MaaT Pharma: Cash Position of €17.1M, Financing Horizon Extended to December 2026

Revenue Declined to €1.1M and Operating Loss Reached €19.0M

First-half 2026 revenue stood at €1.1M, compared to €2.4M a year earlier, representing a 55% decline. According to the company, this decrease is primarily linked to the evolution of the revenue model for the Early Access Program (EAP), following the implementation on January 1, 2026 of the licensing agreement with Clinigen. Revenue now consists of a transfer price and royalties, while the number of patient treatments under the EAP remained globally stable (−4%). Operating loss reached €19.0M in the first half of 2026, compared to €14.7M a year earlier. The increase in operating loss is mainly attributable to research and development expenses, which rose from €14.8M to €19.2M, in connection with the advancement of advanced-stage clinical programs, notably data analysis and regulatory activities for MaaT013 and patient recruitment in the PHOEBUS phase 2b trial. The half-year net loss amounted to €18.3M, compared to €15.1M in the first half of 2025.

Cash Position of €17.1M and Active Financing Search

Cash and equivalents amounted to €17.1M as of June 30, 2026, compared to €24.9M at December 31, 2025. Net cash consumption was €7.8M over the semester. Net cash flows from operating and investment activities represented €15.0M, while financing activities generated €7.2M, including a drawdown of €6.0M from the second tranche of the European Investment Bank loan and €2.4M from Bpifrance financing. The company indicates it is conducting a strategic review of its assets and implementing cash preservation measures, extending the financing horizon to December 2026 (versus November 2026 previously). Eric Soyer, Chief Financial Officer of MaaT Pharma, stated that the implemented measures extend the cash trajectory to December 2026, with the company continuing to actively explore financing opportunities and strategic partnerships.

Following CHMP Negative Opinion, MaaT Pharma Continues PHOENIX Preparation and MaaT034 Development

On the regulatory front, the CHMP of the European Medicines Agency maintained in September 2026, following the re-examination procedure, its negative opinion on the conditional marketing authorization application for MaaT013 (Xervyteg), confirming the negative opinion announced in June 2026. The company is now directing its developments toward PHOENIX, a phase 3 randomized trial against best available therapy, presented as a possible registration trial, for which clinical preparation is progressing in the United States following a Type C meeting with the FDA. Regarding MaaT034, a pre-IND meeting with the FDA focused on CMC aspects is scheduled for October 2026. The next expected publication concerns revenues and cash position for the third quarter 2026, scheduled for November 16, 2026.