MaaT Pharma FIRST LOOK: Phase 3 patient recruitment completed

MaaT Pharma has completed recruitment of its Phase 3 ARES trial with the last patient in treatment. The company now points to January 2025 (previously mid-4Q24) for the topline results of its pivotal study, which includes day 28 GI-ORR. 1-year OS data is expected by YE25. We view the ARES readout as an important catalyst for the stock, which is already partially de-risked by the solid data from the ongoing EAP program. We reiterate our € 14 TP and Buy rating.