MaaT Pharma FIRST LOOK: DSMB recommends MaaT033 phase 2b continues as planned

MaaT announced that the DSMB (safety board) completed its routine safety assessment of the phase 2b trial (PHOEBUS) of MaaT033 (microbiome therapy, oral capsule) in patients post allo-HSCT, and recommended continuation of the trial without modification. The trial is expected to include the last patient in 2Q26, which means a readout can be expected in 2H27. MaaT033 is next in line after lead product MaaT013 (microbiome therapy, enema formulation), and being an oral capsule means the product could go after the larger commercial opportunity of post-transplant prophylaxis. We reiterate our € 18 TP and BUY rating.