MaaT Pharma Model update post € 9.1m capital raise

MaaT announced the completion of a capital raise of € 9.1m (at a 9% discount to closing price prior to deal announcement), and expects to use the net proceeds of € 8.7m to fund Xervyteg commercialisation preparation in Europe, advance MaaT033 development, and prepare for a pivotal US study of Xervyteg in 2026. This capital raise unlocks a € 6m EIB tranche, extending the company's cash runway to August 2026. Upon anticipated EU approval of Xervyteg in mid-2026, MaaT is eligible to receive a € 12m milestone from Clinigen, which would further extend the company's runway into early 2027. We update our model to incorporate the Clinigen deal announced earlier this year, as well as the additional cash and shares from this capital raise, which brings us to a new TP of € 15 (from € 17). We reiterate our BUY rating.