MaaT Pharma Secures € 37.5m tranched EIB financing

MaaT announced that it has secured a € 37.5m , 4-tranche financing from the European Investment Bank (EIB), which bears interest at 7%. In addition, MaaT will issue warrants to the EIB with each tranche. MaaT's previously communicated cash runway was into January 2026, which should now extend beyond that point following this additional funding, though we do note that disbursement of Tranches B to D is subject to operational and financing conditions, which we'd be keen to learn more about. All in all, we view this as a positive step that strengthens the company's balance sheet, and reiterate our € 17 TP and Buy rating.