KBC Securities - MAAT PHARMA SA (MAAT) MaaT Pharma Business update highlights upcoming priorities, final ARES data by YE25

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KBC Securities

Jacob Mekhael

MaaT Pharma Business update highlights upcoming priorities, final ARES data by YE25

MaaT provides a business update, which reiterated the company's progress with respect to its pipeline, and following the previously announced EU regulatory submission for MaaT013 in aGvHD, the company continues to search for a commercialisation partner in Europe ahead of a potential approval in 2H26. Timeline for MaaT013 US trial launch shifts to 2026 (from 4Q25) to focus resources on the European opportunity. Looking ahead, data updates for MaaT013 in aGvHD (final results incl. 12-month OS), as well as phase 2 data for MaaT013 in metastatic melanoma could provide upside for the stock. We reiterate our € 17 TP and Buy rating.

20/06/2025 1 EN

Underlying

MAAT PHARMA SA

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FR0012634822 Euronext Paris France

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Jacob Mekhael

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MaaT Pharma Business update highlights upcoming priorities, final ARES data by YE25

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : VPK NA, MAAT FP, ZEAL DC

MaaT Pharma Updated MaaT013 aGvHD EAP data at EHA shows consistent outcomes

Morning Notes : VPK NA, MAAT FP, ZEAL DC

Zealand Pharma We think sell off is overdone, jury is still out on eloralintide

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