MaaT Pharma (MAAT) H2 2024 earnings summary

Executive summary

• Achieved positive Phase 3 results for MaaT013 in acute Graft-versus-Host Disease (aGvHD), with a 62% GI overall response rate at Day 28 and 1-year expected overall survival of 54%.

• Completed €13 million capital increase with historical shareholders, extending cash runway into October 2025.

• Preparing for EMA submission of MaaT013 in June 2025 and expanding US activities, including initiation of Expanded Access Program.

Financial highlights

• 2024 revenues reached €3.2 million, up 44% year-over-year, mainly from the Early Access Program.

• Operating expenses rose to €28.4 million from €19.9 million in 2023, driven by increased R&D and SG&A costs.

• Net loss widened to €28.9 million in 2024 from €19.7 million in 2023.

• Cash and cash equivalents stood at €20.2 million as of December 31, 2024.

Outlook and guidance

• Cash position expected to fund operations into October 2025; additional financing required for the next 12 months.

• Targeting EMA submission for MaaT013 in June 2025, with potential EU approval in H2 2026.

• Preparing for a US Phase 3 trial or BLA submission for MaaT013, aiming for late 2026 commercial launch if approved.

• Ongoing Phase 2b PHOEBUS study in allo-HSCT, with readout expected in late 2027.