MaaT Pharma: More than a gut feeling MAAT:FP

Today we initiate coverage on MaaT Pharma, following its successful IPO on Euronext Paris in November 2021. MaaT Pharma is specialized in the research and development of microbiome biotherapies for use in the treatment of haematological and solid cancers. The company has a portfolio of products in development for the treatment of acute graft-versus-host disease, the prevention of complications of allogeneic haematopoietic stem cell transplantation, and for the improvement of the response to immune checkpoint inhibitors in various types of solid tumours. MaaT has raised € c.36m through its IPO and just announced an update on its clinical and early access programs for lead asset MaaT013 last weekend during the annual ASH conference.

MaaT is pioneering in the emerging microbiome therapeutic space with a unique full ecosystem approach for oncology applications. The company can leverage two different manufacturing approaches and is developing assets in areas of high clinical unmet need such as acute graft-versus-host-disease and immune checkpoint potentiation. We see significant value potential in MaaT033 and the immuno-oncology platform and place our target price at € 18.5 with a Buy recommendation. A full overview and more detail can be found in our initiation note.