and the Hercules Term Loan Facility includes up to six additional term loan tranches providing up to an aggregate $160.0 million in additional loan commitments through February 2031, so long as the Company satisfies certain conditions precedent. The final tranche of $50.0 million is subject to approval by the lenders’ investment committee. The Hercules Loan Agreement has a maturity date of February 1, 2031, and may be prepaid at any time, subject to prepayment premiums. See Note 10, Loan and security agreements, for further discussion of the Hercules Loan Agreement.

Liquidity and capital resources

The Company has incurred significant losses and negative cash flows from operations and expects to incur significant and increasing losses as a result of its continued research and development activities. As of June 30, 2026, the Company had an accumulated deficit of $558.5 million. Historically, the Company has financed its operations primarily through issuances of its equity, issuances of convertible promissory notes, debt financings and license agreements. The Company may seek to raise capital through additional term loan tranches pursuant to the Hercules Term Loan Facility, equity financings, including pursuant to the 2026 Sale Agreement, license agreements, or other sources of financing. There can be no assurance that such financings will be available or will be at terms acceptable to the Company.

As of June 30, 2026, the Company had cash, cash equivalents and marketable securities of $494.9 million. The Company believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund the Company’s operations for at least one year from the issuance date of these unaudited condensed financial statements.

Insider Trading Arrangements
shares in Thousands

3 Months Ended

Jun. 30, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

During the three months ended June 30, 2026, the following directors and/or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” in each case as defined in Item 408 of Regulation S-K.


Character of Trading Arrangement
	Action	Date of	Rule	Non-Rule	Nature of	Aggregate Number		Duration of Trading
Name and Title	Taken	Action	10b5-1*	10b5-1**	Trading	of Securities		Arrangement(1)
Amy Bachrodt, SVP, Finance(2)	Terminated	April 28, 2026	X		Sale		56,000	12/29/2025-12/31/2026
*Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
**"Non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K under the Exchange Act.
1 The trading arrangement may expire on an earlier date if and when all transactions under the arrangement are completed.
2 Amy Bachrodt resigned as SVP, Finance of Maze Therapeutics, Inc. (the “Company”), effective June 1, 2026.

Amy Bachrodt

Trading Arrangements, by Individual

Name

Amy Bachrodt

Title

SVP, Finance

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

true

Non-Rule 10b5-1 Arrangement Terminated

false

April 28, 2026

12/31/2026

367 days

Capital Structure	6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]
Capital Structure	6. Capital structure 2026 Sale Agreement In February 2026, the Company entered into the 2026 Sale Agreement. See Note 1, Organization and principal activities, for further discussion of the 2026 Sale Agreement. Private placement In September 2025, the Company completed the Private Placement, pursuant to which the Company issued and sold an aggregate of 4,000,002 shares of its common stock at a purchase price of $16.25 per share and the 2025 Pre-Funded Warrants to purchase up to an aggregate of 5,231,090 shares of its common stock at a purchase price of $16.249 per pre-funded warrant, resulting in net proceeds of approximately $141.3 million, after deducting placement fees and other offering expenses paid by the Company of approximately $8.7 million. The 2025 Pre-Funded Warrants are exercisable immediately at an exercise price of $0.001 per share each and do not expire. The 2025 Pre-Funded Warrants provide that each holder of the 2025 Pre-Funded Warrants does not have the right to exercise any portion of its 2025 Pre-Funded Warrants if such holder, together with its affiliates, would beneficially own in excess of 4.99% or 9.99%, at the holder’s election, of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise. A holder of the 2025 Pre-Funded Warrants may increase or decrease this percentage, but not in excess of 19.99%, by providing at least 61 days’ prior notice to the Company. For the three and six months ended June 30, 2026, no 2025 Pre-Funded Warrants were exercised, and as of June 30, 2026, 2025 Pre-Funded Warrants to purchase 4,331,090 shares of the Company's common stock remained outstanding. Underwritten Registered Offering In April 2026, the Company completed the Underwritten Registered Offering, pursuant to which the Company issued and sold an aggregate of 5,540,000 shares of its common stock at a purchase price of $23.50 per share and the 2026 Pre-Funded Warrants to purchase up to an aggregate of 850,000 shares of its common stock at a purchase price of $23.499 per pre-funded warrant, resulting in net proceeds of approximately $144.6 million, after deducting underwriting discounts and commissions and offering expenses paid by the Company of approximately $5.6 million. The 2026 Pre-Funded Warrants are exercisable immediately at an exercise price of $0.001 per share each and do not expire. The 2026 Pre-Funded Warrants provide that each holder of the 2026 Pre-Funded Warrants does not have the right to exercise any portion of its 2026 Pre-Funded Warrants if such holder, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. A holder of the 2026 Pre-Funded Warrants may increase or decrease this percentage, but not in excess of 19.99%, by providing at least 61 days’ prior notice to the Company. For the three and six months ended June 30, 2026, no 2026 Pre-Funded Warrants were exercised, and as of June 30, 2026, 2026 Pre-Funded Warrants to purchase 850,000 shares of the Company's common stock remained outstanding. Upon the issuance of the 2025 Pre-Funded Warrants and the 2026 Pre-Funded Warrants, the Company evaluated the warrant terms to determine the appropriate accounting and classification pursuant to Accounting Standards Codification 480, Distinguishing Liabilities from Equity, and Accounting Standards Codification 815, Derivatives and Hedging. Warrants are classified as liabilities when the warrant terms allow settlement of the warrant exercise in cash and classified as equity when the warrant terms only allow settlement in shares of common stock. The terms of the 2025 Pre-Funded Warrants and the 2026 Pre-Funded Warrants include certain provisions related to fundamental transactions and a cashless exercise provision in the event registered shares are not available, and do not include any mandatory redemption provisions. Based on its evaluation, the Company concluded the 2025 Pre-Funded Warrants and the 2026 Pre-Funded Warrants should be classified as equity with no subsequent remeasurement as long as such warrants continue to be classified as equity.

Capital Structure

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Capital Structure

Capital structure

2026 Sale Agreement

In February 2026, the Company entered into the 2026 Sale Agreement. See Note 1, Organization and principal activities, for further discussion of the 2026 Sale Agreement.

Private placement

In September 2025, the Company completed the Private Placement, pursuant to which the Company issued and sold an aggregate of 4,000,002 shares of its common stock at a purchase price of $16.25 per share and the 2025 Pre-Funded Warrants to purchase up to an aggregate of 5,231,090 shares of its common stock at a purchase price of $16.249 per pre-funded warrant, resulting in net proceeds of approximately $141.3 million, after deducting placement fees and other offering expenses paid by the Company of approximately $8.7 million. The 2025 Pre-Funded Warrants are exercisable immediately at an exercise price of $0.001 per share each and do not expire. The 2025 Pre-Funded Warrants provide that each holder of the 2025 Pre-Funded Warrants does not have the right to exercise any portion of its 2025 Pre-Funded Warrants if such holder, together with its affiliates, would beneficially own in excess of 4.99% or 9.99%, at the holder’s election, of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise. A holder of the 2025 Pre-Funded Warrants may increase or decrease this percentage, but not in excess of 19.99%, by providing at least 61 days’ prior notice to the Company. For the three and six months ended June 30, 2026, no 2025 Pre-Funded Warrants were exercised, and as of June 30, 2026, 2025 Pre-Funded Warrants to purchase 4,331,090 shares of the Company's common stock remained outstanding.

Underwritten Registered Offering

In April 2026, the Company completed the Underwritten Registered Offering, pursuant to which the Company issued and sold an aggregate of 5,540,000 shares of its common stock at a purchase price of $23.50 per share and the 2026 Pre-Funded Warrants to purchase up to an aggregate of 850,000 shares of its common stock at a purchase price of $23.499 per pre-funded warrant, resulting in net proceeds of approximately $144.6 million, after deducting underwriting discounts and commissions and offering expenses paid by the Company of approximately $5.6 million. The 2026 Pre-Funded Warrants are exercisable immediately at an exercise price of $0.001 per share each and do not expire. The 2026 Pre-Funded Warrants provide that each holder of the 2026 Pre-Funded Warrants does not have the right to exercise any portion of its 2026 Pre-Funded Warrants if such holder, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. A holder of the 2026 Pre-Funded Warrants may increase or decrease this percentage, but not in excess of 19.99%, by providing at least 61 days’ prior notice to the Company. For the three and six months ended June 30, 2026, no 2026 Pre-Funded Warrants were exercised, and as of June 30, 2026, 2026 Pre-Funded Warrants to purchase 850,000 shares of the Company's common stock remained outstanding.

Upon the issuance of the 2025 Pre-Funded Warrants and the 2026 Pre-Funded Warrants, the Company evaluated the warrant terms to determine the appropriate accounting and classification pursuant to Accounting Standards Codification 480, Distinguishing Liabilities from Equity, and Accounting Standards Codification 815, Derivatives and Hedging. Warrants are classified as liabilities when the warrant terms allow settlement of the warrant exercise in cash and classified as equity when the warrant terms only allow settlement in shares of common stock. The terms of the 2025 Pre-Funded Warrants and the 2026 Pre-Funded Warrants include certain provisions related to fundamental transactions and a cashless exercise provision in the event registered shares are not available, and do not include any mandatory redemption provisions. Based on its evaluation, the Company concluded the 2025 Pre-Funded Warrants and the 2026 Pre-Funded Warrants should be classified as equity with no subsequent remeasurement as long as such warrants continue to be classified as equity.

- Definition

The entire disclosure for equity.

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+ Details

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Components [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of June 30,		As of December 31,
	2026		2025
	(in thousands)
Accrued compensation expenses	$	6,927	$	10,853
Accrued research and development expenses		7,009		4,305
Accrued professional expenses		1,530		660
Other		400		149
Total accrued expenses and other current liabilities	$	15,866	$	15,967

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) Segment $ / shares shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Accounting Policies [Line Items]
Number of reportable segments \| Segment			1
Number of operating segments \| Segment			1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]			srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description			The CODM also reviews certain financial results included in the segment loss from operations which is reported on the condensed statements of operations and comprehensive loss as total loss from operations. The measure of segment assets is reported on the condensed balance sheets as total assets.
Revenue \| $			$ 20,000
Restricted cash \| $	$ 1,088		$ 1,088		$ 1,088
Private Placement \| 2025 Pre-Funded Warrants
Accounting Policies [Line Items]
Warrants to purchase common stock \| shares	5,231,090		5,231,090
Purchase price of warrants	$ 16.249		$ 16.249
Exercise price of warrants	$ 0.001		$ 0.001
Underwritten Registered Offering \| 2026 Pre-Funded Warrants
Accounting Policies [Line Items]
Warrants to purchase common stock \| shares	850,000		850,000
Purchase price of warrants	$ 23.499		$ 23.499
Exercise price of warrants	$ 0.001		$ 0.001
United States
Accounting Policies [Line Items]
Revenue \| $	$ 0	$ 0	$ 20,000	$ 0

Loan and Security Agreements - Summary of Future Principal Loan Payments on Currently Outstanding Tranche 1A Loan (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Debt Disclosure [Abstract]
2026	$ 0
2027	0
2028	0
2029	0
2030	33,602
2031	6,398
Total future principal payments	40,000
Add: end of term charge	2,580
Less: unamortized discount and issuance costs	(3,620)
Less: current portion of term loan	0
Total term loan, net of current portion	$ 38,960

Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Components [Abstract]
Accrued compensation expenses	$ 6,927	$ 10,853
Accrued research and development expenses	7,009	4,305
Accrued professional expenses	1,530	660
Other	400	149
Total accrued expenses and other current liabilities	$ 15,866	$ 15,967

Commitments and Contingencies - Additional Information (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Loss Contingencies [Line Items]
Contingent liabilities	$ 0	$ 0
Consortium Agreement and Certain Related Amended Agreements with University of Helsinki and Other Parties
Loss Contingencies [Line Items]
Obligation to pay	$ 3,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482645/405-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Equity Incentive Plans and Stock-Based Compensation Expense - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
	Jan. 01, 2026	Jan. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jan. 29, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of purchase price of common stock		85.00%
Stock-based compensation expense			$ 9,187,000	$ 3,237,000	$ 16,296,000	$ 6,463,000
2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved		450,000
Percentage of number of shares reserved for issuance					1.00%
Increased number of common stock shares reserved	536,666
Shares issued			83,257	53,716	83,257	53,716
Total unrecognized compensation cost			$ 1,400,000		$ 1,400,000
Unrecognized compensation cost expected to be recognized over a weighted-average period					1 year 1 month 13 days
2025 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved							5,300,000
Percentage of number of shares reserved for issuance					5.00%
Increased number of common stock shares reserved	2,683,332
Restricted stock units outstanding			1,033,730		1,033,730
2019 Equity Incentive Plan and 2025 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, aggregated shares, outstanding			6,125,834		6,125,834
Total unrecognized compensation cost			$ 55,700,000		$ 55,700,000
Unrecognized compensation cost expected to be recognized over a weighted-average period					2 years 8 months 12 days
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost			27,000,000		$ 27,000,000
Unrecognized compensation cost expected to be recognized over a weighted-average period					2 years 3 months 3 days
Stock-based compensation expense			$ 3,000,000	$ 0	$ 5,200,000	$ 0

Capital Structure - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 23, 2026	Sep. 10, 2025	Jun. 30, 2026	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Class of Stock [Line Items]
Common Stock, Shares, Issued			55,504,574		55,504,574		49,335,551
Proceeds from initial public offering, net						$ 130,200
Authorized common stock shares			500,000,000		500,000,000		500,000,000
Common stock, par value			$ 0.001		$ 0.001		$ 0.001
Underwriting Agreement
Class of Stock [Line Items]
Shares sold	5,540,000
Price per share	$ 23.5
Net proceeds from issuance of common stock and pre-funded warrants in private placement	$ 144,600
Deduction of underwriting in discounts and commissions	$ 5,600
Initial Public Offering
Class of Stock [Line Items]
Deduction of underwriting in discounts and commissions				$ 15,402
Private Placement
Class of Stock [Line Items]
Shares sold		4,000,002
Price per share		$ 16.25
Net proceeds from issuance of common stock and pre-funded warrants in private placement		$ 141,300
Deduction of underwriting in discounts and commissions		$ 8,700
2025 Pre-Funded Warrants
Class of Stock [Line Items]
Purchase price of warrants		$ 16.249
Warrants to purchase common stock		5,231,090
Exercise price of warrants		$ 0.001
Maximum benefically owned threshold percentage limit		4.99%
Maximum benefically owned threshold percentage limit 1		9.99%
Percentage of warrants maximum benefically owned threshold percentage increase or decrease		19.99%
Warrants outstanding			4,331,090		4,331,090
Warrants exercised			0		0
2026 Pre-Funded Warrants \| Underwriting Agreement
Class of Stock [Line Items]
Warrants issued price per share	$ 23.499
Warrants to purchase common stock	850,000
Exercise price of warrants	$ 0.001
Maximum benefically owned threshold percentage limit	4.99%
Percentage of warrants maximum benefically owned threshold percentage increase or decrease	19.99%
Warrants outstanding			850,000		850,000
Warrants exercised			0		0

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of significant accounting policies

Basis of presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of the Securities and Exchange Commission, or SEC, Regulation S-X for interim financial information.

These unaudited condensed financial statements and notes should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 25, 2026, or the 2025 10-K. The condensed balance sheet as of December 31, 2025 was derived from the audited annual financial statements as of and for the period then ended. Certain information and footnote disclosures included in the Company’s annual financial statements have been condensed or omitted. The accompanying unaudited condensed financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature except for the impacts of adopting new accounting standards, if any, discussed below. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period.

There were no changes to the Company’s significant accounting policies during the six months ended June 30, 2026, as described in the Company’s audited financial statements as of and for the year ended December 31, 2025 included in the 2025 10-K.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. Assets and liabilities reported in the Company’s condensed balance sheet and revenue and expenses reported in the Company's condensed statement of operations and comprehensive loss are affected by estimates and assumptions, which are used for, but are not limited to, measuring and recognizing revenue, including any related constraints, and determining the fair value of assets and liabilities, including income tax uncertainties, the measurement of stock-based compensation expense, and certain accruals. Actual results could differ from such estimates or assumptions.

Segment reporting

The Company operates and manages its business as one reportable and operating segment, which is the business of harnessing its understanding of human genetics and variant functionalization to develop small molecule precision medicines. The Company’s chief executive officer, who is the chief operating decision maker, or CODM, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance.

The CODM, in alignment with the Company’s overall corporate strategy and goals, analyzes a variety of data to guide segment resource allocation, including program and portfolio scientific data, probability of regulatory and commercial success, and the competitive environment. The CODM also reviews certain financial results included in the segment loss from operations which is reported on the condensed statements of operations and comprehensive loss as total loss from operations. The measure of segment assets is reported on the condensed balance sheets as total assets.

As of June 30, 2026 and December 31, 2025, all of the Company’s property and equipment was maintained in the United States. The Company generated no license revenue during the three months ended June 30, 2026 and license revenue of $20.0 million during the six months ended June 30, 2026. No revenue was generated during the three and six months ended June 30, 2025. Segment information for prior periods has been recast to conform to the current year segment information that is provided to the CODM. The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
License revenue	$	—		$	—		$	20,000		$	—
Direct external research and development expenses by program:
MZE829		8,444			5,199			15,540			9,823
MZE782		3,177			4,582			8,471			8,948
Discovery research and other programs		3,596			2,742			6,641			5,752
Internal research and development expenses:
Personnel-related		14,875			10,609			28,866			20,953
Facilities, lab supplies and other		4,848			4,976			9,570			10,212
Total research and development expenses		34,940			28,108			69,088			55,688
General and administrative expenses		13,095			8,366			25,500			16,187
Segment operating expenses		48,035			36,474			94,588			71,875
Segment loss from operations		(48,035	)		(36,474	)		(74,588	)		(71,875	)
Segment other income, net		3,308			2,795			5,653			5,410
Segment loss	$	(44,727	)	$	(33,679	)	$	(68,935	)	$	(66,465	)

Fair value measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date, and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows:

•

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

•

Level 2—Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

•

Level 3—Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

For certain financial instruments, including cash and accounts payable, as well as certain accrued liabilities, the recorded amount approximates estimated fair value due to their relatively short maturity period.

Cash, cash equivalents and restricted cash

The Company considers all highly liquid financial instruments with original maturities of 90 days or less at the date of purchase to be cash equivalents. As of June 30, 2026 and December 31, 2025, cash equivalents consisted of money market funds.

Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. Restricted cash as of June 30, 2026 and December 31, 2025 included $1.1 million as collateral for a letter of credit related to the Company’s headquarters building lease in South San Francisco, California. Restricted cash is classified as a noncurrent asset on the balance sheet. As of June 30, 2026 and December 31, 2025, restricted cash consisted of money market funds.

Deferred offering costs

The Company defers offering costs consisting of legal, accounting and other fees and costs directly associated with in-process equity financings until such financings are consummated. After consummation of the equity financing, these costs are classified in stockholders’ equity as a reduction of the additional paid-in capital recorded as a result of the financing. If the in-process financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the condensed statements of operations and comprehensive loss.

Debt issuance costs and debt discount

Debt issuance costs include legal fees, accounting fees and other direct costs incurred in connection with the execution of the Company's debt financings. Debt discount represents costs paid to the lenders. Debt issuance costs and debt discount are deducted from the carrying amount of the debt liability and are amortized to interest expense over the term of the related debt using the effective interest method.

Revenue recognition

The Company recognizes revenue in accordance with Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers, or ASC 606. To determine the appropriate amount and timing of revenue to be recognized under this guidance, the Company performs the following steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price, including variable consideration, if any; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when (or as) the entity satisfies a performance obligation.

The Company has entered into arrangements involving the license of intellectual property. Analyzing the license arrangements to identify performance obligations requires the use of judgment. In arrangements that include the license of intellectual property and other promised services, the Company first identifies if the licenses are distinct from the other promises in the arrangement. For the license of intellectual property that is distinct, the Company recognizes revenue from consideration allocated to the license when the license is transferred and the customer is able to benefit from the license. If the license is not distinct, the license is combined with other services into a single performance obligation and the Company recognizes revenue when (or as) the performance obligation is satisfied. Factors that are considered in evaluating whether a license is distinct from other promised services include, for example, whether the counterparty can benefit from the license without the promised service on its own or with other readily available resources and whether the promised service is expected to significantly modify or customize the intellectual property. Promised goods and services that are not material in the context of the contract are not considered performance obligations.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Non-refundable upfront payments are considered fixed consideration and included in the transaction price. At the inception of an arrangement and at each reporting period thereafter, the Company assesses whether it should include development, regulatory, commercial milestones or other forms of variable consideration in the transaction price using the most likely amount method. The Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company includes the amount of estimated variable consideration, including milestones, in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of the milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect revenue in the period of adjustment. In addition, the Company is eligible to receive certain royalties on net sales of licensed products if successfully commercialized by our licensees. The royalties are dependent on future sales, which are at the full discretion of the licensee. We will recognize sales-based milestone payments in the period in which we achieve the milestone under the sales-based royalty exception allowed under accounting rules. Accordingly, we will apply a constraint to these amounts until the future sales have occurred.

For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and if the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied.

Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheets. If the related performance obligation is expected to be satisfied within the next twelve months this will be classified in current liabilities. Amounts recognized as revenue prior to receipt are recorded as contract assets in the Company’s balance sheets. If the Company expects to have an unconditional right to receive consideration in the next twelve months, this will be classified in current assets.

Net loss per share

Net loss per share attributable to common stockholders is calculated using the two-class method required for companies with participating securities. The Company considered its convertible preferred stock to be participating securities as the holders were entitled to receive noncumulative dividends in the event that a dividend is paid on common stock.

Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period less common shares subject to vesting or forfeiture, without consideration for potentially dilutive securities. In September 2025, the Company entered into a securities purchase agreement, or the Private Placement, pursuant to which the Company issued pre-funded warrants to purchase up to an aggregate of 5,231,090 shares of its common stock at a purchase price of $16.249 per pre-funded warrant, or the 2025 Pre-Funded Warrants. In April 2026, the Company completed an underwritten registered offering, or the Underwritten Registered Offering, pursuant to which the Company issued pre-funded warrants to purchase up to an aggregate of 850,000 shares of its common stock at a purchase price of $23.499 per pre-funded warrant, or the 2026 Pre-Funded Warrants. The 2025 Pre-Funded Warrants and 2026 Pre-Funded Warrants are exercisable immediately at an exercise price of $0.001 per share and do not expire. The pre-funded warrants are considered outstanding upon issuance for the purposes of computing basic net loss per share because the shares are fully vested and exercisable for little consideration after their original issuance date. See Note 6, Capital structure, for further discussion of the Private Placement and Underwritten Registered Offering.

Diluted net loss per share is computed by dividing net loss by the weighted-average number of common shares and the number of common shares that would be issued assuming exercise and conversion of all potentially dilutive instruments. In calculating diluted net loss per share, the Company applies the treasury stock method to equity awards, if dilutive. Distributed and undistributed earnings are allocated to participating securities based on their participation rights and are subtracted from net income in determining net income attributable to common stockholders for basic and diluted net income per share, only in periods of net income.

Because the Company reported a net loss for the three and six months ended June 30, 2026 and 2025, and the inclusion of the potentially dilutive securities would be antidilutive, diluted net loss per share is the same as basic net loss per share for the periods presented.

Recently adopted accounting pronouncements

In July 2025, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts during the application of the current expected credit loss model for current accounts receivable and current contract assets arising from transactions under ASC 606. The Company adopted ASU 2025-05 effective January 1, 2026. The Company determined there is no impact to its financial statements from adopting ASU 2025-05 as it does not develop forecasts as part of estimating expected credit losses.

New accounting pronouncements—Not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which will require additional expense disclosures for all public entities. The amendments require that at each interim and annual reporting period, an entity will disclose certain disaggregated expenses included in each relevant expense caption, as well as the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning with the fiscal year ending December 31, 2027, and interim periods thereafter, with early adoption permitted. The Company expects the adoption of this standard to result in increased disclosures in its financial statements.

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 improves clarity for interim financial reporting requirements under the existing guidance within ASC 270, Interim Reporting. ASU 2025-11 is effective for public entities with annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-11 on its financial statements and related disclosures.

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Marketable securities	$ 292,265	$ 170,784
Fair Value, Recurring
Assets
Restricted cash	1,088	1,088
Total assets measured at fair value	374,903	226,026
Fair Value, Recurring \| U.S. Treasury Securities
Assets
Marketable securities	243,324	139,453
Fair Value, Recurring \| U.S. Government Agency Securities
Assets
Marketable securities	15,978	23,476
Fair Value, Recurring \| Commercial Paper
Assets
Marketable securities	17,502	5,876
Fair Value, Recurring \| Corporate debt securities
Assets
Marketable securities	15,461	1,979
Fair Value, Recurring \| Money Market Funds [Member]
Assets
Cash equivalents	81,550	54,154
Fair Value, Recurring \| Level 1
Assets
Restricted cash	1,088	1,088
Total assets measured at fair value	82,638	55,242
Fair Value, Recurring \| Level 1 \| Money Market Funds [Member]
Assets
Cash equivalents	81,550	54,154
Fair Value, Recurring \| Level 2
Assets
Total assets measured at fair value	292,265	170,784
Fair Value, Recurring \| Level 2 \| U.S. Treasury Securities
Assets
Marketable securities	243,324	139,453
Fair Value, Recurring \| Level 2 \| U.S. Government Agency Securities
Assets
Marketable securities	15,978	23,476
Fair Value, Recurring \| Level 2 \| Commercial Paper
Assets
Marketable securities	17,502	5,876
Fair Value, Recurring \| Level 2 \| Corporate debt securities
Assets
Marketable securities	$ 15,461	$ 1,979

Loan and Security Agreements - Additional Information (Details)		3 Months Ended	6 Months Ended
	Feb. 04, 2026 USD ($) TermLoan	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Feb. 02, 2026 USD ($)
Line of Credit Facility [Line Items]
Amortization of debt discount and debt issuance costs			$ 498,000
Hercules Term Loan Facility
Line of Credit Facility [Line Items]
Term Loan Facility	$ 200,000,000
Initial term loan	$ 40,000,000
Period additional term loan tranches available from closing date	60 months after the Closing Date
Maturity date	Feb. 01, 2031
Term loan facility, interest rate increase	4.00%
Hercules Term Loan Facility \| Market Capitalization Greater Than or Equal to $450.0 Million
Line of Credit Facility [Line Items]
Market capitalization	$ 450,000,000
Hercules Term Loan Facility \| Market Capitalization Greater Than or Equal to $450.0 Million and Principal of Less Than or Equal to $85.0 Million Outstanding
Line of Credit Facility [Line Items]
Principal amount outstanding	85,000,000
Hercules Term Loan Facility \| Market Capitalization Greater Than or Equal to $750.0 Million
Line of Credit Facility [Line Items]
Market capitalization	$ 750,000,000
Hercules Term Loan Facility \| Unrestricted Cash and Cash Equivalents Amounts To Be Maintained at Fifty Percent of Outstanding Debt
Line of Credit Facility [Line Items]
Cash and cash equivalents of percentage of outstanding loan amount	50.00%
Hercules Term Loan Facility \| Unrestricted Cash and Cash Equivalents Amounts to be Maintained at Thirty-Five Percent of Outstanding Debt
Line of Credit Facility [Line Items]
Cash and cash equivalents of percentage of outstanding loan amount	35.00%
Hercules Term Loan Facility \| Unrestricted Cash and Cash Equivalents Amounts to be Maintained at Fourty Percent of Outstanding Debt
Line of Credit Facility [Line Items]
Cash and cash equivalents of percentage of outstanding loan amount	40.00%
Hercules Term Loan Facility \| Debt Repaid on or Within 24 Months Of Closing Date
Line of Credit Facility [Line Items]
Exit fee, percentage	3.95%
Hercules Term Loan Facility \| Debt Repaid More Than 24 Months Less Than 48 Months After Closing Date
Line of Credit Facility [Line Items]
Exit fee, percentage	5.75%
Hercules Term Loan Facility \| Debt Repayment After 48 Months of Closing Date
Line of Credit Facility [Line Items]
Exit fee, percentage	6.45%
Hercules Term Loan Facility \| Debt Prepaid on or Within 12 Months of Closing Date
Line of Credit Facility [Line Items]
Term loan prepayment premium percentage	3.00%
Hercules Term Loan Facility \| Debt Prepaid More Than 12 Months Less Than 24 Months After Closing Date
Line of Credit Facility [Line Items]
Term loan prepayment premium percentage	2.00%
Hercules Term Loan Facility \| Debt Prepaid More Than 24 Months Less Than 36 Months after Closing Date
Line of Credit Facility [Line Items]
Term loan prepayment premium percentage	1.00%
Hercules Term Loan Facility \| Debt Repayment After 36 Months of Closing Date
Line of Credit Facility [Line Items]
Term loan prepayment premium percentage	0.00%
Hercules Term Loan Facility \| Maximum
Line of Credit Facility [Line Items]
Term loan facility	$ 200,000,000
Number of additional term loan tranches \| TermLoan	6
Additional term loan providing up to an aggregate	$ 160,000,000
Hercules Term Loan Facility \| Minimum
Line of Credit Facility [Line Items]
Term loan facility, interest rate percentage	7.95%
Term loan facility, interest rate percentage	9.25%
Tranche 1A
Line of Credit Facility [Line Items]
Term loan facility	$ 40,000,000
Facility charge due at closing date percentage	1.00%
Draw down fee paid	2.00%
Weighted-average effective interest rate	9.77%
Interest expense on debt		$ 900,000	$ 1,800,000
Additional Tranches
Line of Credit Facility [Line Items]
Term loan facility	$ 160,000,000
Draw down fee for each subsequent term loan percentage	2.00%
Facility charge for each subsequent term loan percentage	1.00%
Final Tranche
Line of Credit Facility [Line Items]
Term loan facility	$ 50,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit				$ 50,000,000

Subsequent events - Additional Information (Details) - Underwriting Agreement $ / shares in Units, $ in Millions	Apr. 23, 2026 USD ($) $ / shares shares
Subsequent Event [Line Items]
Common stock shares issued and sold \| shares	5,540,000
Price per share	$ 23.5
Proceeds from private placement \| $	$ 144.6
2026 Pre-Funded Warrants
Subsequent Event [Line Items]
Warrants to purchase common stock \| shares	850,000
Warrants issued price per share	$ 23.499
Exercise price of warrants	$ 0.001
Maximum benefically owned threshold percentage limit	4.99%
Percentage of warrants maximum benefically owned threshold percentage increase or decrease	19.99%

Organization and principal activities - Additional Information (Details) - USD ($)			3 Months Ended	6 Months Ended
	Feb. 04, 2026	Sep. 10, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Date of incorporation				Aug. 29, 2017
Common stock, shares issued				55,504,574		49,335,551
Net proceeds from shares issued and sold					$ 130,200,000
Authorized common stock shares				500,000,000		500,000,000
Common stock, par value				$ 0.001		$ 0.001
Accumulated deficit				$ (558,482,000)		$ (489,547,000)
Cash, cash equivalents and marketable securities				494,900,000
Cash and cash equivalents				$ 202,643,000	$ 264,541,000	$ 189,247,000
Hercules Term Loan Facility
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Term Loan Facility	$ 200,000,000
Initial term loan	$ 40,000,000
Maturity date	Feb. 01, 2031
2026 Sale Agreement
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Sale of common stock maximum aggregate offering price	$ 200,000,000
Common stock, shares issued				0
Maximum \| Hercules Term Loan Facility
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Additional term loan providing up to an aggregate	$ 160,000,000
Maximum \| 2026 Sale Agreement
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Commission for agent on sales	3.00%
Final Tranche \| Hercules Term Loan Facility
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Final tranche	$ 50,000,000
Initial Public Offering
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Placement fees, underwriting discounts, commissions and other offering expenses			$ 15,402,000
Private Placement
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Common stock shares issued and sold		4,000,002
Price per share		$ 16.25
Proceeds from private placement		$ 141,300,000
Placement fees, underwriting discounts, commissions and other offering expenses		$ 8,700,000
2025 Pre-Funded Warrants
Organization Consolidation And Presentation Of Financial Statement [Line Items]
Pre-funded warrants issued		5,231,090
Purchase price of warrants		$ 16.249
Exercise price of warrants		$ 0.001

Marketable securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Gross Unrealized Holding Gains and Losses, and Fair Value of the Company's Cash Equivalents Marketable Securities by Major Security Type

The amortized cost, unrealized holding gains, unrealized holding losses and fair value of the Company’s marketable securities by major security type as of June 30, 2026 and December 31, 2025 are summarized in the table below:


	As of June 30, 2026
	(in thousands)
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Marketable securities, current
U.S. treasury securities	$	159,740	$	2	$	(239	)	$	159,503
U.S. government agency securities		15,986		—		(8	)		15,978
Commercial paper		17,527		—		(25	)		17,502
Corporate debt securities		15,492		—		(31	)		15,461
Total short-term marketable securities		208,745		2		(303	)		208,444
Marketable securities, non-current
U.S. treasury securities		83,955		3		(137	)		83,821
Total long-term marketable securities		83,955		3		(137	)		83,821
Total	$	292,700	$	5	$	(440	)	$	292,265

	December 31, 2025
	(in thousands)
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Marketable securities, current
U.S. treasury securities	$	121,246	$	93	$	—		$	121,339
U.S. government agency securities		23,467		9		—			23,476
Commercial paper		5,874		2		—			5,876
Corporate debt securities		1,979		—		—			1,979
Total short-term marketable securities		152,566		104		—			152,670
Marketable securities, non-current
U.S. treasury securities		18,108		6		—			18,114
Total long-term marketable securities		18,108		6		—			18,114
Total	$	170,674	$	110	$	—		$	170,784

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

License Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended					3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2026	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2024
License Agreements [Line Items]
Revenue							$ 20,000
Trace License Agreement
License Agreements [Line Items]
Upfront Payment Received				$ 15,000
Revenue								$ 15,000
Trace License Agreement \| Development And Regulatory Milestone
License Agreements [Line Items]
Milestone payment to be paid upon achivement of clinical and regulatory milestones					$ 80,000
Trace License Agreement \| Sales Milestone
License Agreements [Line Items]
Milestone payment to be paid upon achivement of sales milestones					250,000
Shionogi License Agreement
License Agreements [Line Items]
Upfront Payment Received			$ 150,000
Revenue	$ 20,000					$ 20,000		150,000
Achievement of clinical development milestone	$ 20,000
Shionogi License Agreement \| Development And Regulatory Milestone
License Agreements [Line Items]
Milestone payment to be paid upon achivement of clinical and regulatory milestones					275,000
Shionogi License Agreement \| Sales Milestone
License Agreements [Line Items]
Milestone payment to be paid upon achivement of sales milestones					$ 330,000
Neurocrine License Agreement
License Agreements [Line Items]
Upfront Payment Received		$ 2,500
Revenue								$ 2,500
Neurocrine License Agreement \| Development And Regulatory Milestone
License Agreements [Line Items]
Milestone payment to be paid upon achivement of clinical and regulatory milestones			24,800
Neurocrine License Agreement \| Sales Milestone
License Agreements [Line Items]
Milestone payment to be paid upon achivement of sales milestones			$ 175,000

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and contingencies

Legal proceedings

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. No contingent liabilities have been recorded as of June 30, 2026 and December 31, 2025.

Indemnification

In accordance with the Company’s amended and restated certificate of incorporation and amended and restated bylaws, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. There have been no claims to date, and the Company has a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Consortium agreements

The Company has entered into a consortium agreement and certain related amended agreements with the University of Helsinki and other parties for access to a collaborative pre-competitive research project. The project aims to collect genomic information from patient samples in biobanks across Finland to which the Company is granted access. Under the agreement, the Company is obligated to pay certain installments through the year 2027. As of June 30, 2026, the Company is obligated to pay approximately $3.5 million under this agreement.

Net loss per share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss	$ (44,727)	$ (24,208)	$ (33,679)	$ (32,786)	$ (68,935)	$ (66,465)
Denominator:
Weighted-average shares of common stock outstanding	54,030,711		43,807,793		51,815,909	36,265,200
Add: weighted-average shares of common stock to be issued upon exercise of pre-funded warrants	4,975,595				4,655,123
Less: weighted-average shares of common stock subject to repurchase	(10,372)		(10,372)		(10,372)	(10,372)
Weighted-average shares of common stock outstanding used in the calculation of net loss per share, basic	58,995,934		43,797,421		56,460,660	36,254,828
Weighted-average shares of common stock outstanding used in the calculation of net loss per share, diluted	58,995,934		43,797,421		56,460,660	36,254,828
Net loss per share, basic	$ (0.76)		$ (0.77)		$ (1.22)	$ (1.83)
Net loss per share, diluted	$ (0.76)		$ (0.77)		$ (1.22)	$ (1.83)

License Agreements

6 Months Ended

Jun. 30, 2026

License Agreements [Abstract]

License Agreements

License agreements

Trace License Agreement

In March 2024, the Company entered into an exclusive license agreement with Trace Neuroscience, Inc., or Trace, pursuant to which the Company granted an exclusive worldwide license to a discovery research program targeting UNC13A for the treatment of amyotrophic lateral sclerosis, or the Trace License Agreement. As consideration for the licensed rights and the transfer of know-how and materials, the Company received an upfront payment of $15.0 million in April 2024. Thereafter, the Company is entitled to potential subsequent payments of up to an aggregate of $80.0 million based on development and regulatory milestones and up to an aggregate of $250.0 million based on sales milestones. The Company is also entitled to tiered royalties ranging from percentages in the low single-digits to sub-teens on net sales of any licensed product if successfully commercialized.

The Company assessed the Trace License Agreement in accordance with ASC 606 and concluded that it was a contract with a customer. The Company determined that there is one performance obligation relating to the license to the UNC13A discovery program, including the underlying know-how and certain related materials, and that the transaction price consisted of the $15.0 million non-refundable upfront cash payment. The potential future development and regulatory milestones represent variable consideration and were constrained, as it was concluded that it was not probable that a significant reversal in cumulative revenue recognized will not occur and therefore not included in the transaction price as of June 30, 2026. Potential sales milestones and royalties on net product sales will be recognized in the same period that the underlying net product sales occur as they were determined to relate to the license. The $15.0 million transaction price was recorded as license revenue in the statements of operations and comprehensive loss during the year ended December 31, 2024, at the point in time when control of the license and related know-how was transferred to Trace.

Shionogi License Agreement

In March 2024, the Company entered into an exclusive license agreement with Shionogi & Company, Ltd., or Shionogi, pursuant to which the Company granted Shionogi an exclusive, worldwide, sublicensable license to research, develop, manufacture and commercialize MZE001 and certain other small molecule compounds modulating glycogen synthase 1, or the Shionogi License Agreement. As consideration for the licensed rights and the transfer of know-how and materials, the Company received an upfront payment of $150.0 million in May 2024 upon the effectiveness of the Shionogi License Agreement. The Shionogi License Agreement also requires that Shionogi pay the Company up to $275.0 million in the aggregate in milestone payments upon the completion of certain clinical and regulatory milestones and up to $330.0 million in the aggregate in milestone payments if certain sales milestones are achieved. In March 2026, a $20.0 million clinical development milestone was achieved upon dosing of the first patient in Shionogi's Phase 2 study of MZE001 in patients with Pompe disease. The Company recognized $20.0 million as license revenue in the condensed statements of operations and comprehensive loss for the three months ended March 31, 2026 in connection with the achievement of the clinical development milestone and payment for the development milestone was received in April 2026. The Shionogi License Agreement also requires that Shionogi pay the Company tiered royalties ranging from percentages in the low double-digits to twenty on net sales of licensed products, subject to certain deductions.

The Company assessed the Shionogi License Agreement in accordance with ASC 606 and concluded that it was a contract with a customer. The Company determined that there is one performance obligation relating to the license to the MZE001 program, including the underlying know-how and certain related materials, and that the transaction price at the inception of the Shionogi License Agreement consisted of the $150.0 million non-refundable upfront cash payment, which was recognized as license revenue in the statements of operations and comprehensive loss during the year ended December 31, 2024 at the point in time when control of the license and related know-how and materials was transferred to Shionogi. The $20.0 million clinical development milestone was recognized as license revenue upon its achievement in March 2026. The remaining potential clinical and regulatory milestones represent variable consideration and were constrained as it was concluded that it was not probable that a significant reversal in cumulative revenue recognized will not occur and therefore are not included in the transaction price as of June 30, 2026. Potential sales milestones and royalties on net product sales will be recognized in the same period that the underlying net product sales occur as they were determined to relate to the license.

Neurocrine License Agreement

In May 2024, the Company entered into an exclusive license agreement with Neurocrine Biosciences, Inc., or Neurocrine, pursuant to which the Company granted Neurocrine an exclusive worldwide license to a discovery research program targeting ATXN2, or the Neurocrine License Agreement. As consideration for the licensed rights and the transfer of know-how and materials, the Company received an upfront payment of $2.5 million in June 2024. Thereafter, the Company is entitled to potential subsequent payments of up to an aggregate of $24.8 million based on research and development milestones and up to an aggregate of $175.0 million based on sales milestones. The Company is also entitled to tiered royalties ranging in the sub-single-digit to low single-digit percentages on net sales of any licensed product if successfully commercialized.

The Company assessed the Neurocrine License Agreement in accordance with ASC 606 and concluded that it was a contract with a customer. The Company determined that there is one performance obligation relating to the license to the ATXN2 discovery program, including the underlying know-how and certain related materials, and that the transaction price consisted of the $2.5 million upfront cash payment. The potential research and development milestones represent variable consideration and were constrained as it was concluded that it was not probable that a significant reversal in cumulative revenue recognized will not occur and therefore not included in the transaction price as of June 30, 2026. Potential sales milestones and royalties on net product sales will be recognized in the same period that the underlying net product sales occur as they were determined to relate to the license. The $2.5 million transaction price was recorded as license revenue in the statements of operations and comprehensive loss during the year ended December 31, 2024, at the point in time when control of the license and the related know-how and materials was transferred to Neurocrine.

In August 2026, the Company received notice from Neurocrine of its intent to terminate the Neurocrine License Agreement, effective November 2026, pursuant to the terms of the agreement. The Company does not expect the termination to have a material impact on its previously recognized license revenue.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 05, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity File Number	001-42490
Entity Registrant Name	MAZE THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2635018
Entity Central Index Key	0001842295
Entity Address, Address Line One	171 Oyster Point Blvd.
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	850-5070
Title of 12(b) Security	Common Stock - par value $0.001 per share
Trading Symbol	MAZE
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		55,549,168

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	11. Related party transactions The Company has paid fees to its founders and certain board members in exchange for consulting services. During the three and six months ended June 30, 2026 and 2025, the Company recorded an immaterial amount of such fees in general and administrative expenses in the condensed statements of operations and comprehensive loss.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy.


	Fair value measurements
	(in thousands)
	Total		Level 1		Level 2		Level 3
As of June 30, 2026
Assets
Cash equivalents
Money market funds	$	81,550	$	81,550	$	—	$	—
Marketable securities
U.S. treasury securities		243,324		—		243,324		—
U.S. government agency securities		15,978		—		15,978		—
Commercial paper		17,502		—		17,502		—
Corporate debt securities		15,461		—		15,461		—
Restricted cash		1,088		1,088		—		—
Total assets measured at fair value	$	374,903	$	82,638	$	292,265	$	—

As of December 31, 2025
Assets
Cash equivalents
Money market funds	$	54,154	$	54,154	$	—	$	—
Marketable securities
U.S. treasury securities		139,453		—		139,453		—
U.S. government agency securities		23,476		—		23,476		—
Commercial paper		5,876		—		5,876		—
Corporate debt securities		1,979		—		1,979		—
Restricted cash		1,088		1,088		—		—
Total assets measured at fair value	$	226,026	$	55,242	$	170,784	$	—

Loan and Security Agreements - Summary of Tranche 1A Loan (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Debt Disclosure [Abstract]
Term loan principal amount	$ 40,000
End of term charge	2,580
Unamortized discount and issuance costs	(3,620)
Total term loan	38,960
Less: current portion of term loan	0
Total term loan, net of current portion	$ 38,960

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Net loss per share - Summary of Potential Shares of Common Stock Excluded from the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,169,936	5,358,011
Shares Subject to Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	6,125,834	5,347,639
Shares Subject to Outstanding Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,033,730
Unvested Restricted Stock Subject to Repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	10,372	10,372

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

12.

Net loss per share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(44,727	)	$	(33,679	)	$	(68,935	)	$	(66,465	)
Denominator:
Weighted-average shares of common stock outstanding		54,030,711			43,807,793			51,815,909			36,265,200
Add: weighted-average shares of common stock to be issued upon exercise of pre-funded warrants		4,975,595			—			4,655,123			—
Less: weighted-average shares of common stock subject to repurchase		(10,372	)		(10,372	)		(10,372	)		(10,372	)
Weighted-average shares of common stock outstanding used in the calculation of net loss per share, basic and diluted		58,995,934			43,797,421			56,460,660			36,254,828
Net loss per share, basic and diluted	$	(0.76	)	$	(0.77	)	$	(1.22	)	$	(1.83	)

The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:


	Six Months Ended June 30,
	2026		2025
Shares subject to outstanding stock options		6,125,834		5,347,639
Shares subject to outstanding restricted stock units		1,033,730		—
Unvested restricted stock subject to repurchase		10,372		10,372
Total		7,169,936		5,358,011

Summary of Significant Accounting Policies - Summary of Selected Financial Information with Respect to Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
License revenue					$ 20,000
Direct external research and development expenses by program:
MZE829	$ 8,444		$ 5,199		15,540	$ 9,823
MZE782	3,177		4,582		8,471	8,948
Discovery research and other programs	3,596		2,742		6,641	5,752
Internal research and development expenses:
Personnel-related	14,875		10,609		28,866	20,953
Facilities, lab supplies and other	4,848		4,976		9,570	10,212
Total research and development expenses	34,940		28,108		69,088	55,688
General and administrative expenses	13,095		8,366		25,500	16,187
Total operating expenses	48,035		36,474		94,588	71,875
Loss from operations	(48,035)		(36,474)		(74,588)	(71,875)
Segment other income, net	3,308		2,795		5,653	5,410
Net loss	$ (44,727)	$ (24,208)	$ (33,679)	$ (32,786)	$ (68,935)	$ (66,465)

Marketable securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable securities

All marketable securities were considered available-for-sale as of June 30, 2026 and December 31, 2025. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs as discussed in Note 3, Fair value measurements. The amortized cost, unrealized holding gains, unrealized holding losses and fair value of the Company’s marketable securities by major security type as of June 30, 2026 and December 31, 2025 are summarized in the table below:


	As of June 30, 2026
	(in thousands)
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Marketable securities, current
U.S. treasury securities	$	159,740	$	2	$	(239	)	$	159,503
U.S. government agency securities		15,986		—		(8	)		15,978
Commercial paper		17,527		—		(25	)		17,502
Corporate debt securities		15,492		—		(31	)		15,461
Total short-term marketable securities		208,745		2		(303	)		208,444
Marketable securities, non-current
U.S. treasury securities		83,955		3		(137	)		83,821
Total long-term marketable securities		83,955		3		(137	)		83,821
Total	$	292,700	$	5	$	(440	)	$	292,265

	December 31, 2025
	(in thousands)
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Marketable securities, current
U.S. treasury securities	$	121,246	$	93	$	—		$	121,339
U.S. government agency securities		23,467		9		—			23,476
Commercial paper		5,874		2		—			5,876
Corporate debt securities		1,979		—		—			1,979
Total short-term marketable securities		152,566		104		—			152,670
Marketable securities, non-current
U.S. treasury securities		18,108		6		—			18,114
Total long-term marketable securities		18,108		6		—			18,114
Total	$	170,674	$	110	$	—		$	170,784

Interest receivable as of June 30, 2026 and December 31, 2025 was $2.8 million and $1.5 million, respectively, and is recorded as a component of prepaid expenses and other current assets on the Company’s condensed balance sheets.

As of June 30, 2026, 66 of the Company's marketable securities were in an unrealized loss position, and no marketable securities had been in continuous unrealized loss positions for 12 months or longer. The Company has not recognized an allowance for credit losses as of June 30, 2026 or December 31, 2025. The Company determined that it has the ability and intent to hold all marketable securities that have been in a continuous unrealized loss position until their maturity or recovery of their amortized cost. Further, a majority of the Company's investments were held in U.S. government securities, and the remainder were held with investment grade, high credit quality institutions. Moreover, the Company continues to receive payments of interest and principal as they become due, and the Company's expectation is that those payments will continue to be received timely. Based on this evaluation, as of June 30, 2026, the Company determined that unrealized losses of its marketable securities were primarily attributable to changes in interest rates and non-credit related factors. As of June 30, 2026, all of the Company’s marketable securities have a remaining contractual maturity of less than two years.

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 202,643	$ 189,247
Marketable securities, current	208,444	152,670
Prepaid expenses and other current assets	9,336	7,800
Total current assets	420,423	349,717
Property and equipment, net	4,391	5,044
Restricted cash	1,088	1,088
Marketable securities, non-current	83,821	18,114
Operating lease right-of-use asset	18,442	20,116
Other assets	3,460	3,048
Total assets	531,625	397,127
Current liabilities:
Accounts payable	2,212	1,794
Accrued expenses and other current liabilities	15,866	15,967
Operating lease liabilities, current	4,883	4,795
Total current liabilities	22,961	22,556
Operating lease liabilities, net of current portion	16,580	18,511
Term loan, non-current	38,960
Other liabilities, non-current		1,094
Total liabilities	78,501	42,161
Commitments and contingencies (Note 9)
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 500,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 55,504,574 and 49,335,551 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; 10,372 shares subject to repurchase as of June 30, 2026 and December 31, 2025	56	49
Additional paid-in-capital	1,011,985	844,354
Accumulated other comprehensive (loss) income	(435)	110
Accumulated deficit	(558,482)	(489,547)
Total stockholders' equity	453,124	354,966
Total liabilities and stockholders' equity	$ 531,625	$ 397,127

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
License revenue			$ 20,000
Operating expenses:
Research and development	$ 34,940	$ 28,108	69,088	$ 55,688
General and administrative	13,095	8,366	25,500	16,187
Total operating expenses	48,035	36,474	94,588	71,875
Loss from operations	(48,035)	(36,474)	(74,588)	(71,875)
Other income (expense):
Interest and other income, net	4,239	2,795	7,450	5,410
Interest expense	(931)		(1,797)
Total other income, net	3,308	2,795	5,653	5,410
Net loss	$ (44,727)	$ (33,679)	$ (68,935)	$ (66,465)
Net loss per share, basic:	$ (0.76)	$ (0.77)	$ (1.22)	$ (1.83)
Net loss per share, diluted:	$ (0.76)	$ (0.77)	$ (1.22)	$ (1.83)
Weighted-average shares of common stock outstanding used to compute net loss per share basic:	58,995,934	43,797,421	56,460,660	36,254,828
Weighted-average shares of common stock outstanding used to compute net loss per share diluted :	58,995,934	43,797,421	56,460,660	36,254,828
Comprehensive loss:
Net loss	$ (44,727)	$ (33,679)	$ (68,935)	$ (66,465)
Other comprehensive loss:
Net unrealized loss on marketable securities	(300)		(545)
Comprehensive loss	$ (45,027)	$ (33,679)	$ (69,480)	$ (66,465)

Equity Incentive Plans and Stock-Based Compensation Expense

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan and Stock-Based Compensation Expense

Equity incentive plans and stock-based compensation expense

2025 Equity Incentive Plan

The Company’s board of directors, or Board of Directors, and stockholders approved the 2025 Equity Incentive Plan, or 2025 Plan, which became effective on January 29, 2025. The 2025 Plan replaced the 2019 Equity Incentive Plan, or 2019 Plan, and upon its effectiveness, the Company ceased granting awards under the 2019 Plan. The 2025 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The Company initially reserved 5,300,000 shares of its common stock under the 2025 Plan plus those shares of common stock previously reserved but unissued under the 2019 Plan. Any outstanding awards granted under the 2019 Plan will remain subject to the terms of the 2019 Plan and applicable award agreements. The number of shares reserved for issuance under the 2025 Plan will increase automatically on January 1st each year from 2026 through 2035 by the number of shares equal to the lesser of 5% of the sum of (a) the total number of outstanding shares of all classes of the Company’s common stock plus (b) the total number of shares of the Company’s common stock subject to pre-funded warrants (if any) and (c) the total number of shares of the Company’s common stock issuable upon conversion of preferred stock (if any), in each case as of the immediately preceding December 31st, or a number as may be determined by the Board of Directors or compensation committee thereof. Accordingly, the Company’s common stock reserved for future issuance under the 2025 Plan was increased by 2,683,332 shares on January 1, 2026.

As of June 30, 2026, there was an aggregate of 6,125,834 options outstanding under the 2019 Plan and 2025 Plan and 1,033,730 restricted stock units, or RSUs, outstanding under the 2025 Plan.

2025 Employee Stock Purchase Plan

The Board of Directors and stockholders approved the 2025 Employee Stock Purchase Plan, or 2025 ESPP, which became effective on January 30, 2025. The number of shares initially available for issuance pursuant to the 2025 ESPP was 450,000 shares. The purchase price of common stock purchased under the 2025 ESPP is equal to 85% of the lesser of the fair market value of the Company’s common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of each purchase period in the applicable offering period. The aggregate number of shares reserved for sale under the 2025 ESPP will increase automatically on January 1st each year from 2026 through 2035 by the number of shares equal to 1% of the sum of (a) the total number of outstanding shares of all classes of the Company’s common stock plus (b) the total number of shares of the Company’s common stock subject to pre-funded warrants (if any) and (c) the total number of shares of the Company’s common stock issuable upon conversion of preferred stock (if any), in each case outstanding as of the immediately preceding December 31st, provided that the Board of Directors or compensation committee may in its sole discretion reduce the amount of the increase in any particular calendar year. Accordingly, the number of shares reserved for future issuance under the 2025 ESPP was increased by 536,666 shares on January 1, 2026. During the three and six months ended June 30, 2026, 83,257 shares were issued under the 2025 ESPP and 53,716 shares were issued under the 2025 ESPP during the same periods in 2025.

Stock-based compensation expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive loss during the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Research and development	$	4,603	$	1,998	$	8,131	$	3,856
General and administrative		4,584		1,239		8,165		2,607
Total stock-based compensation expense	$	9,187	$	3,237	$	16,296	$	6,463

As of June 30, 2026, there was $55.7 million of total unrecognized compensation cost related to unvested options for which the cost is expected to be recognized over a weighted-average period of 2.70 years. As of June 30, 2026, there was $1.4 million of total unrecognized compensation cost related to the 2025 ESPP for which the cost is expected to be recognized over a weighted-average period of 1.12 years.

Total stock-based compensation expense related to RSUs recognized during the three and six months ended June 30, 2026 was $3.0 million and $5.2 million, respectively, and is included in the stock-based compensation expense table above. No stock-based compensation expense related to RSUs was recognized during the three and six months ended June 30, 2025. As of June 30, 2026, there was $27.0 million of total unrecognized compensation cost related to outstanding RSUs that is expected to be recognized over a weighted average period of 2.26 years.

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Components [Abstract]

Balance Sheet Components

Balance sheet components

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of June 30,		As of December 31,
	2026		2025
	(in thousands)
Accrued compensation expenses	$	6,927	$	10,853
Accrued research and development expenses		7,009		4,305
Accrued professional expenses		1,530		660
Other		400		149
Total accrued expenses and other current liabilities	$	15,866	$	15,967

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Selected Financial Information with Respect to Operating Segment

The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
License revenue	$	—		$	—		$	20,000		$	—
Direct external research and development expenses by program:
MZE829		8,444			5,199			15,540			9,823
MZE782		3,177			4,582			8,471			8,948
Discovery research and other programs		3,596			2,742			6,641			5,752
Internal research and development expenses:
Personnel-related		14,875			10,609			28,866			20,953
Facilities, lab supplies and other		4,848			4,976			9,570			10,212
Total research and development expenses		34,940			28,108			69,088			55,688
General and administrative expenses		13,095			8,366			25,500			16,187
Segment operating expenses		48,035			36,474			94,588			71,875
Segment loss from operations		(48,035	)		(36,474	)		(74,588	)		(71,875	)
Segment other income, net		3,308			2,795			5,653			5,410
Segment loss	$	(44,727	)	$	(33,679	)	$	(68,935	)	$	(66,465	)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Equity Incentive Plans and Stock-Based Compensation Expense - Summary of Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 9,187	$ 3,237	$ 16,296	$ 6,463
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,584	1,239	8,165	2,607
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,603	$ 1,998	$ 8,131	$ 3,856

Marketable securities - Summary of Amortized Cost, Gross Unrealized Holding Gains and Losses, and Fair Value of the Company's Cash Equivalents Marketable Securities by Major Security Type (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 292,700	$ 170,674
Unrealized Gains	5	110
Unrealized Losses	(440)
Aggregate Estimated Fair Value	292,265	170,784
Short-term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	208,745	152,566
Unrealized Gains	2	104
Unrealized Losses	(303)
Aggregate Estimated Fair Value	208,444	152,670
Short-term Marketable Securities \| U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	159,740	121,246
Unrealized Gains	2	93
Unrealized Losses	(239)
Aggregate Estimated Fair Value	159,503	121,339
Short-term Marketable Securities \| U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	15,986	23,467
Unrealized Gains		9
Unrealized Losses	(8)
Aggregate Estimated Fair Value	15,978	23,476
Short-term Marketable Securities \| Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	17,527	5,874
Unrealized Gains		2
Unrealized Losses	(25)
Aggregate Estimated Fair Value	17,502	5,876
Short-term Marketable Securities \| Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	15,492	1,979
Unrealized Losses	(31)
Aggregate Estimated Fair Value	15,461	1,979
Long-term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	83,955	18,108
Unrealized Gains	3	6
Unrealized Losses	(137)
Aggregate Estimated Fair Value	83,821	18,114
Long-term Marketable Securities \| U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	83,955	18,108
Unrealized Gains	3	6
Unrealized Losses	(137)
Aggregate Estimated Fair Value	$ 83,821	$ 18,114

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value measurements

The following tables summarize the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy.


	Fair value measurements
	(in thousands)
	Total		Level 1		Level 2		Level 3
As of June 30, 2026
Assets
Cash equivalents
Money market funds	$	81,550	$	81,550	$	—	$	—
Marketable securities
U.S. treasury securities		243,324		—		243,324		—
U.S. government agency securities		15,978		—		15,978		—
Commercial paper		17,502		—		17,502		—
Corporate debt securities		15,461		—		15,461		—
Restricted cash		1,088		1,088		—		—
Total assets measured at fair value	$	374,903	$	82,638	$	292,265	$	—

As of December 31, 2025
Assets
Cash equivalents
Money market funds	$	54,154	$	54,154	$	—	$	—
Marketable securities
U.S. treasury securities		139,453		—		139,453		—
U.S. government agency securities		23,476		—		23,476		—
Commercial paper		5,876		—		5,876		—
Corporate debt securities		1,979		—		1,979		—
Restricted cash		1,088		1,088		—		—
Total assets measured at fair value	$	226,026	$	55,242	$	170,784	$	—

There were no transfers between Level 1, 2, or 3 during the three and six months ended June 30, 2026 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (68,935)	$ (66,465)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	835	1,333
Stock-based compensation expense	16,296	6,463
Non-cash lease expense	1,674	1,543
Amortization of premiums on marketable securities, net	5
Amortization of debt discount and debt issuance costs	498
Other items, net	18	21
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,536)	(1,750)
Other assets	(412)	18
Accounts payable	418	1,846
Accrued expenses and other liabilities	(90)	(957)
Operating lease liabilities	(1,843)	(1,620)
Long-term liabilities	(1,094)
Net cash used in operating activities	(54,166)	(59,568)
Investing activities
Purchases of marketable securities	(186,031)
Maturities of marketable securities	64,000
Purchases of property and equipment	(200)	(692)
Net cash used in investing activities	(122,231)	(692)
Financing activities
Proceeds from underwritten registered offering, net	145,659
Proceeds from debt issuance, net	39,401
Payment of debt issuance costs	(939)
Proceeds from exercise of stock option awards	5,775	126
Proceeds from issuance of common stock under the 2025 Employee Stock Purchase Plan	998	612
Proceeds from initial public offering, net		130,200
Payment of success fee derivative		(500)
Net cash provided by financing activities	189,793	127,990
Net increase in cash, cash equivalents and restricted cash	13,396	67,730
Cash, cash equivalents, and restricted cash at beginning of the period	190,335	197,900
Cash, cash equivalents, and restricted cash at end of the period	203,731	265,630
Reconciliation to cash, cash equivalents, and restricted cash:
Cash and cash equivalents	202,643	264,541
Restricted cash	1,088	1,089
Total cash, cash equivalents, and restricted cash	203,731	265,630
Underwriting Agreement
Financing activities
Payment of offering costs	(1,090)
Private Placement
Financing activities
Payment of offering costs	$ (11)
Initial Public Offering
Financing activities
Payment of offering costs		$ (2,448)

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2026 USD ($)
URO
Issuance costs	$ 5,595

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	55,504,574	49,335,551
Common stock, shares, outstanding	55,504,574	49,335,551
Common stock, shares, subject to repurchase	10,372	10,372
Preferred Stock
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(44,727	)	$	(33,679	)	$	(68,935	)	$	(66,465	)
Denominator:
Weighted-average shares of common stock outstanding		54,030,711			43,807,793			51,815,909			36,265,200
Add: weighted-average shares of common stock to be issued upon exercise of pre-funded warrants		4,975,595			—			4,655,123			—
Less: weighted-average shares of common stock subject to repurchase		(10,372	)		(10,372	)		(10,372	)		(10,372	)
Weighted-average shares of common stock outstanding used in the calculation of net loss per share, basic and diluted		58,995,934			43,797,421			56,460,660			36,254,828
Net loss per share, basic and diluted	$	(0.76	)	$	(0.77	)	$	(1.22	)	$	(1.83	)

Summary of Potential Shares of Common Stock Excluded from the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders


	Six Months Ended June 30,
	2026		2025
Shares subject to outstanding stock options		6,125,834		5,347,639
Shares subject to outstanding restricted stock units		1,033,730		—
Unvested restricted stock subject to repurchase		10,372		10,372
Total		7,169,936		5,358,011

Equity Incentive Plans and Stock-Based Compensation Expense (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Components of Stock-based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Research and development	$	4,603	$	1,998	$	8,131	$	3,856
General and administrative		4,584		1,239		8,165		2,607
Total stock-based compensation expense	$	9,187	$	3,237	$	16,296	$	6,463

Loan and security agreements

6 Months Ended

Jun. 30, 2026

Disclosure Loan And Security Agreements [Abstract]

Loan and security agreements

10.

Loan and security agreements

Hercules Loan and Security Agreement

On February 4, 2026, or the Closing Date, the Company entered into the Hercules Loan Agreement. The Hercules Loan Agreement provides for a senior secured term loan facility in an aggregate principal amount of up to $200.0 million, or the Hercules Term Loan Facility. An initial term loan of $40.0 million, or the Tranche 1A Loan, was funded under the Hercules Term Loan Facility on the Closing Date. In addition to the Tranche 1A Loan, the Hercules Term Loan Facility includes up to six additional term loan tranches providing up to an aggregate $160.0 million in additional loan commitments (collectively with the Tranche 1A Loan, the Term Loans). The final tranche of $50.0 million will be available subject to future approval by the lenders’ investment committee. The tranches will be available up to 60 months after the Closing Date, so long as the Company satisfies certain conditions precedent, including compliance with financial covenants, the continued accuracy of the representations and warranties provided in the Hercules Loan Agreement and satisfaction of certain performance and financing milestones.

The Hercules Term Loan Facility has a maturity date of February 1, 2031, or the Maturity Date. Upon repayment of the Term Loans (whether at the Maturity Date or upon earlier prepayment), the Company is required to pay an exit fee, or the End of Term Charge, equal to (i) 3.95% of the principal amount being repaid, if repaid on or within 24 months of the Closing Date, (ii) 5.75% of the principal amount being repaid, if repaid more than 24 months after the Closing Date and on or within 48 months of the Closing Date, and (iii) 6.45% of the principal amount being repaid, if repaid thereafter. In addition, the Hercules Loan Agreement required the Company to pay a facility charge of 1.00% of the funded Tranche 1A Loan, which was due at the Closing Date, and requires a facility charge of 1.00% for each subsequent term loan tranche at the time such tranche is funded. The Company also paid a draw down fee of 2.00% of the funded Tranche 1A Loan and is required to pay subsequent draw down fees equal to 2.00% of each subsequent term loan tranche at the time such tranche is funded.

The Hercules Term Loan Facility will accrue interest at an annual rate determined by reference to the Prime Rate as reported in the Wall Street Journal, with interest rate floors that range from 7.95% (with respect to the Tranche 1A Loan funded on the Closing Date, among other tranches) to 9.25% depending on the tranche. The Hercules Term Loan Facility provides for payment of interest only until (a) 48 months after the Closing Date or (b) if certain performance and financing milestones are satisfied, 60 months after the Closing Date. Accrued interest on the Term Loans is payable on the first business day of each month. Upon an Event of Default (as defined in the Hercules Loan Agreement), the interest rate will automatically increase by an additional 4.00% per annum.

The Term Loans may be prepaid at any time, subject to a prepayment premium equal to (i) 3.00% of the aggregate outstanding principal amount being prepaid, if prepaid on or within 12 months of the Closing Date; (ii) 2.00% of the aggregate outstanding principal amount being prepaid, if prepaid more than 12 months after the Closing Date and on or within 24 months of the Closing Date; (iii) 1.00% of the aggregate outstanding principal amount being prepaid, if prepaid more than 24 months after the Closing Date and on or within 36 months of the Closing Date; and (iv) 0.00% thereafter, and the End of Term Charge described above.

Pursuant to the Hercules Loan Agreement, all of the Company’s obligations under the Hercules Loan Agreement are secured by a first lien perfected security interest on substantially all of the Company’s existing and after-acquired assets, subject to customary exceptions.

The Hercules Loan Agreement contains certain representations and warranties, affirmative covenants, negative covenants, financial covenants, and conditions that are customarily required for similar financings. In addition, unless either (i) the Company’s market capitalization is greater than or equal to $450.0 million and an aggregate of no more than $85.0 million in principal amount is outstanding under the Term Loans or (ii) the Company’s market capitalization is greater than or equal to $750.0 million, the Company must at all other times maintain unrestricted cash and cash equivalents of at least 50% of the outstanding loan amount, decreasing to 40% and 35% upon satisfaction of certain performance and financing milestones.

The Hercules Loan Agreement also contains certain customary Events of Default which include, among others, non-payment of principal, interest, or fees, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments, cross-defaults to material contracts, certain material regulatory-related events and events constituting a change of control. The occurrence of an Event of Default could result in, among other things, the declaration that all outstanding principal and interest under the Hercules Term Loan Facility are immediately due and payable in whole or in part. As of June 30, 2026, the Company was in compliance with the covenants under the Hercules Loan Agreement.

The Company accounted for the End of Term Charge, facility charge, and other direct costs incurred in connection with the Tranche 1A Loan of the Hercules Loan Agreement as debt discount and issuance costs, and they are being amortized over the term of the loan using the effective interest method. The weighted-average effective interest rate on the Tranche 1A Loan is 9.77%.

The Company incurred interest expense on the Tranche 1A Loan, including the amortization of debt discount and issuance costs, of $0.9 million and $1.8 million during the three and six months ended June 30, 2026, respectively.

The Tranche 1A Loan consists of the following:


	As of June 30,
	2026
	(in thousands)
Term loan principal amount	$	40,000
End of term charge		2,580
Unamortized discount and issuance costs		(3,620	)
Total term loan		38,960
Less: current portion of term loan		—
Total term loan, net of current portion	$	38,960

Future principal loan payments on the currently outstanding Tranche 1A Loan as June 30, 2026 are as follows:


Year Ending December 31,	Amount
	(in thousands)
2026	$	—
2027		—
2028		—
2029		—
2030		33,602
2031		6,398
Total future principal payments		40,000
Add: end of term charge		2,580
Less: unamortized discount and issuance costs		(3,620	)
Less: current portion of term loan		—
Total term loan, net of current portion	$	38,960

Banc of California Loan and Security Agreement

In connection with the Company’s entry into the Hercules Loan Agreement, the loan and security agreement for a $50.0 million revolving line of credit with Banc of California dated June 27, 2022, as amended in March 2025, was terminated, effective as of February 2, 2026, and the lender’s security interest in the Company’s assets and property was released.

Loan and Security Agreements (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Summary of Tranche 1A Loan

The Tranche 1A Loan consists of the following:


	As of June 30,
	2026
	(in thousands)
Term loan principal amount	$	40,000
End of term charge		2,580
Unamortized discount and issuance costs		(3,620	)
Total term loan		38,960
Less: current portion of term loan		—
Total term loan, net of current portion	$	38,960

Summary of Future Principal Loan Payments on Currently Outstanding Tranche 1A Loan

Future principal loan payments on the currently outstanding Tranche 1A Loan as June 30, 2026 are as follows:


Year Ending December 31,	Amount
	(in thousands)
2026	$	—
2027		—
2028		—
2029		—
2030		33,602
2031		6,398
Total future principal payments		40,000
Add: end of term charge		2,580
Less: unamortized discount and issuance costs		(3,620	)
Less: current portion of term loan		—
Total term loan, net of current portion	$	38,960

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	IPO	URO	Redeemable Convertible Preferred Stock	Common Stock	Common Stock IPO	Common Stock URO	Additional Paid-in Capital	Additional Paid-in Capital IPO	Additional Paid-in Capital URO	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance, Shares at Dec. 31, 2024				297,205,041
Beginning balance at Dec. 31, 2024				$ 508,087
Beginning balance, Shares at Dec. 31, 2024					2,446,864
Beginning balance at Dec. 31, 2024	$ (311,183)				$ 2			$ 47,242				$ (358,427)
Issuance of common stock in connection with initial public offering/Issuance of common stock and pre-funded warrants to purchase common stock in connection with underwritten registered offering, net of issuance costs, Shares						8,750,000
Issuance of common stock in connection with initial public offering/Issuance of common stock and pre-funded warrants to purchase common stock in connection with underwritten registered offereing, net of issuance costs		$ 124,598				$ 9			$ 124,589
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, Shares				(297,205,041)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering				$ (508,087)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, Shares					32,586,823
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	508,087				$ 33			508,054
Exercise of stock options, Shares					13,479
Exercise of stock options	126							126
Stock-based compensation expense	3,226							3,226
us-gaap:NetIncomeLoss	(32,786)											(32,786)
Ending balance, Shares at Mar. 31, 2025					43,797,166
Ending balance at Mar. 31, 2025	292,068				$ 44			683,237				(391,213)
Beginning balance, Shares at Dec. 31, 2024				297,205,041
Beginning balance at Dec. 31, 2024				$ 508,087
Beginning balance, Shares at Dec. 31, 2024					2,446,864
Beginning balance at Dec. 31, 2024	(311,183)				$ 2			47,242				(358,427)
us-gaap:NetIncomeLoss	(66,465)
Ending balance, Shares at Jun. 30, 2025					43,850,884
Ending balance at Jun. 30, 2025	262,238				$ 44			687,086				(424,892)
Beginning balance, Shares at Mar. 31, 2025					43,797,166
Beginning balance at Mar. 31, 2025	292,068				$ 44			683,237				(391,213)
Issuance of common stock under the 2025 Employee Stock Purchase Plan, Shares					53,716
Issuance of common stock under the 2025 Employee Stock Purchase Plan	612							612
Issuance of common stock upon vesting of restricted stock awards/Issuance of restricted stock, Shares					2
Stock-based compensation expense	3,237							3,237
us-gaap:NetIncomeLoss	(33,679)											(33,679)
Ending balance, Shares at Jun. 30, 2025					43,850,884
Ending balance at Jun. 30, 2025	$ 262,238				$ 44			687,086				(424,892)
Beginning balance, Shares at Dec. 31, 2025	49,335,551				49,335,551
Beginning balance at Dec. 31, 2025	$ 354,966				$ 49			844,354			$ 110	(489,547)
Exercise of stock options, Shares					402,067
Exercise of stock options	4,079				$ 1			4,078
Issuance of common stock upon vesting of restricted stock awards/Issuance of restricted stock, Shares					1
Stock-based compensation expense	7,109							7,109
Net unrealized loss on marketable securities	(245)										(245)
us-gaap:NetIncomeLoss	(24,208)											(24,208)
Ending balance, Shares at Mar. 31, 2026					49,737,619
Ending balance at Mar. 31, 2026	$ 341,701				$ 50			855,541			(135)	(513,755)
Beginning balance, Shares at Dec. 31, 2025	49,335,551				49,335,551
Beginning balance at Dec. 31, 2025	$ 354,966				$ 49			844,354			110	(489,547)
Net unrealized loss on marketable securities	(545)
us-gaap:NetIncomeLoss	$ (68,935)
Ending balance, Shares at Jun. 30, 2026	55,504,574				55,504,574
Ending balance at Jun. 30, 2026	$ 453,124				$ 56			1,011,985			(435)	(558,482)
Beginning balance, Shares at Mar. 31, 2026					49,737,619
Beginning balance at Mar. 31, 2026	341,701				$ 50			855,541			(135)	(513,755)
Issuance of common stock in connection with initial public offering/Issuance of common stock and pre-funded warrants to purchase common stock in connection with underwritten registered offering, net of issuance costs, Shares							5,540,000
Issuance of common stock in connection with initial public offering/Issuance of common stock and pre-funded warrants to purchase common stock in connection with underwritten registered offereing, net of issuance costs			$ 144,569				$ 6			$ 144,563
Exercise of stock options, Shares					143,698
Exercise of stock options	1,696							1,696
Issuance of common stock under the 2025 Employee Stock Purchase Plan, Shares					83,257
Issuance of common stock under the 2025 Employee Stock Purchase Plan	998							998
Stock-based compensation expense	9,187							9,187
Net unrealized loss on marketable securities	(300)										(300)
us-gaap:NetIncomeLoss	$ (44,727)											(44,727)
Ending balance, Shares at Jun. 30, 2026	55,504,574				55,504,574
Ending balance at Jun. 30, 2026	$ 453,124				$ 56			$ 1,011,985			$ (435)	$ (558,482)

Marketable securities - Additional Information (Details)	Jun. 30, 2026 USD ($) MarketableSecurities	Dec. 31, 2025 USD ($)
Marketable Securities [Line Items]
Interest receivable	$ 2,800,000	$ 1,500,000
Number of marketable securities that were in an unrealized loss position \| MarketableSecurities	66
Number of marketable securities unrealized loss positions for 12 months or longer	$ 0
Maximum
Marketable Securities [Line Items]
Marketable securities remaining contractual maturity	2 years

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of presentation

Use of estimates

Segment reporting


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
License revenue	$	—		$	—		$	20,000		$	—
Direct external research and development expenses by program:
MZE829		8,444			5,199			15,540			9,823
MZE782		3,177			4,582			8,471			8,948
Discovery research and other programs		3,596			2,742			6,641			5,752
Internal research and development expenses:
Personnel-related		14,875			10,609			28,866			20,953
Facilities, lab supplies and other		4,848			4,976			9,570			10,212
Total research and development expenses		34,940			28,108			69,088			55,688
General and administrative expenses		13,095			8,366			25,500			16,187
Segment operating expenses		48,035			36,474			94,588			71,875
Segment loss from operations		(48,035	)		(36,474	)		(74,588	)		(71,875	)
Segment other income, net		3,308			2,795			5,653			5,410
Segment loss	$	(44,727	)	$	(33,679	)	$	(68,935	)	$	(66,465	)

Fair value measurement

The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows:

•

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

•

Cash, cash equivalents and restricted cash

Deferred offering costs

Debt issuance costs and debt discount

Revenue recognition

Net loss per share

Recently adopted accounting pronouncements / New accounting pronouncements-Not yet adopted

Recently adopted accounting pronouncements

New accounting pronouncements—Not yet adopted