MaaT Pharma Positive DSMB safety analysis for MaaT033 phase 2 in allo-HSCT

MaaT announced the positive outcome of a key DSMB safety interim analysis for the phase 2b trial (PHOEBUS), which compares the efficacy and safety of MaaT033 (microbiome therapy, oral capsule) to placebo in patients undergoing an allogeneic hematopoietic stem cell transplantation (allo-HSCT). We are encouraged by the DSMB outcome, particularly in the context that allo-HSCT is a high risk patient population, and see this as supportive of MaaT033´s good safety profile. We note that MaaT033 is next in line after lead product MaaT013 in aGvHD, and offers scalability via its oral administration allowing the company to address a larger patient population. We reiterate our Buy rating and € 17 TP.