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

Maat Pharma SA

29/09/2026 17:17

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: ID:nBw4DdRs7a

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

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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.)