MaaT Pharma FIRST LOOK: FY24 results extend runway with € 13m private placement

MaaT reported FY24 results with the key item being the private placement of € 13m supported by existing shareholders. This extends the company's runway into October 2025 (previously into 2Q25) and provides sufficient funding to reach a number of milestones including MAA submission for MaaT013 to the EMA (June 2025), and enables the company to make progress with its regulatory interactions with the FDA to clarify the route to market in the US. On the pipeline front, we continue to look forward to the phase 2 results of MaaT013 in combination with checkpoint inhibitors in melanoma, which has now moved to 2H25 (from 1Q25) – we view this as another important trigger that has the potential to expand MaaT013's commercial potential. We implement the additional cash and new shares in our model, and land at a new TP of € 17 (from € 18). With clear upside to the current valuation we reiterate our Buy rating.