MaaT Pharma (MAAT) H1 2024 earnings summary

Executive summary

• Positive efficacy and safety data for MaaT013 in aGvHD with 63% GI-ORR at D28 and 42% 18-month OS, supporting ongoing Phase 3 ARES trial.

• Completed patient recruitment for Phase 2b PICASSO trial in metastatic melanoma; data readout expected Q4 2024/Q1 2025.

• Advanced clinical supply readiness for MaaT013 in US and Europe; positive DSMB review for Phase 2b PHOEBUS trial of MaaT033 in blood cancers.

• Raised €17.3 million in May 2024, extending cash runway into Q2 2025.

Financial highlights

• H1 2024 revenue of €1.7 million, up from €1.4 million in H1 2023, driven by increased demand for MaaT013.

• Operating loss widened to €12.8 million from €8.5 million year-over-year, mainly due to higher R&D costs.

• Net loss for H1 2024 was €12.9 million, compared to €8.4 million in H1 2023.

• Cash and cash equivalents at €31.2 million as of June 30, 2024, up from €24.3 million at year-end 2023.

• Total financial debt stood at €17.2 million, including €3.5 million for R&D tax credit financing.

Outlook and guidance

• Sufficient cash to fund operations into Q2 2025, with ongoing efforts to secure financing beyond that period.

• Focused on delivering Phase 3 topline results for MaaT013 in aGvHD in mid-Q4 2024.

• Deferred MaaT034 clinical activities to 2026 to prioritize MaaT013 and optimize resource allocation.