MaaT Pharma First US patient treated with MaaT013 under expanded access program

MaaT announced the first treatment with MaaT013 (microbiome therapy, enema formulation) in the US of a patient with aGvHD under the FDA single patient expanded access program, which comes ahead of the planned phase 3 trial of the product in the US. In the meantime, the European study has completed recruitment with topline results (GI-ORR) expected in January 2025, and MaaT plans to commence the regulatory process in the EU soon after. We believe the chances of a good outcome are solid, supported by both the phase 2 results and early access program in Europe and reiterate our € 14 TP and BUY rating going into the readout.