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MaaT Pharma
(MAAT)
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Rating:44Neutral
Price Target:
€1.00
▼(-66.89% Downside)
Action:Reiterated
Date:10/22/26
The score is held down primarily by weak financial performance (large ongoing losses, heavy cash burn, and a materially weakened equity buffer alongside higher debt). Technicals also remain negative with the price well below key moving averages and a negative MACD, though near-oversold RSI/Stochastic provides a modest counterbalance. Valuation contributes limited support because the negative P/E reflects ongoing unprofitability and no dividend yield is available.
Positive Factors
Revenue Traction
The progression from no recorded revenue in 2020 to approximately €4.5M in 2025 indicates emerging commercial traction. Continued top-line expansion could provide a foundation for operating leverage if MaaT Pharma can scale products and improve profitability over the coming quarters.
Negative Factors
Widening Net Losses
Losses are increasing despite the company reaching approximately €4.5M of revenue, showing that the current cost base is not yet scaling with commercial activity. Persistent and widening deficits can delay break-even, require continued financing, and constrain investment flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Traction
The progression from no recorded revenue in 2020 to approximately €4.5M in 2025 indicates emerging commercial traction. Continued top-line expansion could provide a foundation for operating leverage if MaaT Pharma can scale products and improve profitability over the coming quarters.
Read all positive factors
MaaT Pharma (MAAT) vs. iShares MSCI France ETF (EWQ)
Market Cap
€20.18M
Dividend YieldN/A
Average Volume (3M)143.58K
Price to Earnings (P/E)―
Beta (1Y)0.09
Revenue Growth-19.02%
EPS Growth10.39%
CountryFR
Employees60
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.92
Shares Outstanding18,856,394
10 Day Avg. Volume99,032
30 Day Avg. Volume143,580
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)42.60
Price to Sales (P/S)16.94
P/FCF Ratio-4.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.44
Revenue Forecast (FY)€5.35M
MaaT Pharma Business Overview & Revenue Model
Company Description
MaaT Pharma SA operates as a clinical-stage biotechnology company, focused on the discovery and advancement of microbiome-based biotherapies, primarily for the treatment of solid cancer tumors. Its development pipeline features MaaT013, which has ...
MaaT Pharma Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
18
Very Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.18M | 4.52M | 3.22M | 2.23M | 1.43M | 972.00K |
| Gross Profit | 1.59M | 1.39M | 1.97M | 784.00K | 1.09M | 806.00K |
| EBITDA | -33.20M | -32.41M | -26.34M | -22.07M | -13.10M | -8.57M |
| Net Income | -34.31M | -31.06M | -28.90M | -19.72M | -13.71M | -9.02M |
Balance Sheet | ||||||
| Total Assets | 34.19M | 44.55M | 38.50M | 42.93M | 44.73M | 49.42M |
| Cash, Cash Equivalents and Short-Term Investments | 17.10M | 24.87M | 20.22M | 24.31M | 35.31M | 43.30M |
| Total Debt | 23.78M | 17.44M | 15.96M | 14.07M | 11.36M | 5.81M |
| Total Liabilities | 50.41M | 42.75M | 28.16M | 22.46M | 17.91M | 9.56M |
| Stockholders Equity | -16.22M | 1.80M | 10.34M | 20.47M | 26.81M | 39.86M |
Cash Flow | ||||||
| Free Cash Flow | -16.16M | -16.52M | -22.79M | -19.76M | -13.27M | -8.17M |
| Operating Cash Flow | -15.71M | -15.91M | -22.04M | -18.67M | -12.61M | -7.93M |
| Investing Cash Flow | -293.00K | -497.00K | -416.00K | -440.00K | -815.00K | -238.00K |
| Financing Cash Flow | 18.07M | 21.12M | 18.33M | 8.14M | 5.36M | 31.56M |
MaaT Pharma Technical Analysis
Neutral
3.02
Price Trends
1.73
Negative
2.25
Negative
4.13
Negative
Market Momentum
-0.15
Negative
39.96
Neutral
26.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:MAAT, the sentiment is Neutral. The current price of 3.02 is above the 20-day moving average (MA) of 1.00, above the 50-day MA of 1.73, and below the 200-day MA of 4.13, indicating a neutral trend. The MACD of -0.15 indicates Negative momentum. The RSI at 39.96 is Neutral, neither overbought nor oversold. The STOCH value of 26.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:MAAT.
MaaT Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | €143.65M | -2.52 | 152.56% | ― | -29.48% | 7.91% | |
47 Neutral | €201.20M | -4.33 | -29.36% | ― | 189.81% | 38.50% | |
46 Neutral | €1.54B | -27.56 | 89.71% | ― | ― | ― | |
44 Neutral | €20.18M | -0.56 | ― | ― | -19.02% | 10.39% | |
44 Neutral | €7.10B | -17.22 | -85.88% | ― | ― | ― | |
43 Neutral | €79.70M | -1.88 | -94.14% | ― | -5.98% | -8.67% |
* Healthcare Sector Average
FR:MAAT
MaaT Pharma
1.07
-3.12
-74.46%
FR:IPH
Innate Pharma SA
1.29
-0.41
-24.35%
FR:ABVX
Abivax SA
81.10
-9.40
-10.39%
FR:NANO
Nanobiotix
30.32
13.96
85.33%
FR:TNG
Transgene
0.72
-0.60
-45.23%
FR:ALCLS
Cellectis SA
1.10
-1.95
-63.93%
MaaT Pharma Corporate Events
MaaT Pharma Gains FDA Backing to Advance MaaT034 Toward First-in-Human Trial
Oct 19, 2026
MaaT Pharma reported a positive pre-IND interaction with the U.S. FDA for its next-generation microbiome therapy candidate MaaT034, intended to enhance responses to immune checkpoint inhibitors in solid tumors such as non-small cell lung cancer, m...
MaaT Pharma Faces EMA Setback as Losses Widen and Cash Runway Shortens
Sep 29, 2026
MaaT Pharma reported first‑half 2026 revenue of €1.1 million, down 55% year‑on‑year, mainly due to changes in its Early Access Program revenue model after transferring commercial responsibilities to Clinigen, while cash and...
MaaT Pharma Maps Regulatory Path and Funding Needs for Microbiome Cancer Therapy MaaT034
Sep 21, 2026
MaaT Pharma has outlined the clinical development path for MaaT034, the first functionally selected, donor-independent microbial ecosystem candidate from its MET-C platform, designed to enhance responses to immune checkpoint inhibitors in advanced...
MaaT Pharma Refocuses MaaT013 on Global Phase 3 Trial After EMA Setback
Sep 18, 2026
MaaT Pharma said the European Medicines Agency’s Committee for Medicinal Products for Human Use has upheld its negative opinion on a conditional marketing authorization for MaaT013, branded Xervyteg, for steroid-resistant gastrointestinal ac...
MaaT Pharma Faces EMA Setback on Microbiome Therapy for aGvHD
Sep 15, 2026
MaaT Pharma announced that the European Medicines Agency’s CHMP has signaled a negative trend in its re-examination of the conditional marketing authorization application for MaaT013 (Xervyteg®) to treat steroid-resistant gastrointestin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.