MaaT Pharma (MAAT) Q3 2025 TU earnings summary

Executive summary

• Reported Q3 2025 revenues of €3.4 million, a 45% year-over-year increase, driven by demand for Xervyteg (MaaT013).

• Secured €10.5 million upfront from an exclusive license and distribution agreement with Clinigen for Xervyteg across Europe.

• Drew down €3.5 million from Tranche A of a €37.5 million EIB loan to support late-stage clinical programs.

• Cash and cash equivalents stood at €22.4 million as of September 30, 2025, with a confirmed runway through February 2026.

Financial highlights

• Q3 2025 revenues from France’s Early Access Program reached €1.0 million, up 56% year-over-year.

• Total revenues for the first nine months of 2025 were €3.4 million, compared to €2.3 million in the same period of 2024.

• Cash position increased to €22.4 million at the end of Q3 2025, up from €15.0 million at June 30, 2025.

Outlook and guidance

• Sufficient cash to fund operations and development programs until the end of February 2026.

• Focused on leveraging a mix of dilutive and non-dilutive financing to sustain growth through 2026.