MaaT Pharma Secures 19m via global offering, extends runway to 1Q25

MaaT completed a global offering (reserved offering and primary bid offering) of approx. 2.3m new ordinary shares at a price of € 8 per share (discount of approx. 14% vs. last close) for gross proceeds of € 19.2m (net proceeds € 17.3m). The funds lift the financing overhang for MaaT and extend the company's runway to early 1Q25 (previously end 3Q24). This provides funding beyond the topline readout (ORR) from the phase 3 (ARES) trial of MaaT013 in aGvHD expected in mid 4Q24, which we view as the next trigger for the stock. We update our model for the additional cash and dilution, and land at a new TP of € 14. We reiterate our BUY rating.