MaaT Pharma FY25 update confirms mid-2026 EMA decision timing for MaaT013

MaaT reported FY25 results which show increasing revenues from MaaT013's early access program (only billable in France) of € 4.5m (FY24: € 3.2m) in aGvHD. In addition, the company confirmed its cash runway guidance to August 2026, which funds the company beyond the expected EMA regulatory decision for MaaT013 in aGvHD expected in mid-2026. Pipeline wise, we note that a few timelines have shifted, with phase 2 data for MaaT013 + checkpoint inhibitors in metastatic melanoma now expected in 1H26 (vs. 4Q25), while the pivotal phase 2 (PHOEBUS) trial of next in line MaaT033 is expected to take an additional year, with data now expected in 4Q28 (vs. 4Q27). € 15 TP and Buy maintained.