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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

H1 Revenue

EUR 1.07 mln

H1 Operating Income

-EUR 18.30 mln


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

  • Sept 28 - France's Genfit H1 revenue falls due to absence of milestone payments

  • Sept 28 - France's Inventiva H1 net loss narrows

  • Sept 29 - UniQure plunges as Huntington's trial data disappoints investors


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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