| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 22.72 | 211 |
| Intrinsic value (DCF) | 2.44 | -67 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
MaaT Pharma SA (MAAT.PA) is a pioneering clinical-stage biotechnology company headquartered in Lyon, France, specializing in the development of microbiome-based therapies for oncology. Founded in 2014, MaaT Pharma focuses on leveraging the gut microbiome to enhance treatment outcomes for cancer patients, particularly those with solid tumors and hematological malignancies. The company’s innovative pipeline includes MaaT013, a Phase 2-ready candidate for acute graft-versus-host disease (aGvHD), MaaT033 in Phase 1b for acute myeloid leukemia (AML), and MaaT03X targeting solid tumors. Operating in the high-growth microbiome therapeutics sector, MaaT Pharma combines cutting-edge science with a patient-centric approach, positioning itself as a key player in next-generation cancer treatments. With a strong emphasis on clinical validation and strategic collaborations, the company aims to address unmet medical needs in oncology through microbiome modulation.
MaaT Pharma presents a high-risk, high-reward investment opportunity within the emerging microbiome therapeutics space. The company’s focus on oncology-linked microbiome interventions aligns with growing scientific and clinical interest in the gut-immune axis. However, as a clinical-stage biotech, MaaT Pharma faces significant risks, including trial failures, regulatory hurdles, and cash burn (€28.9M net loss in FY 2023). With €20.2M in cash and negative operating cash flow (-€22M), near-term dilution risk is elevated. The stock’s low beta (0.107) suggests limited correlation to broader markets, but investors must weigh the potential of its pipeline against the capital-intensive nature of biotech development. Success in upcoming Phase 2/3 trials could drive substantial upside, but the absence of revenue diversification heightens binary outcomes.
MaaT Pharma competes in the niche but rapidly evolving microbiome oncology space, differentiating itself through a full-ecosystem microbiome restoration approach (as opposed to single-strain therapies). Its lead candidate, MaaT013, targets aGvHD—a severe complication of stem cell transplants with limited treatment options—giving it potential first-mover advantage in Europe. The company’s proprietary GutPrint® platform enables standardized microbiome profiling, enhancing therapeutic precision. However, MaaT faces competition from larger biopharma firms with deeper resources in microbiome R&D (e.g., Seres Therapeutics) and oncology-focused players exploring microbiome adjuvants. While MaaT’s focus on allogeneic (donor-derived) therapies offers scalability advantages, it must demonstrate superior efficacy/safety versus fecal microbiota transplantation (FMT) and synthetic microbiome consortia. Geographic concentration in Europe may limit near-term commercial reach compared to US-centric peers. Strategic partnerships, such as its collaboration with Skyepharma for manufacturing, mitigate some resource constraints but reliance on external funding remains a key vulnerability versus well-capitalized competitors.