MaaT Pharma (MAAT) Q1 2026 TU earnings summary

Executive summary

• Reported Q1 2026 revenues of €0.8 million, primarily from the Early Access Program, reflecting a change in revenue recognition due to transition to Clinigen.

• Cash and cash equivalents stood at €18.1 million as of March 31, 2026, with a cash runway extended to November 2026 after drawing down EIB Tranche B.

• Presented pivotal ARES trial data for MaaT013 (XervytegⓇ) at EBMT 2026 and transitioned EAP in Europe to Clinigen to expand patient access.

• Informed of a “negative trend” opinion from EMA’s CHMP regarding MaaT013’s Marketing Authorization Application, with plans to request re-examination.

Financial highlights

• Q1 2026 revenues were €0.8 million, down from €1.1 million in Q1 2025, mainly due to the new licensing agreement with Clinigen.

• On a like-for-like basis, revenues from MaaT013 increased 19% year-over-year, indicating sustained demand.

• Cash position decreased from €24.9 million at year-end 2025 to €18.1 million at March 31, 2026, not including the €6 million EIB loan drawn in April.

Outlook and guidance

• Cash management measures and EIB financing extend financial visibility to November 2026, supporting regulatory milestones and pipeline advancement.

• Topline results for the PHOEBUS Phase 2 trial of MaaT033 expected in Q4 2028.

• First-in-human trial for MaaT034 targeted for 2027, subject to funding.