Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
MaaT Pharma is a leading late-stage clinical biotechnology company specializing in gut microbiome-driven therapies to modulate the immune system and enhance survival for cancer patients. Founded in 2014 and headquartered in Lyon, France, it pioneers innovative Microbiome Ecosystem Therapies (MET) using proprietary pooling and co-cultivation technologies to create high-diversity, standardized drug candidates. Its lead product, Xervyteg® (MaaT013), a donor-derived microbiome therapy administered via enema, targets acute graft-versus-host disease (aGvHD) in hemato-oncology, achieving positive Phase 3 results with a 62% gastrointestinal response rate at Day 28 and 54% one-year overall survival. A Marketing Authorization Application was submitted to the European Medicines Agency in June 2025, supported by partnerships like Clinigen for European access and European Investment Bank financing. The pipeline extends to MaaT033 for allogeneic hematopoietic stem cell transplant and immuno-oncology applications, including combinations with immune checkpoint inhibitors for solid tumors like melanoma and non-small cell lung cancer. MaaT Pharma leverages AI-driven gutPrint® for microbiome profiling, positioning it at the forefront of microbiome modulation in oncology.
The business is unprofitable at the operating level (-657.16% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 40.7% YoY with margins expanding 226.8pp.
ROIC dropped from -73.84% to -107.99%, capital efficiency is deteriorating. Negative free cash flow of -€16M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€5M
▲ +40.7% YoY
Net Income (TTM)
-€31M
▼ -7.5% YoY
Op. Margin
-657.16%
▲ +226.8pp YoY
ROIC
-107.99%
▼ -34.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€16M
▲ +28.4% YoY
Op. Cash Flow (TTM)
-€16M
▲ +28.7% YoY
Net Debt
-€10M
Net Cash Position
Cash & Equiv.
€25M
3Y CAGR: +46.8%
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