(BFM Stock Exchange) – The Lyon Biotech indicated on the occasion of the publication of its half -yearly results having a cash horizon allowing it to finance its activities until the end of February 2026.

The first half was rich for Maat Pharma. The Lyonnaise company whose acronym means “microbiota as a therapy” has crossed many clinical and regulatory milestones concerning Maat013, its most advanced drug candidate against acute graft against the host (AGVH). It is a very serious complication occurring after a stem cell transplant.

At the start of the year, Maat Pharma published positive data from Phase III study (the last step before a potential marketing of a product), “ARES”, evaluating Maat013 in acute graft disease against the host. In June, the Company also filed a marketing authorization request to the European Medicines Agency (EMA) for Maat013, under the name of the Xervyteg brand.

“In six months, Maat Pharma has increased from a decisive success to a submission (from the EMA), with a credible path to a first-rate European marketing authorization in a context where the needs are important,” notes Stifel, which indicates that this regulatory procedure should lead to a potential launch of Xervyteg in the European Union in mid-2026.

Net loss digging

On the financial level, the turnover of Maat Pharma amounts to 2.4 million euros on June 30, 2025, and increased by 41% compared to income from the first half of 2024 which were 1.7 million euros. This clear increase reflects an increase in sales from the compassionate access program (a program that makes it possible to administer experimental treatments to patients without therapeutic solution, but which does not correspond stricto sensu to a clinical study) for Xervyteg.

In the first half of 2025, the operating net loss, on the other hand, dug at 14.7 million euros, compared to 12.9 million euros in the first half of 2024. Maat Pharma attributes this digging of its deficit to an increase in its research and development expenses as well as to expenses linked to the recruitment during patients in an intermediate phase clinical trial evaluating Maat033 in the lateral sclerosis Amyotrophic or better known as Charcot’s disease.

The net loss also increased, from 12.856 million euros to 15.085 million euros to the end of June.

Cash flow, a point of attention

On the Treasury side, very supervised data among companies in the world of life sciences, Maat Pharma says having cash and cash equivalents amounting to 15 million euros at the end of June 2025. This amount excludes the initial payment of 10.5 million euros received within the framework of the exclusive partnership with Clinigen in July 2025, concerning the license and marketing in Europe The treatment of acute graft disease against the host.

Nor does it take into account the payment, planned this month, of the tranche A of funding from the European Investment Bank (BEI), in the amount of 3.5 million euros.

Taking into account the initial payment of the marketing agreement with Clinigen, the first tranche of the funding of the EIB already available and to come, Maat Pharma considers sufficient cash to cover the needs of development programs until the end of February 2026. Invest Securities also recalls that the company achieved last March, a capital increase of 13 million euros subscribed by its historic shareholders.

“Despite encouraging advances after the semester (marketing partnership with Clinigen in the European Union and loan of 37.5 million euros in the EIB), the cash situation remains a sensitive point and will have to be reinforced to finance the pipeline until 2026,” warns Stifel.

“An option to create an additional room for maneuver would be to access new BEI slices, which requires reaching operational steps (probably feasible for tranche B) and obtaining new funding,” adds the design office.

“With the data on melanoma (metastatic) expected in the second half of 2025, […] And the projects under way of partnerships or regional agreements for Xervyteg outside the European Union, Maat Pharma has concrete opportunities to unlock these tranches and extend its visibility in cash, let’s hope it beyond the period of regulatory decision “, notes Stifel which maintains its recommendation for purchase and its target of 19 euros.

On the Paris Stock Exchange, the Maat Pharma title now limits its gains to 3%, around 11:20 am after a point at 12.6% at the very start of the session, in reaction to the announcement of this point on its half -yearly accounts.