COMP <GO>

MAZE vs NVAX // EV/EBITDA & P/E VALUATION

Maze Therapeutics Inc. (NASDAQ) VS. Novavax Inc. (NASDAQ) • 15-METRIC TALLY: MAZE 3 — NVAX 2

■ METRIC PARITY

LAST: $31.93 (+0.63%) • MKT CAP: $1.77B

valuation

—

LAST: $10.47 (+1.45%) • MKT CAP: $1.73B

valuation

3.3x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MAZE VS. NVAX) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	MAZE	NVAX	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	93.50%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-35.00%	85.00%	-120.00	NVAX	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	3.3x	—	TIE	/valuation <GO>
Free Cash Flow Yield	-6.36%	-14.17%	+7.81	MAZE	/fcf-yield <GO>
Operating Margin	—	40.30%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	39.20%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	64.70%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	0.20	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	5/9	-3.00	NVAX	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	63.3	44.9	+18.37	MAZE	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	3.5x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.77B	$1.73B	$46.7M	MAZE	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	MAZE REV	NVAX REV	MAZE GROSS %	NVAX GROSS %	MAZE FCF	NVAX FCF
FY 2025	$0	$1.12B	—	93.5%	-$112.7M	-$244.6M
FY 2024	$167.5M	$682.2M	—	70.3%	$74.8M	-$87.3M
FY 2023	—	$983.7M	—	—	—	-$714.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

MAZE // BETA —

NVAX // BETA —