MaaT Pharma Q3 2024 Results and Management Changes

LYON, France-- MaaT Pharma, listed on EURONEXT under the ticker MAAT, is a clinical-stage biotechnology company at the forefront of developing Microbiome Ecosystem Therapies (MET). These therapies are aimed at improving cancer patient survival through immune modulation. The company recently provided an update on its business activities and financial status as of September 30, 2024.

**Pipeline Updates**

* **MaaT013**: In September 2024, MaaT Pharma announced the readiness of MaaT013 batches for clinical supply in the US. By October 2024, the recruitment of patients for the ARES Phase 3 clinical trial in Europe was completed. This trial assesses the efficacy and safety of MaaT013 in treating steroid-refractory and ruxolitinib-refractory acute Graft-versus-Host Disease (aGvHD).

* **MaaT033**: In July 2024, the Data Safety Monitoring Board (DSMB) completed its first safety review of the Phase 2b PHOEBUS trial, aimed at improving survival rates in patients undergoing hematopoietic stem cell transplantation. The DSMB recommended continuing the trial without modifications. This European, multi-center, randomized, double-blind study will enroll 387 patients across up to 56 clinical sites.

**Financial Overview**

As of September 30, 2024, MaaT Pharma's total cash and cash equivalents stood at EUR 27 million, down from EUR 31.2 million as of June 30, 2024, and EUR 24.3 million as of December 31, 2023. The decrease of EUR 4.2 million in the third quarter of 2024 is primarily due to continued investments in R&D, alongside the repayment of EUR 3.2 million in public funding and a EUR 1 million balance from the 2023 R&D tax credit. The company is confident that it has sufficient funds to cover its operations and development programs into the second quarter of 2025.

**Revenue Report**

MaaT Pharma reported revenues of EUR 0.6 million from its Early Access Program for the third quarter of 2024. This figure represents an increase of EUR 0.2 million compared to the same period in 2023. For the first nine months of 2024, total revenues were EUR 2.3 million, up from EUR 1.8 million for the same period in 2023. The increase in revenue is attributed to the growing demand for MaaT Pharma’s drug candidate, MaaT013.

**Management Changes**

Eric Soyer will take on the role of Chief Financial Officer (CFO) starting November 2024. He brings extensive experience from his previous role as CFO & COO of Erytech Pharma, where he led the company's Nasdaq IPO and other financial rounds totaling over EUR 300 million. Soyer will oversee corporate functions, investor relations, legal affairs, and human resources at MaaT Pharma. His experience will be invaluable as MaaT Pharma prepares to file for MaaT013 in Europe and aims to expand in the US.

Eric Soyer expressed his excitement about joining MaaT Pharma, particularly at this pivotal moment when the company is emerging as a leader in microbiome-based therapeutic innovations in oncology. He looks forward to contributing to the company's continued success and helping realize its therapeutic platform's full potential globally.

Siân Crouzet, who has served as CFO for eight years, will transition to the role of Chief of Staff to ensure a smooth transfer of responsibilities to Eric Soyer. Crouzet has been instrumental in structuring the company's financial and administrative functions and has overseen numerous financing operations totaling over EUR 115 million, including the successful IPO on Euronext Paris in November 2021.

Hervé Affagard, CEO and co-founder of MaaT Pharma, welcomed Eric Soyer and thanked Siân Crouzet for her significant contributions over the past eight years. Affagard emphasized the importance of Soyer's expertise as the company advances its mission to improve survival rates for patients with limited therapeutic options.

**Upcoming Conferences**

MaaT Pharma plans to participate in several investor and medical conferences, including the SITC annual meeting in Houston, the SFGM-TC annual meeting in Toulouse, the Deutsches Eigenkapitalforum annual meeting in Frankfurt, the Investir Day event in Paris, the CF&B Midcap Events in Geneva, and the ASH annual meeting in San Diego.

**About MaaT Pharma**

Founded in 2014 and based in Lyon, France, MaaT Pharma is a late-stage clinical company committed to developing innovative gut microbiome therapies to modulate the immune system and enhance cancer patient survival. The company aims to be a pioneer in microbiome-driven immunomodulation in oncology, leveraging its proprietary technologies to develop high-diversity, standardized drug candidates. MaaT Pharma has been publicly listed on Euronext Paris since 2021.