MaaT Pharma 1H25 results confirm timelines, runway to end Feb 2026

MaaT reported 1H25 results with € 2.4m in revenues from the early access program (1H24: € 1.7m) for MaaT013 in aGvHD, which points to increased demand for the product ahead of a potential EU approval in 2H26. Pipeline timelines were reiterated and we look forward to the final data from the phase 3 trial for MaaT013 in aGvHD for confirmation of the initial survival data reported in January 2025 (54% at 1-year). Beyond aGvHD, data from the phase 2 trial of MaaT013 in combination with ICI in metastatic melanoma expected in 2H25 could pave the path to expand MaaT's reach into the larger solid tumours commercial opportunity. MaaT is funded until the end of February 2026, sufficient to reach both upcoming milestones. We reiterate our € 17 TP and BUY rating.