MaaT Pharma FIRST LOOK: Additional EAP data supportive of MaaT013 in aGvHD

MaaT reported additional early access program (EAP) data for MaaT013 in 140 patients with aGvHD to be presented at EBMT, being held 14-17 April. The results continue to show solid ORR outcomes, and we are particularly encouraged by the 42% overall survival observed in the steroid and ruxolitinib refractory subset at 18 months, as this is a similar patient population to that of the phase 3 (ARES) trial - topline (GI-ORR) data from MaaT013's phase 3 is expected in mid 4Q24. We reiterate our BUY rating and € 15 TP.