reports
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Jacob Mekhael
MaaT Pharma Partnership with Clinigen secures MaaT013's EU commerciali...
MaaT signed a licensing, distribution, and commercial supply agreement with Clinigen in Europe for Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD for a € 10.5m upfront, € 18m in milestones, and mid-thirties flat royalty on sales. We believe this deal serves as validation of MaaT013's potential, and see the partnership as a de-risking event for MaaT013's commercialisation in Europe, given Clinigen's experience commercialising in haemato-oncology, with 3 products currently on t...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Jacob Mekhael
MaaT Pharma Business update highlights upcoming priorities, final ARES...
MaaT provides a business update, which reiterated the company's progress with respect to its pipeline, and following the previously announced EU regulatory submission for MaaT013 in aGvHD, the company continues to search for a commercialisation partner in Europe ahead of a potential approval in 2H26. Timeline for MaaT013 US trial launch shifts to 2026 (from 4Q25) to focus resources on the European opportunity. Looking ahead, data updates for MaaT013 in aGvHD (final results incl. 12-month OS), as...
- Jacob Mekhael
MaaT Pharma Updated MaaT013 aGvHD EAP data at EHA shows consistent out...
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 ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Jacob Mekhael
MaaT Pharma Completes EU regulatory submission for MaaT013 in aGvHD
MaaT announced the submission of the Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for its lead drug candidate MaaT013 (microbiome therapy, enema formulation) in aGvHD under the brand name Xervyteg. Potential approval could be granted in 2H26, and MaaT is actively exploring strategic partnerships to commercialise MaaT013 in Europe. We believe the solid phase 3 results and good uptake in the early access program will be supportive of MaaT013's commercial launch ...
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- ING Helpdesk
- Jacob Mekhael
EHA abstracts Autolus, Galapagos, MaaT
The abstracts for presentations at EHA (12-15 June) became available yesterday during the day (here). While we may have to wait until the actual conference for the latest datasets, here in this note are some key takeaways for our coverage including updates from Autolus (long-term findings and predictors of sustained remission for Aucatzyl in r/r adult ALL, as well as age stratified outcomes), Galapagos (more data and follow up from its decentralised CAR-T program) and MaaT (additional data from ...
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
MaaT Pharma 1Q25 reiterates pipeline timelines, cash runway into Octob...
MaaT reported 1Q25 results with revenues of € 1.1m (1Q24 € 0.8m), and a cash position of € 24.4m (YE24: € 20.2m), which provides a cash runway into October 2025. Pipeline timelines were reiterated and we look forward to phase 2 data for MaaT013 in combination with immune checkpoint inhibitors in metastatic melanoma in 2H25, and hope to learn more about the company's progress with respect to partnering discussions for MaaT013 in aGvHD in Europe as we approach MAA submission in June 2025. We reite...
- Maxime Stranart
- Stijn Demeester
Recticel/A strong 1Q25 thanks to Insulation Boards/BUY
We reiterate our BUY rating and €16 target price on Recticel following the group's 1Q25 results. We remain convinced by the medium-to-long term potential of the Insulation market, which should provide Recticel with ample room to grow both organically and through M&A thanks to its net cash position. On top of this, we expect a gradual recovery in the Residential segment to allow for material margin improvement, allowing Adj. EBITDA to grow by CAGR >21% over 2024-27F. We flag that the new factory ...
- Kristof Samoy
Ekopak Ready for a new start
Ekopak announces a €15m capital increase led by Alychlo, alongside major board and management changes. The transaction strengthens governance and liquidity, with Alychlo becoming the dominant shareholder. New projects and reaffirmed credit lines support continued growth under the WaaS model. The transaction, management, and board changes clearly exemplify the intention of reference shareholder Alychlo to re-start with a clean slate and mark a first step in rebuilding investor confidence . We mai...
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Jacob Mekhael
MaaT Pharma FIRST LOOK: MaaT033 slows disease progression in phase 1 A...
MaaT reported additional results from the exploratory single arm phase 1b trial of MaaT033 in ALS, and we view the slower disease progression observed with MaaT033 as encouraging, though we also note the small patient numbers and single arm nature of the trial. ALS is a difficult condition, where many drugs have failed to show slowing of disease progression. As such, MaaT033's early results are promising, and the company is seeking partners focussed on ALS to progress this program. We reiterate ...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Strong Q1, improving fundamentals, further growth to come. Air France-KLM: Surprising Atlantic. Aperam: In-line 1Q25, seasonal better 2Q25 expected. ArcelorMittal: In-line 1Q25, risks to steel demand due to tariff uncertainty. ASM International: 1Q25 Results - FY25 headwinds from weak USD. Ayvens: Getting into Gear. dsm-firmenich: Transformation on Track. Lotus Bakeries: Peer Mondelez 1Q25 results. Melexis: Mixed 1Q25 results in unstable markets. Ontex: Two steps fo...
- ING Helpdesk
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Hoste
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