(Reuters) - Biotech firm Maze Therapeutics, backed by Third Rock Ventures, revealed a profit for the first nine months of 2024 in its paperwork for a U.S. initial public offering (IPO) filing on Tuesday.
The U.S. IPO market has seen an uptick amid falling interest rates, strong equity markets, and hopes of a friendlier regulatory environment under the incoming Trump administration.
Maze's decision follows a strong 2024 for biotech companies, with firms such as Septerna and Bicara Therapeutics receiving a positive response from investors at their debut.
Maze said it earned $9.03 million for the nine months ended Sept. 30, 2024, compared with a loss of $73.84 million in the year-ago period.
The terms of the IPO were not disclosed in the offering.
The San Francisco, California-based company is also backed by healthcare investors ARCH Venture Partners and General Catalyst.
Maze is advancing two fully-owned lead programs, MZE829 and MZE782, both of which represent a "novel precision medicine-based" approach for chronic kidney disease.
The funds raised from the IPO will be used to advance the clinical development of these lead programs.
The company is also developing another program, MZE001, for a genetic disorder called Pompe disease through a partnership agreement with Japanese firm Shionogi.
France-based healthcare company Sanofi (NASDAQ:SNY) had previously announced a global licensing agreement with Maze for MZE001 in May 2023.
However, Sanofi later scrapped the agreement following an administrative complaint issued by the Federal Trade Commission, which cited the French firm's monopoly in the treatment of Pompe disease.
Maze Therapeutics intends to list its shares on the Nasdaq Global Market under the ticker symbol "MAZE".
J.P. Morgan, TD Cowen, Leerink Partners and Guggenheim Securities are the lead underwriters of the offering.