France's MaaT Pharma H1 operating loss widens on higher R&D costs

Overview

• France biotech firm's H1 2026 revenue fell 55% yr/yr due to EAP model changes

• Operating loss widened to EUR 18.3 mln as R&D spending increased

• Company reviewing strategy after negative EMA opinion on MaaT013, cash runway to Dec 2026

Outlook

• Company estimates cash runway extends to December 2026 under current operating plan

• MaaT Pharma is conducting a strategic review of assets, which may alter development plans and timelines

• Company is actively exploring financing opportunities and strategic partnerships to support priority programs

Result Drivers

• EAP REVENUE MODEL CHANGE - Co said revenue decline was mostly driven by changes to the Early Access Program revenue model after Clinigen Licensing Agreement

• R&D COSTS - Co attributed increased operating loss to higher research and development costs for late-stage clinical programs, including data analysis and regulatory activities for MaaT013 and PHOEBUS trial recruitment

• ASSET IMPAIRMENT - Co said accounting depreciation and asset impairment review followed negative European regulatory outcome for MaaT013

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Maat Pharma SA is €10.00, about 777.2% above its September 28 closing price of €1.14

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)