First Berlin Equity Research has published a research update on MaaT Pharma SACA (ISIN: FR0012634822). Analyst Christian Orquera reiterated his BUY rating and maintained his EUR 17.00 price target.

Abstract
MaaT Pharma reported FY25 results and provided a pipeline update, with financial performance broadly in line with expectations and no changes to the core investment case. Revenues increased by 41% YoY to €4.5m (FBe: €4.4m; FY24: €3.2m), driven by continued uptake of Xervyteg (MaaT013) under the Early Access Programme (EAP). EBIT amounted to €-29.7m (FBe: €-31.2m; FY24: €-28.4m), reflecting ongoing investment in late-stage clinical development. Cash at year-end stood at €24.9m (FBe: €25.0m), supporting an unchanged runway to August 2026, including the expected €6m second tranche of the EIB facility. Operationally, MaaT013 (Xervyteg), remains firmly on track, with the EMA review progressing as planned and a decision still expected around mid-2026. A €12m milestone payment from Clinigen upon EMA approval of MaaT013 would extend the cash runway further into early 2027. Pipeline updates mainly relate to timeline adjustments for MaaT033 and MaaT034, reflecting prioritisation of resources towards the lead asset. Overall, we see no change to the investment case and continue to view MaaT013 as the key near-term value driver. Following model updates, our SOTP-based valuation remains unchanged, and we reiterate our Buy rating and €17 price target.