MaaT Pharma (MAAT) H1 2025 earnings summary

Executive summary

• Advanced clinical-stage biotech focused on microbiome therapies for cancer and immune modulation, with two lead candidates (Xervyteg®/MaaT013 and MaaT033) in late-stage development.

• Achieved major milestones: positive Phase 3 results for Xervyteg® in aGvHD, EMA submission, and exclusive EU commercialization deal with Clinigen, securing €10.5M upfront and up to €18M in milestones.

• Secured €13M capital increase and €37.5M EIB financing to support clinical and commercial activities.

• Expanded leadership team, increased free float, and inclusion in major Euronext Paris indices.

Financial highlights

• Revenue for H1 2025: €2.4M, up 41% year-over-year, mainly from compassionate use of Xervyteg®.

• Operating loss widened to €14.7M (vs. €12.7M or €12.8M in H1 2024); net loss at €15.1M (vs. €12.9M in H1 2024).

• Operating expenses rose 20% to €19.7M, driven by R&D and clinical trial expansion.

• Cash and equivalents at €15M as of June 30, 2025, excluding recent financing and partnership payments.

• Cash runway extended to end of February 2026 with additional funds from Clinigen and EIB.

Outlook and guidance

• Funding secured to operate through February 2026, with additional liquidity needs estimated at €24M to reach September 2026.

• Key regulatory and clinical milestones expected in H2 2025 and 2026, including EMA approval for Xervyteg® and Phase 2/3 trial readouts.

• Final 12-month overall survival data from the pivotal ARES study expected by end of 2025.

• Potential EMA marketing authorization for Xervyteg® anticipated around mid-2026, with commercialization in Europe in H2 2026.

• U.S. pivotal study for Xervyteg® under discussion, with possible initiation in 2026, subject to regulatory and financing conditions.