MaaT Pharma (MAAT) H1 2024 earnings summary

Executive summary

• Focus on advanced clinical-stage development of microbiome-based therapies for severe diseases, especially cancer, graft-versus-host disease (aGvHD), and metastatic melanoma.

• Two lead drug candidates (MaaT013, MaaT033) in late-stage clinical trials, with MaaT013 in Phase 3 and MaaT033 in Phase 2b; MaaT013 showed 63% GI-ORR at D28 and 42% 18-month OS in aGvHD.

• Significant clinical milestones in H1 2024: positive safety reviews, completion of patient recruitment in key trials, and advanced clinical supply readiness in US and Europe.

• Strategic prioritization of resources on MaaT013 Phase 3, European market authorization, and deferral of MaaT034 activities to 2026.

• Raised €17.2m–€17.3m in May 2024, extending cash runway into Q2 2025.

Financial highlights

• Revenue for H1 2024: €1.7m, up from €1.4m in H1 2023, driven by increased demand for MaaT013.

• Net loss widened to €12.9m from €8.4m year-over-year, reflecting higher R&D and operational expenses.

• Operating expenses rose 30.5% to €16.4m, mainly due to increased R&D, personnel, and clinical trial costs.

• Cash and equivalents at June 30, 2024: €31.2m, up from €24.3m at year-end 2023, following capital raise.

• Total financial debt stood at €17.2m, including €3.5m for R&D tax credit financing.

Outlook and guidance

• Cash runway expected through Q2 2025, with additional funding options under active consideration.

• Key clinical readouts expected: MaaT013 Phase 3 (ARES) topline in Q4 2024, MaaT033 Phase 2b (PHOEBUS) interim in H1 2025, and MaaT033 ALS pilot results in H2 2024.

• Clinical activities for MaaT034 postponed to 2026 to focus resources on lead programs.