(Reuters) – Biotech agency Maze Therapeutics, backed by Third Rock Ventures, revealed a revenue for the primary 9 months of 2024 in its paperwork for a U.S. preliminary public providing (IPO) submitting on Tuesday.
The U.S. IPO market has seen an uptick amid falling rates of interest, robust fairness markets, and hopes of a friendlier regulatory atmosphere underneath the incoming Trump administration.
Maze’s determination follows a powerful 2024 for biotech corporations, with corporations equivalent to Septerna and Bicara Therapeutics receiving a optimistic response from traders at their debut.
Maze mentioned it earned $9.03 million for the 9 months ended Sept. 30, 2024, in contrast with a lack of $73.84 million within the year-ago interval.
The phrases of the IPO weren’t disclosed within the providing.
The San Francisco, California-based firm can also be backed by healthcare traders ARCH Enterprise Companions and Common Catalyst.
Maze is advancing two fully-owned lead applications, MZE829 and MZE782, each of which signify a “novel precision medicine-based” method for power kidney illness.
The funds raised from the IPO will likely be used to advance the scientific improvement of those lead applications.
The corporate can also be creating one other program, MZE001, for a genetic dysfunction known as Pompe illness via a partnership settlement with Japanese agency Shionogi.
France-based healthcare firm Sanofi (NASDAQ:) had beforehand introduced a world licensing settlement with Maze for MZE001 in Might 2023.
Nevertheless, Sanofi later scrapped the settlement following an administrative criticism issued by the Federal Commerce Fee, which cited the French agency’s monopoly within the therapy of Pompe illness.
Maze Therapeutics intends to listing its shares on the Nasdaq International Market underneath the ticker image “MAZE”.
J.P. Morgan, TD Cowen, Leerink Companions and Guggenheim Securities are the lead underwriters of the providing.
