MaaT Pharma SACA Maintains Buy Rating with Stable Financial Outlook

First Berlin Equity Research has reiterated its "Buy" recommendation for MaaT Pharma SACA, highlighting stable financial performance and a promising pipeline. The company reported a 41% YoY revenue increase to €4.5 million, largely due to Xervyteg's uptake under the Early Access Programme. Despite an EBIT of -€29.7 million, investments in late-stage clinical development are evident.

Cash reserves at year-end stood at €24.9 million, supporting the financial runway until August 2026. A potential €12 million milestone payment from Clinigen could extend financial solvency into early 2027 upon EMA approval of MaaT013. Pipeline adjustments were noted for MaaT033 and MaaT034, with a focus on the lead asset, MaaT013, seen as a key value driver.