KBC Securities - MAAT PHARMA SA (MAAT) MaaT Pharma 2Q22 highlights: operational progress despite lingering FDA

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KBC Securities

Thomas Vranken

MaaT Pharma 2Q22 highlights: operational progress despite lingering FDA

MaaT Pharma reported 2Q22 revenues of € 0.2m and a HY cash position of € 38.4m, providing cash runway until around 3Q23. We expect the cash position to enable the company to reach several clinical readouts on MaaT013 in GvHD and melanoma while constructing its manufacturing site in Lyon with Skyepharma. Meanwhile, we continue to look forward to an update on the ARES clinical trial situation in the US. We slightly lower our target price to € 17 as we review our US probability of filing success, yet reiterate a Buy rating.

29/07/2022 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

Thomas Vranken

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MaaT Pharma 2Q22 highlights: operational progress despite lingering FDA

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

Morning Notes : OPTI BB, SOF BB, WDP BB, MAAT FP

MaaT Pharma Randomises first patient in MaaT033 phase 2 trial in NSCLC

Morning Notes : ASM NA, MAAT FP

DSM-Firmenich Biting the ANH bullet

Morning Notes : DSFIR NA, RET BB

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

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