SCHEDULE: Frazier Life Sciences Funds Report 9.0% Stake in Maze Therapeutics

Frazier Life Sciences Public Fund and affiliated entities disclose a combined 9.0% beneficial ownership in Maze Therapeutics, Inc. common stock.

Summary

• Frazier Life Sciences Public Fund, L.P. and its affiliates (FHMLSP, L.P. and FHMLSP, L.L.C.) beneficially own 4,342,266 shares of Maze Therapeutics, Inc. common stock, representing 9.0% of the outstanding class.
• This ownership includes shares acquired through a merger with Frazier Life Sciences Public Overage Fund, L.P.
• Frazier Life Sciences X, L.P. and its affiliates (FHMLS X, L.P., FHMLS X, L.L.C., James N. Topper, and Patrick J. Heron) beneficially own 75,982 shares, or 0.2% of the class.
• Frazier Life Sciences XI, L.P. and its affiliates (FHMLS XI, L.P. and FHMLS XI, L.L.C.) beneficially own 149,026 shares, or 0.3% of the class.
• Frazier Life Sciences XII, L.P. and its affiliates (FHMLS XII, L.P. and FHMLS XII, L.L.C.) currently hold 0 shares of common stock.
• The beneficial ownership percentages are calculated based on 48,119,444 shares of common stock outstanding as of November 3, 2025.
• The reporting persons also hold warrants to purchase additional shares, subject to a 9.99% beneficial ownership limitation upon exercise, including 1,702,935 warrants for FLSPF, 54,280 for FLS X, 144,532 for FLS XI, and 252,231 for FLS XII.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant stake by a specialized life sciences fund signals institutional confidence in Maze Therapeutics, although it is a routine disclosure of ownership rather than new investment.

Positives

• Significant institutional investment by Frazier Life Sciences funds indicates confidence in Maze Therapeutics' long-term prospects.
• The acquisition of shares through a merger suggests a consolidation of holdings, potentially streamlining investment management.
• The holding of warrants provides potential for increased future investment in Maze Therapeutics.

Risks

• The beneficial ownership limitation on warrants (9.99%) could restrict the immediate full exercise of all warrants, potentially limiting the reporting persons' ability to increase their stake rapidly beyond this threshold.
• Changes in the investment strategy of Frazier Life Sciences funds could lead to future sales of Maze Therapeutics shares, potentially impacting stock price.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from Maze Therapeutics. However, the significant institutional ownership by Frazier Life Sciences funds suggests a long-term investment perspective, potentially signaling confidence in the issuer's future.

Industry Context

StockSavvy.ai notes that significant institutional ownership, such as the 9.0% stake reported by Frazier Life Sciences Public Fund, is common in the biotechnology sector, where early-stage companies often rely on venture capital and specialized life sciences funds for funding and strategic support. This level of ownership by a prominent life sciences investor like Frazier can be viewed positively, as it often implies thorough due diligence and a belief in the company's therapeutic pipeline or technological platform. It also positions Maze Therapeutics within a network of companies supported by a key industry player.

Comparison to Industry Standards

• Frazier Life Sciences is a well-known venture capital firm specializing in healthcare and life sciences. Their investment in Maze Therapeutics aligns with their typical strategy of backing innovative biotech companies.
• A 9.0% stake is a substantial position for an institutional investor, indicating a high conviction in Maze Therapeutics, comparable to significant early-stage investments seen in other biotech firms like Moderna (early investments by Flagship Pioneering) or BioNTech (early investments by the Strüngmann family office).
• The use of warrants with beneficial ownership limitations is a standard mechanism for institutional investors to maintain flexibility while adhering to regulatory thresholds, similar to how funds manage stakes in companies like CRISPR Therapeutics or Editas Medicine.

Related Party Transactions

• Shares beneficially owned by Frazier Life Sciences Public Fund, L.P. were acquired from Frazier Life Sciences Public Overage Fund, L.P. pursuant to a merger between the two entities.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by Frazier Life Sciences funds may instill confidence among existing and potential shareholders, suggesting validation of Maze Therapeutics' value proposition.
• Management: The presence of a large, specialized investor could lead to increased scrutiny or strategic input, potentially influencing corporate decisions.

Key Dates

Recommendation

The filing is a routine disclosure of beneficial ownership by a significant institutional investor. While the substantial stake by Frazier Life Sciences funds is a positive signal of institutional confidence, it does not present new operational or financial information that would warrant an immediate 'buy' or 'sell' recommendation. Investors should 'hold' and monitor future developments, including any changes in the fund's position or Maze Therapeutics' operational performance.

Keywords

Maze Therapeutics, Frazier Life Sciences, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Biotechnology, Warrants, SEC Filing