MaaT Pharma FIRST LOOK: Positive DSMB review for lead product MaaT013 in aGvHD

MaaT announced that the independent data safety monitoring board (DSMB) completed its final safety assessment of the pivotal phase 3 (ARES) trial of MaaT013 in 3L aGvHD, which was in line with previous evaluations confirming the favourable benefit/risk ratio of the product. As a reminder, MaaT013 met its primary endpoint in the phase 3 (ARES) trial, and results presented in January 2025 demonstrated a 28 day GI-ORR of 62%, which came in above expectations. Looking ahead, we look forward to the regulatory submission in the EU planned for June 2025. We reiterate our € 18 TP and Buy rating.