MaaT Pharma FIRST LOOK: 3Q23 update reiterates timelines, cash runway into 2Q24

MaaT reported its 3Q23 update reiterating previously guided timelines, the most noteworthy of which being the topline readout (28 day GI-ORR) from the phase 3 (ARES) trial for MaaT013 in aGvHD expected in mid-2024, which we see as an important trigger for the stock, validating MaaT's microbiome approach in oncology. Cash came in at €31.7m, sufficient to fund the company into 2Q24 – note that management is exploring financing options to extend the company's cash runway beyond the current guidance. We reiterate our BUY rating and €15 TP.