MaaT Pharma (EURONEXT: MAAT), a clinical-stage biotech leader in developing microbiome-based therapies for cancer, today provided an update on its activities and financial performance for the third quarter of 2024, as well as key developments in its management team.
Clinical Highlights
MaaT013
- Hemato-oncology: In September 2024, MaaT Pharma announced the successful production of MaaT013 batches, which are now ready for distribution for clinical trials in the U.S. The company is in the preparation phase to begin clinical activities.
- European Phase 3 Trial: In October 2024, MaaT Pharma completed enrollment in its European Phase 3 trial of MaaT013, focused on treating steroid-refractory and ruxolitinib-refractory or intolerant acute graft-versus-host disease (aGvHD) (NCT04769895).
MaaT033
- Hemato-oncology: In July 2024, the Data Safety Monitoring Board (DSMB) completed its first safety assessment of the Phase 2b PHOEBUS trial (NCT05762211) evaluating MaaT033, a lyophilized oral formulation for improving survival in patients receiving hematopoietic stem cell transplants. The DSMB recommended the continuation of the trial without modifications. The trial, which is a multicenter, double-blind, placebo-controlled study across 56 sites, is expected to enroll 387 patients.
Financial Overview
- Cash Position: As of September 30, 2024, MaaT Pharma’s cash and cash equivalents stood at €27 million, down from €31.2 million as of June 30, 2024. This decrease of €4.2 million in the third quarter reflects continued investments in R&D, offset by the repayment of a €3.2 million repayable advance related to public funding for MaaT033 development and €1 million from the 2023 research tax credit. The company expects to have sufficient cash to cover its operational needs through Q2 2025.
- Revenue: For Q3 2024, MaaT Pharma reported revenue of €0.6 million, an increase of €0.2 million compared to the same period in 2023. Total revenue for the first nine months of 2024 reached €2.3 million, up from €1.8 million in 2023. This growth reflects increasing demand for the company’s lead drug candidate, MaaT013.
Management Changes
- Eric Soyer Appointed CFO: Eric Soyer has been appointed Chief Financial Officer of MaaT Pharma, effective November 2024. Eric brings over 30 years of experience in the biotech sector, having previously served as CFO & COO of Erytech Pharma, where he led the company’s IPO on Nasdaq and raised over €300 million in financing. Eric will oversee MaaT Pharma’s financial, investor relations, legal, and human resources functions. Eric commented: “I’m excited to join MaaT Pharma at this pivotal stage of growth. The company has laid a strong foundation, and I look forward to supporting the advancement of its innovative microbiome-based therapies and expanding its global reach.”
- Siân Crouzet Transitioning to Chief of Staff: After eight years as CFO, Siân Crouzet will transition to the role of Chief of Staff, supporting the handover process. Siân has played a crucial role in MaaT Pharma’s financial growth, including overseeing its successful IPO in 2021 and securing over €115 million in funding. Siân stated: “It’s been a privilege to serve as CFO, and I’m proud of the progress we’ve made. I look forward to supporting the team as we move into MaaT Pharma’s next phase of development.”
- Hervé Affagard, CEO of MaaT Pharma, added: “We are thrilled to welcome Eric as our new CFO. His extensive experience in financial strategy will be invaluable as we continue to scale our operations globally. I also want to extend my heartfelt thanks to Siân for her leadership and dedication over the years. Her contributions have been essential to our success.”
Upcoming Conferences
MaaT Pharma will participate in the following investor and medical conferences in the coming months:
- November 6-8, 2024 – 39th SITC Annual Meeting, Houston, USA
- November 20-22, 2024 – SFGM-TC Annual Congress, Toulouse, France
- November 25-27, 2024 – Deutsches Eigenkapitalforum Annual Conference, Frankfurt, Germany
- November 26, 2024 – Investir Day, Paris, France
- December 5, 2024 – CF&B Midcap Events, Geneva, Switzerland
- December 7-10, 2024 – 66th ASH Annual Meeting, San Diego, USA
About MaaT Pharma
MaaT Pharma is a late-stage biotechnology company focused on developing microbiome-based therapies to modulate the immune system and improve survival outcomes for cancer patients. The company’s lead drug candidate, MaaT013, is currently in Phase 3 clinical trials. MaaT Pharma leverages its proprietary microbiome platform to develop therapeutic solutions with high bacterial diversity, aiming to enhance the survival of patients with cancer. MaaT Pharma has been listed on Euronext Paris (MAAT) since 2021.
