Maze Therapeutics, Inc. 8-K

What Happened
Maze Therapeutics, Inc. announced on Feb 4, 2026 that it entered into a Loan and Security Agreement with Hercules Capital providing a senior secured term loan facility of up to $200.0 million. An initial Tranche 1A loan of $40.0 million was funded on the closing date (net proceeds to Maze ≈ $38.4 million after fees). The facility matures on Feb 1, 2031 and is secured by a first-priority lien on substantially all of the company’s existing and after-acquired assets. In connection with the Hercules financing, the company terminated its prior loan and security agreement with Banc of California effective Feb 2, 2026 and Banc of California’s security interest was released.

Key Details

• Facility size: up to $200.0 million; initial funded tranche: $40.0 million (net ≈ $38.4M).
• Maturity: February 1, 2031. Interest: tied to the Wall Street Journal prime rate with floors from 7.95% to 9.25% depending on tranche; +4.00% on default.
• Interest-only payment period: until 48 months after closing (or 60 months if certain milestones are met); interest paid monthly.
• Fees and prepayment/exit costs: exit fee on repayment of 3.95% (≤24 months), 5.75% (24–48 months), 6.45% (>48 months); prepayment premiums of 3.0% (≤12 months), 2.0% (12–24 months), 1.0% (24–36 months), 0% thereafter, plus the exit fee.
• Covenants and protections: customary affirmative and negative covenants, financial covenants, Events of Default; requirement to maintain minimum unrestricted cash (generally 50% of outstanding loan, reducible to 40% and 35% upon meeting milestones) unless certain market-cap thresholds are met.
• The full loan agreement will be filed as an exhibit to the company’s 10‑Q for the quarter ending March 31, 2026.

Why It Matters
This financing gives Maze an immediate cash infusion (≈$38.4M net) and access to up to $200M over time, which can extend runway or fund development programs. However, the loan is senior secured and includes cash-maintenance requirements, covenants and fees that could limit flexibility (e.g., restrictions on new debt, liens, certain transactions) and increase cash outflows due to interest, exit fees and potential prepayment premiums. Investors should note the collateral pledge and covenant thresholds that may affect the company’s operational and financing options; the full agreement will be available in the company’s upcoming 10‑Q.