MaaT Pharma Uneventful 3Q25 cash and revenues

MaaT reported uneventful 3Q25 cash and revenues, where its cash and cash equivalents came in at € 22.4m, providing the company with a cash runway until the end of February 2026. We note that continued growth in revenues from MaaT013's early access program (only billable in France) is a positive sign ahead of its potential EMA approval expected mid-2026. MaaT did not provide a pipeline update, though it has previously guided for results from the investigator initiated phase 2a (PICASSO) trial of MaaT013 in combination with immune checkpoint inhibitors in metastatic melanoma in 2H25, which if positive, could enable MaaT to expand into the larger commercial opportunity of solid tumours. € 17 TP and BUY maintained.