MaaT Pharma 1H24 update extends runway into 2Q25, MaaT013 phase 3 topline in 4Q24

MaaT reported 1H24 results, which come with an extension of the company's cash runway into 2Q25 (from 1Q25) through prioritisation of resources on the key programs for MaaT013 and MaaT033, while management confirmed they are exploring all options for additional funding. In addition, the company reiterates the timeline for the topline results from the phase 3 (ARES) trial of MaaT013 in aGvHD in Europe, which continue to be expected in mid-4Q24 – we view this as an important trigger for the company with a high probability of success based on the solid phase 2 results and early access program data. All in all, we expect an eventful 2H24 for MaaT with multiple important updates, and reiterate our € 14 TP and Buy rating.