MaaT Pharma Updated MaaT013 aGvHD EAP data at EHA shows consistent outcomes

MaaT reported updated early access program (EAP) results for MaaT013 (microbiome therapy, enema formulation) in aGvHD at EHA, being held 12-15 June. The data, which was previously shared in the abstract last month, shows that the response rates and overall survival observed in the steroid refractory and ruxulitinib resistant subset of patients (n=70) are in line with what was observed in the phase 3 ARES trial. In our view, this points to the consistency of outcomes with MaaT013 in this patient population where no current standard of care exists. With regulatory submission in Europe completed, we look forward to the approval decision which is expected in 2H26, and reiterate our Buy rating and € 17 TP.