KBC Securities - MAAT PHARMA SA (MAAT) MaaT Pharma FY23 update extends cash runway, MaaT013 topline data shifts to 4Q24

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KBC Securities

Jacob Mekhael

MaaT Pharma FY23 update extends cash runway, MaaT013 topline data shifts to 4Q24

MaaT reported FY23 results with a cash position of € 24.3m (YE22: € 35.2m, 3Q23: € 31.7m), and announced an extension of its cash runway by 3 months to end 3Q24 (previously 2Q24). However, the timeline for the topline readout from the phase 3 (ARES) trial of MaaT013 in aGvHD shifts to mid 4Q24 (previously mid-2024). Management are confident in their ability to meet this timeline, and are in active discussions to fund the company beyond the phase 3 topline data milestone. In the meantime, 12-month OS results from MaaT013's early access program to be presented at EBMT in April 2024 could boost the candidate's positioning in aGvHD. We reiterate our BUY rating and € 15 TP.

02/04/2024 1 EN

Underlying

MAAT PHARMA SA

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FR0012634822 Euronext Paris France

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Jacob Mekhael

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MaaT Pharma FY23 update extends cash runway, MaaT013 topline data shifts to 4Q24

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : OPTI BB, SOF BB, WDP BB, MAAT FP

MaaT Pharma Randomises first patient in MaaT033 phase 2 trial in NSCLC

Morning Notes : ASM NA, MAAT FP

Zealand Pharma Positive phase 1a data for Kv1.3 channel blocker

Morning Notes : AED BB, ASRNL NA, BAR BB, COFB BB, UMI BB, IMCD NA, ZEAL DC

Dynamic Top Pick List update Removing Aedifica

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