MaaT Pharma (MAAT) H2 2025 earnings summary

Executive summary

• Achieved all endpoints in the pivotal ARES trial for XervytegⓇ (MaaT013) in 3rd-line aGvHD, with a GI-ORR of 62% and 1-year OS of 54%, advancing through EMA review and commercial readiness with Clinigen.

• Clinigen agreement secured for MaaT013 commercialization, including €10.5 million upfront, up to €18 million in milestones, and EAP transition completed.

• Cash position of €24.9 million as of December 31, 2025, with a runway to August 2026, not including potential milestone payments.

• Multiple clinical and preclinical assets in oncology, including MaaT033 (PHOEBUS trial) and MaaT034, with significant milestones expected through 2028.

Financial highlights

• 2025 revenues reached €4.5 million, up 38% year-over-year, driven by EAP growth.

• Cash and cash equivalents at year-end 2025 were €24.9 million, up from €20.2 million in 2024.

• Additional €6 million EIB Tranche B funding expected; potential €12 million milestone from Clinigen upon EMA approval.

• Upfront payment of €10.5M, €12M MAA milestone, up to €6M sales milestones, and mid-thirties royalties from Clinigen partnership.

• Net loss widened to €31.1 million from €28.9 million in 2024, reflecting increased R&D and SG&A expenses.

Outlook and guidance

• EMA decision on XervytegⓇ expected mid-2026; potential for first microbiota therapy approval in oncology worldwide and €12 million milestone payment.

• Cash runway extends to August 2026, with further funding options under exploration.

• PHOEBUS topline results for MaaT033 expected Q4 2028; MaaT034 first-in-human trial targeted for 2027, subject to funding.

• U.S. clinical activities for MaaT013 deferred until after EMA review outcome; ongoing FDA discussions.