MaaT Pharma (MAAT) H1 2026 earnings summary

Executive summary

• Advanced clinical-stage microbiome therapies pipeline includes Xervyteg® (MaaT013), MaaT033, and MaaT034, targeting oncology and immune modulation, with a strategic review initiated after a second negative CHMP opinion on MaaT013 in September 2026.

• Ongoing and planned clinical trials include PHOENIX Phase 3 for MaaT013 and PHOEBUS Phase 2b for MaaT033, with key milestones dependent on future funding.

• Cash runway extended to December 2026 through cost-saving measures and ongoing search for financing and partnerships.

Financial highlights

• Revenue for H1 2026 was €1.1 million, down 55% from €2.4 million in H1 2025, mainly from the Xervyteg® compassionate use program and the Clinigen Licensing Agreement.

• Operating loss increased to €19.0 million (vs. €14.7 million in H1 2025), driven by higher R&D and regulatory expenses.

• Net loss widened to €18.3 million from €15.1 million year-over-year.

• Cash and equivalents stood at €17.1 million as of June 30, 2026, with a cash runway estimated until December 2026.

• Net cash utilization was €7.8 million in H1 2026; €7.2 million generated from financing activities, including loans from EIB and Bpifrance.

Outlook and guidance

• Current cash position and expected inflows (CIR, grants) allow operations until mid-December 2026; additional funding is being actively sought.

• Key clinical milestones (PHOENIX, PHOEBUS, MaaT034 IND) are contingent on securing further financing.

• Strategic review of assets underway, which may impact development plans and timelines.