Financial Archives - ��

September 29, 2026: �� Publishes its Half-Year 2026 Results and Provides a Business Update

�� — Tue, 29 Sep 2026 15:43:26 +0000

�� Publishes its Half-Year 2026 Results and Provides a Business Update

MaaT013 (Xervyteg®):
- In September 2026, following the re-examination procedure, the CHMP maintained its negative opinion on the Conditional Marketing Authorization Application (MAA) for MaaT013 (Xervyteg®).
- Feedback received through a Type C interaction with the U.S. Food and Drug Administration (FDA) contributes to the preparation of PHOENIX as a proposed registrational Phase 3 trial and provides a framework for finalizing the protocol and progressing U.S. development activities.
MaaT034: CMC-focused pre-Investigational New Drug (IND) meeting with the U.S. FDA, focused on CMC (Chemistry, Manufacturing and Controls) activities, scheduled for October 2026.
Revenue of €1.1 million in H1 2026, compared with €2.4 million in H1 2025, mostly driven by the impact of the Clinigen Licensing Agreement as of January 1, 2026, while patient demand in the Early Access Program (EAP) remained globally stable.
Cash and cash equivalents of €17.1 million as of June 30, 2026.
Cash runway now estimated to extend to December 2026 based on the Company’s current operating plan.
The Company is exploring financing opportunities from investors and strategic partnerships

��

Lyon, France, September 29, 2026 – 6:00pm CET��– �� (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM(MET) dedicated to enhancing survival for patients with cancer through immune modulation, today announced its half-year financial results for the six-month period ended June 30, 2026, and provided a business update.

“In the first half of 2026, the Company continued to advance its development pipeline. Following the negative CHMP opinion on MaaT013 (Xervyteg^®), we initiated a comprehensive review of our portfolio and operating priorities. The measures implemented extend, based on our current estimates, our cash runway to December 2026, while we continue to actively explore financing and strategic partnership opportunities to support the Company’s priority programs” stated Eric Soyer, CFO of ��.

��

Pipeline highlights

In Hemato-Oncology

Acute Graft-versus-Host Disease (aGvHD) – MaaT013 (Xervyteg^®)

In January 2026, �� transitioned the Early Access Program in Europe to Clinigen. As of June 30, 2026 and since 2019, more than 550 authorizations have been given under the Early Access Program in 14 different countries.
In March 2026, at the European Society for Blood and Marrow Transplantation (EBMT) 2026 Annual Meeting, �� presented final results from the ARES trial evaluating MaaT013 (Xervyteg^®) in aGvHD. The Company also presented CHRONOS real-world data, reporting 29% 12-month overall survival and 37% Day-28 GI-ORR in third-line patients treated with therapies other than microbiome-based treatments. Clinigen hosted a dedicated symposium on steroid-refractory GI-aGvHD.
In April 2026, the CHRONOS study was published in Bone Marrow Transplantation, a peer-reviewed journal.
MaaT013 (Xervyteg^®) Regulatory Evaluation:

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In Europe:

- In June 2026, �� announced that the CHMP of the European Medicine Agency (EMA) adopted a negative opinion on the conditional MAA for MaaT013 (Xervyteg^®) for the treatment of aGvHD in adult patients with gastrointestinal involvement refractory to prior lines of therapy, confirming the previously announced negative trend opinion disclosed on May 20, 2026. At that time, the Company confirmed its plan to seek re-examination of the opinion.
- As a post-period event, in September 2026, the Company announced that the CHMP of the EMA had maintained its negative opinion on the CMA application for MaaT013 following re-examination. During the application process, �� proposed conducting a randomized controlled Phase 3 trial versus Best Available Therapy (BAT), named PHOENIX, which is intended to support potential future regulatory submissions in the U.S., Europe and other selected territories, subject to further regulatory feedback, successful execution and positive results.

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In the US and globally:

As a post-period event, in September 2026, �� announced progress in U.S. clinical readiness for PHOENIX, supported by feedback from a Type C interaction with the FDA and the completion of a feasibility assessment across major clinical trial sites.
Subject to appropriate funding and regulatory clearance, PHOENIX is intended to be conducted across the U.S., Europe and other regions as a proposed registrational Phase 3 trial, potentially supporting future registration submissions subject to successful execution and positive results.

��

Allogeneic Hematopoietic Stem Cell Transplant (allo-HSCT) – MaaT033

PHOEBUS is a randomized clinical trial vs placebo evaluating MaaT033 in patients receiving allo-HSCT. Under the current development plan, the last patient is expected to be enrolled in the fourth quarter of 2027, with topline results for one-year overall survival anticipated in the fourth quarter of 2028.
In March 2026, the Company presented a poster at the EBMT 2026 Annual Meeting.

��

In Immuno-Oncology

MaaT034 – Next-generation drug candidates with co-cultured technology

MaaT034, a microbiome ecosystem therapy, is designed to be a universal Microbiome combination partner for immunotherapies, improving outcomes in patients with ICI-refractory solid tumors, including NSCLC and melanoma.
As a post-period event, in September 2026, �� announced that a CMC-focused Pre-IND meeting with the FDA was scheduled for October 2026, representing the next key regulatory milestone for MaaT034. A First-in-Human study in solid tumors, including second-line advanced NSCLC and refractory advanced melanoma, has been designed to determine the optimal dosing and pre-treatment regimen and generate initial clinical proof-of-concept data. The study could be initiated in late 2027, subject to appropriate funding and regulatory clearance.

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Investigator-sponsored immuno-oncology studies

In January 2026, �� announced its participation in IMMUNOLIFE, an investigator-sponsored Phase 2 study led by Gustave Roussy and designed to further explore the role of the gut microbiome and antibiotics in responses to immune checkpoint inhibitors in advanced NSCLC.
The Company has also been informed that topline results from the academic-sponsored PICASSO study may be available in 2026, subject to the sponsor’s timelines. The expected PICASSO data are intended to provide complementary insights and are not expected to directly impact MaaT034’s development strategy.

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In the context of the CHMP outcome, the Company is conducting a strategic review of its assets, which may result in adjustments to the associated development plans and timelines.

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Key Financial Results

Key audited financial results for the first half of 2026 are as follows:

Income Statement

In thousands of euros	2026.06 (6 months)	2025.06 (6 months)
Revenue	1 079	2 427
Cost of Goods Sold	(105)	(790)
��Gross Margin	974	1 637
Other Income	2 044	2 494
Sales and distribution costs	–	(491)
General and administrative costs	(2 822)	(3 611)
Research and development costs	(19 200)	(14 778)
��Operating Income (loss)	(19 004)	(14 749)
Financial Income	1 472	87
Financial Expense	(800)	(422)
��Net financial income (expense)	672	(336)
��Income (loss) before income tax	(18 331)	(15 085)
Income tax expense	��–	��–
Net Income (loss) for the period	(18 331)	(15 085)

Prepared in accordance with international accounting standards IFRS

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Revenues totaled €1.1 million as of June 30, 2026, compared with €2.4 million on June 30, 2025. The 55% decrease was mostly driven by the evolution of the EAP revenue model, following the implementation as of January 2026 of the Clinigen Licensing Agreement. Revenues now consist of transfer price and royalties, while the number of EAP patient treatments remained globally stable (-4%). Under the licensing agreement, Sales and Distribution costs were also transferred to Clinigen.

Operating loss was €18.3 million in the first half of 2026 compared with €15.1 million in the first half of 2025. The €3.2 million loss increase was mostly attributable to research and development costs, which progressed from €14.8 million in the first half of 2025 to €19.2 million in the first half of 2026, consistent with the advancement of the Company’s late-stage clinical programs, in particular with the data analysis and regulatory activities for MaaT013 (Xervyteg^®) and with the ongoing patient recruitment in the PHOEBUS Phase 2b trial in allogeneic-HSCT with MaaT033.

Income statement for the first half of 2026 also reflects accounting depreciation of certain assets, with the impairment review following the negative European regulatory outcome for the MaaT013 (Xervyteg^®) conditional MAA.

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Cash Position

As of June 30, 2026, total cash and cash equivalents were €17.1 million, compared with
€24.9 million as of December 31, 2025. In the current context, the Company is conducting a strategic review of its assets while taking cash preservation measures with cash horizon now extended to December 2026 (vs November 2026), based on current operational assumptions.

Over the first half of 2026, net cash utilization was €7.8 million. Net cash used in Operating and Investment activities was €15.0 million, while cash generated in Net Financing activities was €7.2 million and included the €6.0 million drawdown of the second tranche of the European Investment Bank loan and €2.4 million of project loan from Bpifrance.

The Company has updated its corporate presentation available on its website: www.maatpharma.com/investors and has filed its half-year Financial Report to the AMF (Autorité des Marchés Financiers).

Financial calendar*

November 16, 2026: Publication of revenues & cash for Q3 2026

*Indicative calendar that may be subject to change.

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About ��
�� is a leading, late-stage clinical company focused on developing innovative gut microbiome-driven therapies to modulate the immune system and enhance cancer patient survival. Supported by a talented team committed to making a difference for patients worldwide, the Company was founded in 2014 and is based in Lyon, France.��As a pioneer, �� is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, �� develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. �� has been listed on Euronext Paris (ticker: MAAT) since 2021.

Forward-looking Statements
All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as “target,” “believe,” “expect,” “aim”, “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements.

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July 6, 2026: �� Presents the Results of its Annual General Meeting and Provides a Statement on its Half-Year Liquidity Contract

�� — Mon, 06 Jul 2026 14:57:57 +0000

�� Presents the Results of its Annual General Meeting and Provides a Statement on its Half-Year Liquidity Contract

Lyon, France, July 6, 2026 – 6:00 pm CET&�Բ��;– �� (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM(MET) dedicated to enhancing survival for patients with cancer through immune modulation, presents the results of its Annual and Extraordinary General Meeting held on Tuesday, June 16, 2026 at 9:30 am CET at the Company’s office and broadcasted live (replay available here). The Company also provides an update on the liquidity contract managed by Kepler Cheuvreux as of June 30^th, 2026.

Annual and Extraordinary General Meeting

The quorum reached by the shareholders present, representing, or voting remotely, was above 69.61% of voting shares.

Shareholders overwhelmingly approved most of the resolutions put forward by the Board of Directors by a majority of over 90%. The following resolutions were approved:

Approval of the financial statements for fiscal year 2025;
The renewal of the terms of office for current directors Mr. Jean-Marie Lefèvre, Mrs. Nadia Kamal, Mr. Claude Bertrand, Mr. Hervé Affagard, Mr. Jean Volatier, Seventure Partners and Bpifrance Investissement;
The compensation policy for corporate officers (Chairman, Chief Executive Officer and Directors) and the compensation paid or awarded during 2025 fiscal year – details of the votes on the said resolution is available on the Company’s website here;
Financial resolutions, notably delegations of authority to the Board of Directors to carry out capital increases in various situations.

Only one resolution was rejected:

Delegation of authority to the Board of Directors to decide on any merger, demerger or partial contribution of assets (29th resolution).

In accordance with the approval of resolutions 19 and 20, the Company also announced that the Board of Directors has decided to maintain the liquidity contract signed with Kepler Cheuvreux for the liquidity of the Company’s shares listed on Euronext Paris. Information on this contract is available in the Company’s Universal Registration Document (French only).

The full minutes of the Annual General Meeting and the results of the votes, resolution by resolution are available on the Company’s website in the Investors/ Shareholder Meetings’ section.

Half-year liquidity contract statement

Under the liquidity contract entered into between �� and Kepler Cheuvreux, the following resources appeared on the liquidity account on June 30^th, 2026:

– 45,618 shares
– € 66,564.56

– Number of executions on buy side on semester: 2,998

– Number of executions on sell side on semester: 2,808

– Traded volume on buy side on semester: 222,290 shares for € 1,297,309.11

– Traded volume on sell side on semester: 203,219 shares for € 1,268,496.55

As a reminder :

the following resources appeared on the last half-year statement on 31 December 2025 on the liquidity account:
- 26,547 shares
- € 94,695.27
- Number of executions on buy side on semester: 2,120
- Number of executions on sell side on semester: 2,342
- Traded volume on buy side on semester: 74,642 shares for € 332,072.16
- Traded volume on sell side on semester: 83,855 shares for € 394,938.88

the following resources appeared on the liquidity account when the activity started:
- 0 shares
- € 200,000.00

The implementation of this report is carried out in accordance with AMF Decision N°2021-01 of June 22^nd, 2021, renewing the implementation of liquidity contracts for shares as an accepted market practice.

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About ��
�� is a leading, late-stage clinical company focused on developing innovative gut microbiome-driven therapies to modulate the immune system and enhance cancer patient survival. Supported by a talented team committed to making a difference for patients worldwide, the Company was founded in 2014 and is based in Lyon, France. As a pioneer, �� is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, �� develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. �� has been listed on Euronext Paris (ticker: MAAT) since 2021.

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July 2nd, 2026: Monthly Information Regarding the Total Number of Voting Rights and Shares Comprising the Share Capital

�� — Thu, 02 Jul 2026 16:07:29 +0000

Monthly Information Regarding the Total Number of Voting Rights and Shares Comprising the Share Capital

Article 223-16 of the General Regulations of the Financial Markets Authority
(AMF – Autorité des Marchés Financiers)

��

Lyon, France, July 2, 2026 – 6:30 pm CET��– �� (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM(MET) dedicated to enhancing survival for patients with cancer through immune modulation,��today published the number of shares comprising the share capital and the total number of voting rights (Article L. 233-8 of the French Commercial Code (Code de commerce) and Article 223-16 of the General Regulations of French Autorité des Marchés Financiers (AMF)) on June 30, 2026.

Listing place: Euronext Paris

ISIN code: FR0012634822

Website:

��

Date	Total number of shares comprising the share capital	Total number of theoretical voting rights ⁽¹⁾	Total number of effective voting rights ⁽²⁾
06/30/26	18,863,543	18,863,543	18,817,925

��(1) In accordance with Article 223-11 of the AMF General Regulation, this number is calculated on the basis of all shares to which voting rights are attached, including shares whose voting rights have been suspended.
(2) Effective voting rights correspond to the total number of voting rights that may be used at a General Meeting. The total number of effective voting rights is calculated without taking into account the shares with suspended voting rights.

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About ��
�� is a leading, late-stage clinical company focused on developing innovative gut microbiome-driven therapies to modulate the immune system and enhance cancer patient survival. Supported by a talented team committed to making a difference for patients worldwide, the Company was founded in 2014 and is based in Lyon, France. As a pioneer, �� is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, �� develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. �� has been listed on Euronext Paris (ticker: MAAT) since 2021.

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May 26, 2026: �� Provides Business Update and Reports Financial Results for the First Quarter 2026

�� — Tue, 26 May 2026 16:42:35 +0000

�� Provides Business Update and Reports Financial Results for the First Quarter 2026

MaaT013 (Xervyteg®):
- In May 2026, the Company was informed of a “negative trend” opinion on its Marketing Authorization Application from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA), ahead of the expected CHMP formal vote in June; the Company plans to request a re-examination procedure upon the formal opinion
- EBMT 2026 annual congress: �� presented data from the pivotal ARES trial of MaaT013 (Xervyteg®) featured in the Presidential Session oral presentation and 3 posters (PHOEBUS, CHRONOS and THRASSA)
Revenues of €0.8 million in the first quarter of 2026 derived from the Early Access Program
As of March 31, 2026, cash and cash equivalents were €18.1 million
Cash runway extension to November 2026

��

Lyon, France, May 26, 2026 – 7:00 pm CET��– �� (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM(MET) dedicated to enhancing survival for patients with cancer through immune modulation,��today provided a business update and reported its cash position as of March 31, 2026.

“During the first quarter of 2026, we continued to execute with financial discipline while supporting the advancement of our clinical and regulatory priorities. The drawdown of EIB Tranche B, combined with ongoing operational optimization, has extended our cash runway into November 2026 supporting the upcoming regulatory steps, including the planned re-examination of the Marketing Authorization Application for MaaT013 (Xervyteg®),” stated Eric Soyer, CFO of ��.

��

Pipeline highlights

In Hemato-Oncology

Acute Graft-versus-Host Disease (aGvHD) – MaaT013 (Xervyteg^®)

In January 2026, �� transitioned the Early Access Program in Europe to Clinigen, allowing �� to leverage the infrastructure of Clinigen and start expanding patient access. The Company has treated approximately 230+ patients under the Early Access Program in 13 different countries to date, and data from the EAP has been presented at major medical congresses.
In March 2026, during the EBMT 2026 annual congress:
- The final results of the ARES pivotal trial evaluating MaaT013 (Xervyteg^®) in aGvHD were presented during an oral presentation during the presidential symposium at EBMT 2026 Annual Congress on March 23, 2026.
- ��‘s strategic partner Clinigen hosted a dedicated Industry Symposium on advancing care for steroid-refractory gastrointestinal aGvHD, in the context of the transition in January 2026 of the EAP program to Clinigen, and the ongoing commercial readiness activities, subject to the marketing approval of MaaT013 (Xervyteg^®).
- The Company also presented results from the CHRONOS study, one of the largest real-world studies including refractory GI-aGvHD patients (n=59) treated with third-line best available treatments other than microbiome-based therapy, and announced publication in April 2026 of those retrospective data in Bone Marrow Transplantation Journal. Results from CHRONOS included 29% 12-month overall survival and 37% Day-28 GI-overall response rate, thus supporting the urgent need for new therapeutic options in this indication.

MaaT013 (Xervyteg^®) Regulatory Plan:
- As a post period event, �� announced in May 2026 that during the Oral Explanation with EMA’s CHMP, the Company was informed of a “negative trend” in relation with the upcoming June 2026 CHMP vote. Subject to the formal vote at the June 2026 CHMP meeting, the Company intends to request a re-examination of the application.
- As previously announced, the U.S. development plan remains underway, with no material cash impact, to ensure a potential launch in a timely manner of the future clinical study in the U.S, subject to appropriate funding and regulatory, clinical, and operational readiness.
- Additionally, the Company continues to expand its U.S. footprint through its EAP, with recurring patient requests from leading hospitals such as City of Hope (Duarte- Los Angeles, CA), Massachusetts General Hospital (Boston, MA), the University of Alabama Hospital (Birmingham, AL), Miami Cancer Institute (Miami, FL), Chicago Medical Center (Chicago, IL) and Advocate Lutheran Hospital (Park Ridge, IL).

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Allogenic Hematopoietic Stem Cell Transplant (allo-HSCT) – MaaT033

In January 2026, as a post period event, a third routine evaluation was conducted and reconfirmed the favorable safety profile of MaaT033 in this trial. The Phase 2 PHOEBUS trial is ongoing and is potentially pivotal in Europe. Topline results (1-year overall survival) are expected in Q4 2028.
In March 2026, the Company presented a poster of the PHOEBUS Phase 2 trial during the EBMT 2026 annual congress, detailing the design and the favorable safety profile confirmed by the 5 DSMBs assessments since 2025.

��

In Immuno-Oncology

MaaT034 – Next-generation drug candidates with co-cultured technology

In 2026, the Company is focusing on GMP batch production and regulatory readiness and targets to initiate a First-in- Human trial in 2027, subject to appropriate funding, with a development strategy that will place a particular focus on the U.S. market.
In January 2026, �� announced that the first patient was randomized in the IMMUNOLIFE trial evaluating the potential of MaaT033 in combination with Regeneron’s Cemiplimab in enhancing disease control rate versus best investigator’s choice in patients with advanced non-small cell lung cancer (NSCLC) who have developed resistance to PD-1/PD-L1 blockade following antibiotic (ATB) exposure and who present ATB-induced gut dysbiosis. The Company was also informed by PICASSO’s academic sponsor that topline results could be expected in H1 2026. However, the timing remains subject to the sponsor’s discretion and the Company has no control over the study results communication timelines. The PICASSO expected data are intended to provide complementary insights only and do not directly impact MaaT034’s development strategy.

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Cash position^[1]��

As of March 31, 2026, total cash and cash equivalents were EUR 18.1 million (as compared to EUR 24.9 million as of December 31, 2025), not including the drawdown in April 2026 of Tranche B (EUR 6 million) of the European Investment Bank (EIB) loan financing.
The Company has taken cash management measures to extend its financial visibility into November 2026 (vs August 2026), covering the upcoming regulatory milestones including the re-examination process, while continuing to advance its pipeline.

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Revenues in Q1 2026¹

�� reported revenues of EUR 0.8 million for the first quarter of 2026 (reported EAP revenues were EUR 1.1 million for the same period of 2025).
Since January 2026 and the transition to the EAP program to Clinigen, �� is now selling the product to Clinigen, which then supplies hospitals in Europe. As a result, revenues generated by the Company are now based on the financial terms of the licensing agreement. Consequently, the net income reported by �� in Q1 2026, based on transfer price and royalties, was EUR 0.8 million, and would have been EUR 1.3 million pre-transition.
The slight decrease in reported revenues was therefore mostly attributable to the change in revenue accounting. On a same like-for-like basis, revenues generated by MaaT013 (Xervyteg^®) in Q1 2026 reflected a 19% increase year-over-year, underlining the sustained demand for the product.

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Financial calendar*

June 16, 2026: Annual General Meeting
September 29, 2026: Publication of H1 2026 results
November 16, 2026: Publication of revenues & cash for Q3 2026

*Indicative calendar that may be subject to change. ��

��

Availability of the Documents Preparatory to the Annual General Meeting

The Company’s shareholders are invited to attend the Combined General Meeting to be held on Tuesday, June 16, 2026, at 9:30 a.m. at the Company’s offices, 70 avenue Tony Garnier – 69007 Lyon, France.
The preliminary notice of meeting, including the agenda and draft resolutions, was published in the Bulletin des Annonces Légales et Obligatoires (BALO) No. 56 dated May 11, 2026, and the notice of meeting will be published in the legal gazette “Le Tout Lyon” on May 27, 2026.
As of today, all information and documents referred to in Articles R. 22-10-23, R. 225-81 and R. 225-83 of the French Commercial Code are available on the Company’s website: maatpharma.com
In accordance with Articles L. 225-115 and R. 225-83 of the French Commercial Code, the full text of the documents to be presented at the General Meeting will also be made available at the Company’s registered office.
The General Meeting will be broadcast live in full by video, and the connection details will be available on the Company’s website. A replay will be made available no later than seven business days after the General Meeting has been held.

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Upcoming conferences participation*

June 24-25, 2026 – Portzamparc Conference Mid & Small Caps 2026, Paris

*Indicative calendar that may be subject to change.

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[1] unaudited financial results

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May 11, 2026: �� to Hold Annual General Meeting on June 16, 2026

�� — Mon, 11 May 2026 15:55:39 +0000

�� to Hold Annual General Meeting on June 16, 2026

Lyon, France, May 11, 2026 – 6:00pm CET – �� (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM(MET) dedicated to enhancing survival for patients with cancer through immune modulation, informs its shareholders that the Annual General Meeting (ordinary and extraordinary) will be held on June 16, 2026, at 9:30am CET at the Company’s headquarter in France located at 70 avenue Tony Garnier, 69007 Lyon and will also be broadcasted live.

The notice of meeting, serving as convening notice is published in the Bulletin des annonces légales obligatoires on Monday, 11 May 2026 (), in bulletin no. 56 (reference 2601636). It contains the detailed agenda, the draft resolutions and the main terms and conditions of participation and voting at this meeting.

The convening notice will be published in the Journal des annonces légales “Le Tout Lyon” on 27 May 2026. It will also be sent to registered shareholders and made available to institutions holding bearer shares.

The documents and information relating to this General Meeting have been and will be, in accordance with the applicable laws and regulations:

posted on ��’s website (www.maatpharma.com/investors) under the section “Investors/General Meetings/2026”;
made available to shareholders at the Company’s registered office at 70 avenue Tony Garnier, 69007 Lyon, France;
and sent to shareholders by Uptevia – Service Assemblées Générales, 90 – 110 Esplanade du Général de Gaulle – 92931 Paris La Défense Cedex, on receipt of their request.

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Further information on this General Meeting, and on how shareholders can vote, is available on ��’s website under the Investors section (“Participating in the General Meeting”).
The General Meeting will be broadcast live via a dedicated platform and can be accessed through the link . A recording of the General Meeting will be made available on the Company’s website within the timeframe required by applicable regulations.

Financial Calendar*

• May 26, 2026: Publication of Q1 2026 revenue and cash position
• June 16, 2026: Annual General Meeting
• September 15, 2026: Publication of H1 2026 results
• November 16, 2026: Publication of Q3 2026 revenue and cash position
(*Indicative calendar that may be subject to change.)

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March 31, 2026: �� Announces 2025 Annual Results and Provides Business Updates

�� — Tue, 31 Mar 2026 05:30:12 +0000

�� Announces 2025 Annual Results and Provides Business Updates

Potential Pivotal Year for MaaT013 (Xervyteg^®):
- Marketing Authorization Application (MAA) in Europe for MaaT013 (Xervyteg^®) submitted to the European Medicines Agency (EMA) in June 2025
- EMA feedback expected mid-2026 per current EMA timelines
- Commercial readiness continues, with the Clinigen agreement in place and the Early Access Program (EAP) successfully transferred
- Active discussions ongoing with the Food and Drug Administration (FDA) to assess potential clinical activities with the European regulatory pathway advancing as the primary focus for now
- EAP Revenues in 2025 of €4.4 million in 2025, a 38% increase over 2024, and the highest revenues generated from the EAP to date
Pipeline progress continues:
- MaaT033, currently in Phase 2b potentially pivotal trial (PHOEBUS), is ongoing and continued to demonstrate a favorable safety profile, with six DSMB reviews completed in 2025. Topline results for PHOEBUS study are now expected in Q4 2028 (instead of Q4 2027)
- MaaT034 promising preclinical data presented at major scientific conferences
€37.5 million financing agreement signed with the European Investment Bank (EIB), structured in four tranches; Tranches A (€3.5 million) drawn in October 2025, and Tranche B (€6 million) in process
As of December 31, 2025, cash and cash equivalents were €24.9 million
Cash runway to August 2026, including the upcoming EIB Tranche B funding of €6.0 million

Lyon, France, March 31, 2026 – 7:30 a.m. CET – ��(EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM��(MET) dedicated to enhancing survival for patients with cancer through immune modulation,today reports the 2025 full-year annual results and provides business updates.

“2025 was a year of strong clinical momentum for ��, marked by major advances across our hemato‑oncology portfolio and progress in immuno‑oncology. In 2026, we are approaching a potentially transformative milestone with the EMA review of MaaT013 (Xervyteg^®), while continuing to expand our oncology platform. We believe �� is well‑positioned as a leader in microbiome‑driven therapies and we remain focused on advancing our pipeline with the ambition to bring new therapeutic options to patients with high unmet needs, “ stated Hervé Affagard, CEO and co-founder of ��.

Pipeline highlights

In Hemato-Oncology

2025 was an important year for ��, marked by continued progress for MaaT013 (Xervyteg^®) and steps that reinforced the Company’s position in microbiome‑based therapies in hemato‑oncology. Looking ahead, 2026 is expected to be a pivotal year, as MaaT013 (Xervyteg^®) advances through the EMA review process toward a potential first‑in‑class approval in oncology. The MAA submitted to the EMA is supported by results from the open‑label, single‑arm pivotal ARES trial, together with a dataset generated through the EAP. As a “first-in-class” potentially setting the foundations for future standards, MaaT013 (Xervyteg^®) is being developed in the field of rare diseases and currently represents the Company’s most advanced drug candidate. Its development takes place in an environment characterized by specific pharmaceutical, clinical and regulatory questions, notably related to the innovative nature of its therapeutic approach. MaaT013 (Xervyteg^®) is the most advanced step toward validating the Company’s oncology platform, which holds scalability potential, notably with MaaT033, an oral form, as the next expansion driver.

Acute Graft-versus-Host Disease (aGvHD) – MaaT013 (Xervyteg^®)

In January 2025, the Company announced positive topline results from the pivotal ARES Study evaluating MaaT013 (Xervyteg^®) in aGvHD, meeting its primary endpoint with a significant gastrointestinal overall response rate at Day 28 of 62% and demonstrating the unprecedented efficacy of MaaT013 (Xervyteg^®) as third-line treatment of aGvHD with gastrointestinal involvement (GI-aGvHD) consistent with communicated EAP results.
In March 2025, the Company announced a positive outcome from the final DSMB meeting on ARES trial, confirming the remarkable efficacy results and positive risk/benefit profile of MaaT013 (Xervyteg^®) in third-line GI-aGvHD.
In June 2025, the Company announced the submission of a MAA to the EMA for MaaT013, under the registered brand name of MaaT013 (Xervyteg^®). The EMA submission followed the positive opinion from EMA Pediatric Committee received in March 2025 on the Pediatric Investigation Plan for MaaT013 (Xervyteg^®), a key milestone achieved towards the MAA submission to the EMA.
In July 2025, the Company signed a license and distribution agreement and commercial supply agreement for MaaT013 (Xervyteg^®) with . The Company received an upfront payment of €10.5 million and could receive additional payments of up to €18 million depending on the achievement of pre-specified regulatory and sales milestones, including €12 million upon the Marketing Authorization for MaaT013 (Xervyteg^®) in Europe.�� The Company will also be eligible to receive royalty payments on net sales of a percentage in the mid-thirties and regular cash flow as per the supply agreement.
In December 2025, the Company presented the topline results of the ARES pivotal trial evaluating MaaT013 (Xervyteg^®) in aGvHD during the ASH 2025 annual congress and also announced the final results from the pivotal ARES study with a confirmed 1-year overall survival of 54%, confirming durable survival benefit in this high-risk patient population known for extremely poor prognosis. Results have been submitted in a peer-reviewed journal.
As a post period event, �� has transitioned the EAP to Clinigen in January 2026. Given Clinigen’s strength and expertise, this allows the Company to leverage the European infrastructure of Clinigen, in Europe and expand patient access. The Transfer of the EAP to Clinigen also allows to test and validate the supply chain, contributing to the commercial readiness in view of the potential MAA approval of MaaT013 (Xervyteg^®).
As a post period event, the final results of the ARES pivotal trial evaluating MaaT013 (Xervyteg^®) in aGvHD were presented during an oral presentation during the presidential symposium at EBMT 2026 Annual Congress on March 23, 2026 and during an oral presentation at the national Congress of the French Hematology Society (SFH) on March 27, 2026.
MaaT013 (Xervyteg^®) is currently under review by the EMA. To date, the MAA has progressed in line with the predefined timeline established by the EMA. Based on the status of the procedure, the indicative guidance on review timing remains current. As the review process progresses toward the next phase, the Company will continue to assess ongoing regulatory feedback that may influence the timing and remains proactively engaged in all potential regulatory interactions to ensure appropriate preparation for the next steps of the EMA review.
As part of its U.S. market access strategy, the Company continues to evaluate regulatory pathways that could support a future FDA submission, in line with FDA expectations for innovative therapies in aGvHD. Interactions with the FDA remain active as the Company refines the most appropriate clinical study design and timelines for the U.S. With European regulatory progress underway, and with the Company currently prioritizing efforts in Europe, the U.S. market remains the next major step in its global development strategy. As a result, the initiation of a U.S. study, previously anticipated for 2026, could now be expected after the outcome of the Company’s ongoing MAA review with the EMA. Readiness activities are underway, with no significant cash impact, to ensure a potential launch in a timely manner of the future clinical study in the U.S, pending appropriate funding.
Additionally, the Company continues to expand its U.S. footprint through its EAP, with recurring patient requests now coming from six leading hospitals: City of Hope (Duarte- Los Angeles, CA), Massachusetts General Hospital (Boston, MA), the University of Alabama Hospital (Birmingham, AL), Miami Cancer Institute (Miami, FL), Chicago Medical Center (Chicago, IL) and Advocate Lutheran Hospital (Park Ridge, IL).

Allogenic Hematopoietic Stem Cell Transplant (allo-HSCT) – MaaT033

MaaT033, as an oral microbiotherapy based on the same drug substance as MaaT013(Xervyteg®), holds the potential for value‑creation by enabling broad ambulatory use and expanding the addressable patient population through a prophylactic approach. As the first oral asset of the platform, MaaT033 indicates the Company’s industrial scalability and further supports its long‑term growth potential. MaaT033 builds on the pharmaceutical, clinical, and regulatory groundwork conducted with MaaT013 (Xervyteg®), on which the Company intends to rely for its development.
In 2025, four DSMB safety assessments were conducted for MaaT033 in the Phase 2b PHOEBUS randomized trial designed to be pivotal: two routine evaluations and two interim analyses focused on excess mortality. All confirmed a favorable safety profile and recommended continuation of the trial without modifications. In January 2026, as a post period event, a third routine evaluation was conducted and reconfirmed the favorable safety profile of MaaT033 in this trial.
The Company has strategically prioritized resources on the development of MaaT013 (Xervyteg^®) in Europe in aGvHD. This focus impacts the timeline of the Phase 2 PHOEBUS trial with the last patient enrollment now anticipated in Q4 2027 (compared to mid-2026 as previously announced). Consequently, topline results (1-year overall survival) are now expected in Q4 2028 (compared to Q4 2027).

In Immuno-Oncology

Leveraging the learnings of the MET‑N platform in hemato-oncology, the MET‑C platform represents a major mid‑term inflection point for the Company. The Company has strengthened its platform with an enhanced co‑cultivation manufacturing process and AI‑enabled candidate design capabilities. Consistent with the Company’s stage‑gate strategy, MaaT034 is being developed as the first drug candidate in the immuno‑oncology portfolio.

MaaT034 – Next-generation drug candidates with co-cultured technology

In 2025, the Company presented new preclinical data for MaaT034, its next-generation product, at the American Association for Cancer Research (AACR) Annual Meeting and at the Society for Immunotherapies of Cancer (SITC) Annual Meeting, showing compelling anti-tumor efficacy results in germ-free mice.

Key results indicated that:

Metagenomic analysis shows that MaaT034 reproduces the microbial functions of MaaT013 (Xervyteg^®), improves DC-mediated T cell activation and potentiates anti-tumor effects mediated by anti-PD-1 checkpoint blockade��in vitro.
MaaT034 optimizes anti-PD1 mediated activity in tumor-bearing, germ-free mice. While anti-PD1 alone reduced tumor growth by 10%, the combination of anti-PD1 and MaaT034 resulted in a 83.7% tumor growth reduction (compared to a 24.2% reduction when using a single strain of Akkermansia muciniphila bacteria).

Since 2022, the Company has implemented an exploratory strategy through two investigator‑sponsored trials (IMMUNOLIFE sponsored by Gustave Roussy, and PICASSO, sponsored by AP-HP) using its donor‑derived MET‑N platform to better understand how the gut microbiome may overcome Immune-Checkpoint Inhibitors (ICI) resistance. Insights from these studies will inform on further development such as positioning across indications, treatment lines, and target populations.

As a post period event, in January 2026, �� announced that the first patient was randomized in the IMMUNOLIFE trial evaluating the potential of MaaT033 in combination with Regeneron’s Cemiplimab in enhancing disease control rate versus best investigator’s choice in patients with advanced non-small cell lung cancer (NSCLC) who have developed resistance to PD-1/PD-L1 blockade following antibiotic (ATB) exposure and who present ATB-induced gut dysbiosis. The Company has also been informed by PICASSO’s academic sponsor that topline results would not be available in Q4 2025 (as previously announced) and could now be expected in H1 2026.

As the Company prioritized resources on its most late-stage assets, the Company is now focusing for MaaT034 in 2026 on GMP batches production and regulatory readiness and targets a First-in- Human trial start in 2027 (previously 2026), subject to appropriate funding, with a development strategy that will place a particular focus on the U.S. market.

Company Updates

In 2025, �� strengthened its manufacturing position by advancing from clinical stage production toward commercial grade readiness. The Company advanced its supply chain for future commercial phase and in the context of the EAP transition to Clinigen. This positions the Company to support potential market entry for MaaT013 (Xervyteg^®), contingent to EMA approval, and to sustainably support the growth of its broader oncology platform, including MaaT033 and MaaT034.
In 2025, the Company announced that Jean-Marie Lefèvre, Chairman of the Board of Directors of Biocodex, resumes his role as Chairman of the Board of ��, following Karim Dabbagh’s two-year tenure. Additionally, Dorothée Burkel, who served as an independent director since 2021, resigned from her position effective December 31, 2025, citing personal reasons.�� The Board of Directors of the Company would like to thank Mrs. Burkel for her contribution to the Board throughout her time in office.
In 2025, �� strengthened its scientific leadership with the appointment of Dr. Sheri Simmons as Acting Chief Scientific Officer. Based in the U.S., she brings deep biotechnology and microbiome expertise from senior roles at Seres Therapeutics, Johnson & Johnson, and Seed Health. Sheri now oversees preclinical research and AI/data initiatives and supports the Company’s efforts toward the Marketing Authorization of MaaT013 (Xervyteg^®) in aGvHD. This appointment further reinforces a balanced organization combining long‑standing expertise with newly added downstream capabilities.
In 2025, the Company’s shareholding structure evolved, with both liquidity and free float significantly increasing from the second half of 2025, also driven by the inclusion of �� in the CAC Small, CAC Mid & Small, and CAC All-Tradable indices. The free float now represents 29.8% of the share capital, reflecting a broader and more diversified investor base.

Financial highlights
The key financial audited results for the full year of 2025 are as follows.

Condensed Income Statement

In thousands of euros	31 December 2025 (12 months)	31 December 2024 (12 months)
Revenue	4 524	3 216
Other Income	4 421	3 831
Sales, General and Administrative costs	(8 220)	(6 923)
Research and Development costs	(29 054)	(27 302)
Operating income (expense)	(29 729)	(28 428)
Financial Income	227	401
Financial Expense	(1 560)	(878)
Net financial income (expense)	(1 332)	(477)
Net Income (loss) for the period	(31 061)	(28 904)

In accordance with IFRS international standards. Detailed financial information available here (French only) – The audit procedures for the 2025 financial statements were carried out by the Company’s statutory auditors and the 2025 statutory accounts were closed by the Company’s Board of Directors on March 25, 2026. The financial statements are available on the Company’s website. The full financial reports will be included in the Company’s Universal Registration Report (equivalent to the annual financial report), which will be filed with the Autorité des Marchés Financiers on 31 March 2026.

Revenues totaled €4.5 million for the year ended December 31, 2025, mostly comprised of compensation invoiced from the Early Access Program in France: €4.4 million EAP revenues in 2025, vs €3.2 million in 2024, a €1.2 million/38% increase year-over-year reflecting a growing adoption in the hemato-oncology medical community.

Other income of €4.4 million included R&D tax credits of €3.8 million in 2025, from €3.5 million in the prior year, and grants of €0.4 million in 2025, from €0.1 million in the prior year.

Research and Development expenses were €29.1 million in 2025, an increase of €1.8 million from 2024, consistent with the advancement of clinical and operational activities as detailed in the pipeline highlights section above.

Sales, General and Administrative expenses amounted to €8.2 million in 2025, compared with €6.9 million in 2024. The €1.3 million increase reflected higher sales & distribution expenses, in line with the increase in EAP revenues, increased expenses related to financing activities, and the strengthening of the team, including expert medical and regulatory consultants, to support the ongoing MAA process.

As a result, operating expenses amounted to €29.7 million in 2025 compared with €28.4 million for 2024, an increase of €1.3 million.

Net loss was €31.1 million for the year ended December 31, 2025, compared with €28.9 million for the year ended December 31, 2024.

Cash Position and Financing

As of December 31, 2025, total cash and cash equivalents were €24.9 million, as compared to €20.2 million as of December 31, 2024.

The net increase in cash position of €4.7 million over the 12-month period between December 31, 2024, and December 31, 2025, was related to a net cash utilization in Operating and Investing activities of €16.0 million, while cash generated in financial activities was €20.7 million, including €20.8 million in net equity capital raises and €3.2 million from new loans, while loan repayments and interests amounted to €3.3 million.

The Company estimates that its current cash position will enable it to finance its operations until June 2026, and until August 2026, taking into account the ongoing drawdown of Tranche B of the EIB loan, as previously announced. To strengthen its cash position, the Company could benefit from additional financing pursuant to the agreements signed in 2025, all of them subject to obtaining a Marketing Authorization for its drug candidate Xervyteg® (MaaT013): a milestone payment of €12 million from Clinigen upon obtaining the Marketing Authorization, and the drawdown of Tranche C of the EIB loan for €8 million, subject in particular to the granting of the Marketing Authorization and contractual financing conditions. The Company also continues to seek additional financing to support the development of its development portfolio.

Financial calendar*

May 15, 2026: Publication of revenues & cash for Q1 2026
June 16, 2026: Annual General Meeting
September 15, 2026: Publication of H1 results
November 16, 2026: Publication of revenues & cash for Q3 2026

*Indicative calendar that may be subject to change.

Upcoming conferences participation

April 8-9, 2026 – Investor Access Event, Paris
April 15-16, 2026 – Kempen Life Sciences Conference, Amsterdam
June 22-25, 2026 – Bio International Convention, San Diego, CA
June 24-25, 2026 – Portzamparc Conference Mid & Small Caps 2026, Paris

—

About ��
�� is a leading, late-stage clinical company focused on developing innovative gut microbiome-driven therapies to modulate the immune system and enhance cancer patient survival. Supported by a talented team committed to making a difference for patients worldwide, the Company was founded in 2014 and is based in Lyon, France. As a pioneer, �� is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, �� develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. �� has been listed on Euronext Paris (ticker: MAAT) since 2021.

The post March 31, 2026: �� Announces 2025 Annual Results and Provides Business Updates appeared first on ��.

February 3, 2026: Monthly Information Regarding the Total Number of Voting Rights and Shares Comprising the Share Capital

�� — Tue, 03 Feb 2026 17:00:00 +0000

Monthly Information Regarding the Total Number of Voting Rights and Shares��Comprising the Share Capital

Article 223-16 of the General Regulations of the Financial Markets Authority
(AMF – Autorité des Marchés Financiers)

Lyon, France, February 3, 2026 – 6:00 pm CET –��(EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM��(MET) dedicated to enhancing survival for patients with cancer through immune modulation,��today published the number of shares comprising the share capital and the total number of voting rights (Article L. 233-8 of the French Commercial Code (Code de commerce) and Article 223-16 of the General Regulations of French Autorité des Marchés Financiers (AMF)) on January 31, 2026.

Listing place: Euronext Paris

ISIN code:��FR0012634822

Website:��

Date	Total number of shares comprising the share capital	Total number of theoretical voting rights��⁽¹⁾	Total number of effective voting rights��⁽²⁾
01/31/26	18,847,475	18,847,475	18,833,820

(1) In accordance with Article 223-11 of the AMF General Regulation, this number is calculated on the basis of all shares to which voting rights are attached, including shares whose voting rights have been suspended.
(2) Effective voting rights correspond to the total number of voting rights that may be used at a General Meeting. The total number of effective voting rights is calculated without taking into account the shares with suspended voting rights.

��

About ��
�� is a leading, late-stage clinical company focused on developing innovative gut microbiome-driven therapies to modulate the immune system and enhance cancer patient survival. Supported by a talented team committed to making a difference for patients worldwide, the Company was founded in 2014 and is based in Lyon, France. As a pioneer, �� is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, �� develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. �� has been listed on Euronext Paris (ticker: MAAT) since 2021.

The post February 3, 2026: Monthly Information Regarding the Total Number of Voting Rights and Shares Comprising the Share Capital appeared first on ��.

November 14, 2025: �� announces the successful completion of its Global Offering of €9.1 million

�� — Fri, 14 Nov 2025 20:57:08 +0000

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN MAAT PHARMA OR ANY OTHER ENTITY IN ANY JURISDICTION.��

�� announces the successful completion of its Global Offering of €9.1 million

Lyon, France, November 14, 2025 – 9:55 pm CET – �� (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM(MET) dedicated to enhancing survival for patients with cancer through immune modulation, today announces the successful completion of its capital increase of €9.1 million, comprising a reserved offering to qualified investors of 2��168��072��new ordinary shares and a public offering to retail investors (via the PrimaryBid platform) of 447��478��new ordinary shares (the “Global Offering”), at a price of €3.48 per share (the “Global Offering Price”).

“We are proud of the success of this capital raise, which underscores investors’ confidence in ��’s strategy and long-term potential. We extend our gratitude to our longstanding shareholders as well as to the new institutional and retail investors whose commitment highlights the impact of our mission to improve survival for patients with cancer,” said Hervé Affagard, Chief Executive Officer and co-founder of ��. “This capital raise strengthens our financial position, secures our operations beyond upcoming regulatory milestones, and supports preparations for the potential commercialization of Xervyteg^® (MaaT013). It also paves the way for value-creating strategic and partnership opportunities.”

�� will use the net proceeds of the Global Offering, amounting to approximately €8.7 million (for a gross global offering of €9.1 million), to fund its roadmap (ie: development of its Microbiome Ecosystem Therapies), notably:

Preparation of the commercialization of Xervyteg^®and related regulatory activities in Europe during the second half of 2026, in collaboration with our commercial partner, contingent upon Xervyteg^® approval (potential marketing authorization (MA) could be delivered around mid-2026).
Advancement of MaaT033 clinical development in Europe, currently being evaluated in an ongoing Phase 2b trial, designed to be pivotal, aimed at improving survival in patients undergoing allogeneic hematopoietic stem cell transplantation.
Continuation of discussions with the FDA regarding a dedicated pivotal study in the U.S. aimed at expediting Xervyteg^® The study is planned to start in 2026, subject to regulatory confirmation and securing appropriate financing.
Its working capital and other general corporate purposes.

The proceeds from the Global Offering would support the Company’s stepwise financing strategy, aimed at securing runway beyond the potential marketing authorization approval (MAA) for Xervyteg^® in Europe, and then to early 2027, assuming MAA:

Excluding the net proceeds of the Global Offering, on the basis of planned expenditure, total cash and cash equivalents as of September 30, 2025, were €22.4 million (including an initial upfront payment of €10.5 million from its commercial partner post signing of a license and commercial agreement in July 2025), the first tranche of €3.5 million out of a €37.5 million financing from the European Investment Bank (EIB) that was received in October 2025, and with strong cash discipline, the Company believes it has currently sufficient cash to cover its current needs and planned development programs until the end of February 2026.
Including the net proceeds of the Global Offering, the conditions for drawing the second tranche of €6.0 million under the EIB financing, e., (i) an equity contribution and (ii) the filing of the European marketing authorization application (which has already been completed) are thus fulfilled. The Company thereby extends its cash runway until August 2026.
This cash horizon to August 2026 is beyond the current estimated date for obtaining the MAA in Europe, which, if applicable, will then allow �� to receive the milestone payment of €12 million provided for in the agreement with the Company’s commercial partner for Europe for obtaining an MAA for Xervyteg^®. This milestone payment would enable the Company to finance its activities until early 2027.
The Company explores also additional dilutive and non-dilutive financing options, which, if materialized, would further finance and accelerate its developments activities and further extend its cash runway.

Terms and conditions of the Global Offering

The Global Offering of 2��615��550��new ordinary shares for a total of €9.1 million was carried out in two concomitant components under the same pricing conditions:

A private placement (the “Private Placement”) of 2168��072��new ordinary shares without pre-emptive subscription rights, reserved to qualified investors, for a total of €5��million, in accordance with the 23^rd resolution of the annual general meeting of June 20, 2025 (the “AGM”) and pursuant to article L. 411-2 of the French Monetary and Financial Code; and
a public offering of 447478 new ordinary shares without pre-emptive subscription rights, aimed at retail investors via the PrimaryBid platform, for a total of €1.6 million, in accordance with the 22^nd resolution of the AGM and pursuant to article L. 225-136 of the French Commercial Code (the “PrimaryBid Offering”).

Upon completion of the Global Offering, the share capital of the Company will be composed of 18��751��521 ordinary shares with a par value of €0.10 each. The 2��615��550 newly issued ordinary shares, represent approximately 16.2% of the Company’s share capital, on a non-diluted basis, before completion of the Global Offering, and 13.9% of the Company’s share capital, on a non-diluted basis, after completion of the Global Offering. By way of illustration, a shareholder holding 1% of the share capital prior to the Global Offering and which did not participate in the Global Offering will hold 0.86%, on a non-diluted basis, after completion of the Global Offering.

To the best of the Company’s knowledge, the breakdown of shareholders before and after completion of the Global Offering is as follows:

Shareholders	Pre-Offer (non-diluted basis)			Post-Offer (non-diluted basis)
	Number of Ordinary Shares	% of the Share Capital	Number of Ordinary Shares		% of the Share Capital
Hervé Affagard	278 893	1.73%	279 323		1.49%
Board, Employees and Consultants	416 789	2.58%	416 789		2.22%
*Mgt/founders/key Employees*	*695 682*	*4.31%*	*696 112*		*3.71%*
Fonds PSIM (Bpifrance Investissement)	3 622 111	22.45%	4 053 145		21.62%
Biocodex	2 842 792	17.62%	3 273 826		17.46%
Fonds Seventure	2 427 025	15.04%	2 427 025		12.94%
Crédit Mutuel Innovation	1 412 364	8.75%	1 412 364		7.53%
Invus Public Entities	799 583	4.96%	1 230 617		6.56%
Others investors	196 128	1.22%	196 128		1.05%
*Strategic Investors*	*11 300 003*	*70.03%*	*12 593 105*		*67.16%*
Free float	4 140 286	25.66%	5 462 304		29.13%
Total	16 135 971	100%	18 751 521		100%

Subscription and lock-up agreements

Current shareholders, Biocodex, Fonds PSIM, represented by Bpifrance Investissement and Invus Public Entities subscribed to the Global Offering for a total amount of €4.5 million, €1.5 million each. The total subscription amount of these investors represents approximately 49% of the Global Offering.

Bpifrance Investissement and Biocodex have respectively entered into a lock-up agreement with the Global Coordinator and Bookrunner for a period ending 90 days after the settlement and delivery date of the Global Offering, subject to customary exceptions. The Company has undertaken to refrain from issuing shares for a period of 90 days from the settlement delivery date of the Global Offering, subject to customary exceptions.

Admission of new ordinary shares

Settlement-delivery of the new ordinary shares and their admission to trading on the regulated market of Euronext Paris are expected to occur on November 19, 2025. The new shares will be of the same class and fungible with the existing shares, will carry all rights attached to the shares, and will be admitted to trading on the Euronext Paris market under the same ISIN code FR0012634822 – MAAT.

Trading of the Company’s shares on the regulated market of Euronext Paris was suspended during the Global Offering. Following the publication of this result press release, trading shall resume on November 17, 2025 as of the start of the trading day.

��

Intermediaries

Portzamparc, BNP Paribas Group, (“Portzamparc”) is acting as Global Coordinator and Bookrunner in connection with the Private Placement. The Private Placement is subject to a placement agreement entered into between the Company and Portzamparc dated November 14, 2025.

Within the framework of the PrimaryBid Offering, investors may only subscribe via the PrimaryBid Partners mentioned on the PrimaryBid website. The PrimaryBid Offering is subject to an engagement letter entered into between the Company and PrimaryBid and is not subject to a placement agreement.

Mc Dermott Will & Schulte AARPI acts as legal advisor for the Company.

No prospectus

The Global Offering is not subject to a prospectus requiring an approval from the AMF.

This press release does not constitute a prospectus under Regulation (EU) 2077/7129 of the European Parliament and of the Council of June 14, 2017, as amended, or a public offering.

Risk factors

The public’s attention is drawn to the risk factors relating to the Company and its business, presented in chapter 3 of the universal registration document 2024 filed with the Autorité des marches financiers under number D.25-0249 on April 11, 2025, which is available free of charge on the Company’s website (www.maatpharma.com/) and the website of the Autorité des marches financiers (www.amf-france.org). The occurrence of any or all of these risks could have an adverse effect on the Company’s business, financial situation, results, development or prospects.

In addition, investors are invited to consider the following risks specific to the issue: (i) the market price of the Company’s shares could fluctuate and fall below the Offering Price of the shares issued under the Offer, (ii) the volatility and liquidity of the Company’s shares could fluctuate significantly, (iii) sales of the Company’s shares could occur on the market and have an unfavorable impact on the Company’s share price, and (iv) the Company’s shareholders could suffer potentially significant dilution as a result of any future capital increases made necessary by the Company’s search for financing.

About ��

�� is a leading, late-stage clinical company focused on developing innovative gut microbiome-driven therapies to modulate the immune system and enhance cancer patient survival. Supported by a talented team committed to making a difference for patients worldwide, the Company was founded in 2014 and is based in Lyon, France.

As a pioneer, �� is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, �� develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. �� has been listed on Euronext Paris (ticker: MAAT) since 2021.

Forward-looking Statements

All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as “target,” “believe,” “expect,” “aim”, “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements.

Disclaimer

This press release does not constitute an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The distribution of this document may, in certain jurisdictions, be restricted by local legislations. Persons into whose possession this document comes are required to inform themselves about and to observe any such potential local restrictions.

This press release is an advertisement and not a prospectus within the meaning of Regulation (EU) 2077/7129 of the European Parliament and of the Council of 14 June 2017 (as amended, the “Prospectus Regulation”). Any decision to purchase shares must be made solely on the basis of publicly available information on the Company.

In France, the offering of �� shares described below will be carried out through (i) an offering of new ordinary shares with the waiver of preferential subscription rights to qualified investors or to a limited circle of investors, in accordance with Article L. 411-2 of the French Monetary and Financial Code, and (ii) a public offering, primarily intended for retail investors via the PrimaryBid platform, pursuant to Article L. 225-136 of the French Commercial Code. In accordance with Article 211-3 of the General Regulation of the Autorité des Marchés Financiers (“AMF”) and Article 1(5) of the Prospectus Regulation, the offering of �� shares does not require the publication of a prospectus approved by the AMF.

With respect to Member States of the European Economic Area, no action has been taken or will be taken to permit a public offering of the securities referred to in this press re/ease requiring the publication of a prospectus in any Member State. Therefore, such securities may not be and shall not be offered in any Member State other than in accordance with the exemptions of Article 1(4) of Prospectus Regulation or, otherwise, in cases not requiring the publication of a prospectus under Article 3 of the Prospectus Regulation and/or the applicable regulations in such Member State.

This press release and the information it contains are being distributed to and are only intended for persons who are (x) outside the United Kingdom or (y) in the United Kingdom and are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) high net worth entities and other such persons falling within article 49(2)(a) to (d) of the Order (“high net worth companies”, “unincorporated associations”, etc.) or (iii) other persons whom an invitation or inducement to participate in investment activity (within the meaning of Section 21 of the Financial Services and Market Act 2000) may otherwise lawfully be communicated or caused to be communicated (all such persons in (y)(i), (y)(ii) and (y)(iii) together being referred to as “Relevant Persons”). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities to which this press release relates will only be engaged with Relevant Persons. Any person who is not a Relevant Person should not act or rely on this press release or any of its contents.

��

This press release may not be distributed, directly or indirectly, in or into the United States. This press release and the information contained therein does not, and will not, constitute an offer of securities for sale, nor the solicitation of an offer to purchase, securities in the United States or any other jurisdiction where restrictions may apply. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the « U.S. Securities Act »). The securities of �� have not been and will not be registered under the Securities Act, and �� does not intend to conduct a public offering in the United States.

MIFID II Product Governance/Target Market: solely for the purposes of the requirements of article 9.8 of the EU Delegated Directive 2017/593 relating to the product approval process, the target market assessment in respect of the shares of �� has led to the conclusion in relation to the type of clients criteria only that: (i) the type of clients to whom the shares are targeted is eligible counterparties and professional clients and retail clients, each as defined in Directive 2014/65/EU, as amended (“MiFID //”); and (ii) all channels for distribution of the shares of �� to eligible counterparties and professional clients and retail clients are appropriate. Any person subsequently offering, selling or recommending the shares of �� (a “distributor”) should take into consideration the type of clients assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the shares of �� and determining appropriate distribution channels.

The distribution of this press release may be subject to legal or regulatory restrictions in certain jurisdictions. Any person who comes into possession of this press release must inform him or herself of and comply with any such restrictions.

Any decision to subscribe for or purchase the shares or other securities of �� must be made solely based on information publicly available about ��. Such information is not the responsibility of Portzamparc and has not been independently verified by Portzamparc.

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November 13, 2025: �� Launches a Capital Increase of Approximately €9 Million

�� — Thu, 13 Nov 2025 17:02:23 +0000

�� Launches a Capital Increase of Approximately €9 Million

Launch of a Global Offering of new ordinary shares for approximately €9 million through a Private Placement aimed at qualified investors, and a PrimaryBid Offering aimed at retail investors via the PrimaryBid platform
Subscription commitments from existing shareholders and directors of the Company for a total of €3 million and intention to subscribe by an existing shareholder for an amount of €1.5 million
Global Offering Price of new shares of €3.48 per share
PrimaryBid Offering in France on November 13 and 14, 2025: available from the publication of this press release until tomorrow, 6:00 pm (CET) on Boursorama, Bourse Direct and EasyBourse
Closing of the Private Placement on November 14, 2025 after market closing, subject to early closing
Suspension of trading of MAAT shares from November 13, 2025 after market closing, until November 14, 2025, after market closing
The funds raised will support the Company’s development, including the commercialization of Xervyteg®(MaaT013) in Europe, pending EMA approval, and extend its cash runway to summer 2026. Combined with additional financing from the European Investment Bank (EIB) and our Commercial Partner in Europe (If the Marketing Authorization Application (MAA) is granted), that will extend the cash horizon to early 2027.

Lyon, France, November 13, 2025 – 6:00 pm CET – �� (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM(MET) dedicated to enhancing survival for patients with cancer through immune modulation, today announces the launch of a capital increase of approximately €9 million, comprising a Private Placement of new ordinary shares to qualified investors and a public offering of new ordinary shares to retail investors (via the PrimaryBid platform) (the “Global Offering”), at a price of €3.48 per share (the “Global Offering Price”).

“With the positive pivotal Phase 3 trial results, we are committed to bringing Xervyteg^® (MaaT013), currently under EMA review and potentially the first microbiome-based oncology drug in the world, to patients with life-threatening aGvHD. To achieve this, we are securing additional financial resources, and we are grateful to both new and longstanding investors for their continued trust and support”, commented Hervé Affagard, CEO and co-founder of ��. “This raise supports our roadmap and prepares for potential EMA approval. It secures operations beyond obtaining potential marketing authorization thanks to the drawdown of the next tranche of the EIB financing and could also unlock further monetization opportunities, including milestone payments and strategic partnerships.”

�� will use the net proceeds of the Global Offering to fund its roadmap (ie: development of its Microbiome Ecosystem Therapies), notably:

Preparation of the commercialization of Xervyteg^®and related regulatory activities in Europe during the second half of 2026, in collaboration with our commercial partner, contingent upon Xervyteg^® approval (potential marketing authorization (MA) could be delivered around mid-2026).
Advancement of MaaT033 clinical development in Europe, currently being evaluated in an ongoing Phase 2b trial, designed to be pivotal, aimed at improving survival in patients undergoing allogeneic hematopoietic stem cell transplantation.
Continuation of discussions with the FDA regarding a dedicated pivotal study in the U.S. aimed at expediting Xervyteg^® The study is planned to start in 2026, subject to regulatory confirmation and securing appropriate financing.
Its working capital and other general corporate purposes.

In the context of the Global Offering, the Company benefits from the long-term support of its historical shareholders PSIM represented by Bpifrance Investissement and Biocodex, who have committed themselves to subscribe for a total amount of €3 million.

Excluding the net proceeds of the Global Offering, on the basis of planned expenditure, total cash and cash equivalents as of September 30, 2025, were €22.4 million (including an initial upfront payment of €10.5 million from its commercial partner post signing of a license and commercial agreement in July 2025), the first tranche of €3.5 million out of a €37.5 million financing from the European Investment Bank (EIB) that was received in October 2025, and with strong cash discipline, the Company believes it has currently sufficient cash to cover its current needs and planned development programs until the end of February 2026.
Including the net proceeds of the Global Offering, which will also fulfill the equity contribution financial condition for the drawdown of the second tranche of €6.0 million from the EIB financing (the other condition, the filing of the European MAA, has already been done), the Company expects to extend its cash runway to August of 2026.
This cash horizon to August 2026 is beyond the current estimated date for obtaining the MAA in Europe, which, if applicable, will then allow �� to receive the milestone payment of €12 million provided for in the agreement with the Company’s commercial partner for Europe for obtaining an MAA for Xervyteg^®. This milestone payment would enable the Company to finance its activities until early 2027.
The Company explores also additional dilutive and non-dilutive financing options, which, if materialized, would further finance and accelerate its developments activities and further extend its cash runway.

Terms and conditions of the Global Offering

The Global Offering will be carried out in two concomitant components under the same pricing conditions:

A private placement (the “Private Placement”) of new ordinary shares without pre-emptive subscription rights, reserved to qualified investors, in accordance with the 23^rd resolution of the annual general meeting of June 20, 2025 (the “AGM”) and pursuant to article L. 411-2 of the French Monetary and Financial Code; and
a public offering of new ordinary shares without pre-emptive subscription rights, aimed at retail investors via the PrimaryBid platform, in accordance with the 22^nd resolution of the AGM and pursuant to article L. 225-136 of the French Commercial Code (the “PrimaryBid Offering”).

The total amount of the Global Offering would be approximately €9 million, with the possibility to increase this total amount, subject to investor demand.

The amount of the Global Offering will depend exclusively on the orders received for each of the abovementioned components, with no possibility of reallocating the amounts committed to the Private Placement to the PrimaryBid Offering. The PrimaryBid Offering to retail investors is incidental to the Private Placement and may not exceed 20% of the total amount of the Global Offering. Allocations will be proportional to demand, limited to the amount allocated to this public offer, with allocations reduced should demand exceed this limit. In any event, the PrimaryBid Offering will not be carried out if the Reserved Offering does not occur.

The Global Offering Price of the new ordinary shares will be at a price of €3.48 per share, representing an approximate discount of 10% compared to the volume-weighted average price of the Company’s share over the last three trading sessions preceding the start of the Global Offering, in compliance with the 22^nd and 23^rd resolution of the AGM.

The Global Offering Price of the new ordinary shares issued under the PrimaryBid Offering will be equal to the price of the new ordinary shares issued under the Private Placement.

The Private Placement will be carried out by “accelerated bookbuilding”, at the end of which the number of new ordinary shares to be issued will be determined by the Chief Executive Officer of the Company, pursuant to and within the limits of the sub-delegations of authority granted by the Board of Directors of the Company as of the date of this press release and in accordance with the resolutions of the AGM.

The accelerated bookbuilding process for the Private Placement will be initiated immediately following the publication of this press release and is expected to close after markets closing tomorrow, subject to early closing. The PrimaryBid Offering will also begin immediately and is expected to close tomorrow at 6:00 p.m. (CET), subject to early closing. The Company will announce the results of the Global Offering by press release after the order book closes, tomorrow before the market opens.

The Private Placement will be available to qualified investors in France, outside France with the exception of the United States, Canada, Australia and Japan.

Settlement-delivery of the new ordinary shares and their admission to trading on the regulated market of Euronext Paris are expected to occur on November 19, 2025. The new ordinary shares will be of the same class and fungible with the existing shares, will carry all rights attached to the shares, and will be admitted to trading on the Euronext Paris market under the same ISIN code FR0Ol2634822 – MAAT.

Subscription and lock-up agreements

Current shareholders, PSIM represented by Bpifrance Investissement and Biocodex which hold 22.4% and 17.6% of the Company’s share capital, respectively on a non-dilutive basis, have pledged to subscribe for €1.5 million and €1.5 million, respectively, corresponding to a total amount of €3 million, subject to a Global Offering size of at least €6.5 million.

The Company has also received an intention to subscribe to the Private Placement from an American-European investor, a specialist in the healthcare sector and a current shareholder of the Company, for an amount of €1.5 million.

PSIM represented by Bpifrance Investissement and M. Jean-Marc Lefebvre, president of Biocodex, member of the Board of directors of the Company, did not take part in the vote on the Global Offer at the Company’s Board of Directors meeting on November 12, 2025.

PSIM represented by Bpifrance Investissement and Biocodex have respectively entered into a lock-up agreement with the Global Coordinator and Bookrunner for a period ending 90 days after the settlement and delivery date of the Global Offering, subject to customary exceptions. The Company has undertaken to refrain from issuing shares for a period of 90 days from the settlement delivery date of the Global Offering, subject to customary exceptions.

Eligibility of the Global Offering to tax mechanisms and for the PEA and PEA-PME

Subscription of the new ordinary shares of the Company is eligible for the provisions of Article 150-0 B ter of the French General Tax Code (reinvestment of proceeds from sale).

Investors who may benefit from this regime should consult their usual tax adviser in order to assess their personal situation with regard to the specific applicable regulations.

Finally, the Company reiterates that it complies with the eligibility criteria for the SME-ISE PEA as specified by the provisions of Articles L. 221-32-2 and D.221-113-5 et seq. of the French Monetary and Financial Code. As a result, the Company’s shares can be fully integrated into equity savings plans (PEAs) and PEA-PME accounts, which benefit from the same tax benefits as a traditional PEA.

Suspension of the listing of MAAT shares

The Company will announce the result of the Global Offering on November 14, 2025, at the close of the trading day, in a press release. Pending the publication of the result press release, the Company has asked Euronext Paris to suspend the listing of its share (ISIN FR0012634822-MAAT) as of November 13, 2025 after the close of trading day.

Intermediaries

Mc Dermott Will & Schulte AARPI acts as legal advisors for the Company.

No prospectus

The Global Offering is not subject to a prospectus requiring an approval from the AMF.

This press release does not constitute a prospectus under Regulation (EU) 2077/7129 of the European Parliament and of the Council of June 14, 2017, as amended, or a public offering.

The Company will, where applicable and depending on the number of shares for which it seeks admission to trading, file with the AMF a document containing the information required under Annex IX of the Prospectus Regulation (the “Information Document”). This document will be made available on the Company’s website (), and its filing will be announced in the press release issued by the Company following the Global Offering.

Risk factors

The public’s attention is drawn to the risk factors relating to the Company and its business, presented in chapter 3 of the universal registration document 2024 filed with the Autorite des marches financiers under number D.25-0249 on April 11, 2025, which is available free of charge on the Company’s website (www.maatpharma.com/) and the website of the Autorite des marches financiers (www.amf-france.org). The occurrence of any or all of these risks could have an adverse effect on the Company’s business, financial situation, results, development or prospects.

About ��

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November 4, 2025: �� Reports Financial Results for the Third Quarter 2025 and Provides Financing Update

�� — Tue, 04 Nov 2025 06:32:03 +0000

�� Reports Financial Results for the Third Quarter 2025 and Provides Financing Update

The Company received an upfront payment of €10.5 million in July 2025 after the signature of an exclusive license and distribution agreement with . Subject to approval and grant of a Marketing Authorization by the European Medicines Agency, it has the potential to facilitate patient access of Xervyteg^®(MaaT013) across Europe.
The Company received €3.5 million in October 2025 from the successful drawdown of Tranche A of the €37.5 million, 4-tranche financing from the European Investment Bank (EIB).
As of September 30, 2025, cash and cash equivalents were €22.4 million; cash runway confirmed to the end of February 2026.
Revenues of €3.4 million at the end of Q3 2025, a 45% increase year-over-year^[1].

Lyon, France, November 4, 2025 – 7:30am CET – �� (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem Therapies^TM(MET) dedicated to enhancing survival for patients with cancer through immune modulation, today provided a financial update and reported its cash position as of September 30, 2025.

“�� is actively executing its financing strategy, building on the momentum of our outstanding Phase 3 results with Xervyteg^® in acute Graft-versus Host disease patients. With funding secured through February 2026, we are leveraging a balanced mix of dilutive and non-dilutive sources to support our development programs and preserve shareholder value. The recent partnership with Clinigen and the loan agreement with the European Investment Bank are key milestones in this strategy, providing capital-efficient solutions we intend to build upon to sustain our growth throughout 2026,” said Eric Soyer, Chief Financial Officer of ��. ��

Corporate and Financing Update

In July 2025, the Company announced that it has secured a €37.5 million, 4-tranche loan financing from the European Investment Bank (EIB). The financing will support the advancement of its late-stage hemato-oncology clinical programs including the lead-asset Xervyteg^®, currently under regulatory review by the European Medicines Agency (EMA) for the treatment of acute Graft-versus-Host disease (aGvHD), and the second drug candidate, MaaT033, currently being evaluated in a Phase 2b randomized controlled trial in improving survival for patients receiving allo-HSCT.
The Company announces the successful drawdown in October 2025 of Tranche A for an amount of €3.5 million, together with the issuance, in accordance with the terms of the 24^th resolution of the shareholders’ meeting held on June 20, 2025 and Articles L. 228-91 and seq. of the French Commercial Code, of 468,772 warrants to the EIB with an exercise price of 4.5898€, as per the Loan and Warrant agreements with the EIB. The Tranche A loan is payable over two years after a grace period of 4 years, and bears an interest rate of 7% per annum.
In July 2025, the Company announced the signature of an exclusive license and distribution agreement with Clinigen, the global pathfinder accelerating access to critical medicines and a leading European player in hospital distribution and market access, to support market access to Xervyteg^® for 3^rd-line aGvHD patients across Europe, should the submission for Marketing Authorisation be successful. With this partnership, �� demonstrates its capability to supply products to pharmaceutical companies, including those specializing in rare diseases while ensuring commercial scale-up.
The Company received an upfront payment of €10.5 million in July 2025 and may receive up to an additional €18 million, including €12 million upon Marketing Authorization approval and €6 million in commercial milestones. The Company is also eligible for royalty payments on net sales, with a rate in the mid-thirties, as well as recurring cash flows under the supply agreement, with products being sold to the partner at a pre-agreed price.
In September 2025, �� has been awarded the Innovative Company label (“Entreprise Innovante”) by Bpifrance.

Cash position¹

As of September 30, 2025, total cash and cash equivalents were EUR 22.4 million, as compared to EUR 15.0 million as of June 30, 2025, and EUR 20.2 million as of December 31, 2024.
The Company believes it has sufficient cash to cover its current operating needs and development programs until the end of February 2026.

Revenues in Q3 2025¹

�� reported revenues from France from its Early Access Program of EUR 1.0 million for the quarter ended September 30, 2025, a 56% increase over the third quarter of 2024. Total revenues for the first nine months of 2025 amounted to EUR 3.4 million compared with EUR 2.3 million for the same period of 2024, a year-over-year increase of 45%¹, reflecting the continued demand from the medical community for ��’s drug candidate Xervyteg^®(MaaT013).

Upcoming financial communication*

March 30^th, 2026 – Q4 and Full year 2025 financial results

*Indicative calendar that may be subject to change.

Upcoming investor and medical conferences participation

November 5-9, 2025 – 40^th��Society of Immunotherapy of Cancer (SITC) annual meeting in National Harbor, MD, USA
November 19-21, 2025 – Société Francophone de Greffe de Moelle et de Thérapie Cellulaire (SFGM-TC) annual meeting in Geneva, Switzerland
November 25, 2025 – Investir Day event in Paris, France
December 6-9, 2025 – 67^th��American Society of Hematology (ASH) annual meeting in Orlando, Fl, USA

^[1] Unaudited financial results

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Forward-looking Statements

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Financial Archives - ������

September 29, 2026: ������ Publishes its Half-Year 2026 Results and Provides a Business Update

������ Publishes its Half-Year 2026 Results and Provides a Business Update

July 6, 2026: ������ Presents the Results of its Annual General Meeting and Provides a Statement on its Half-Year Liquidity Contract

������ Presents the Results of its Annual General Meeting and Provides a Statement on its Half-Year Liquidity Contract

July 2nd, 2026: Monthly Information Regarding the Total Number of Voting Rights and Shares Comprising the Share Capital

Monthly Information Regarding the Total Number of Voting Rights and Shares Comprising the Share Capital

May 26, 2026: ������ Provides Business Update and Reports Financial Results for the First Quarter 2026

������ Provides Business Update and Reports Financial Results for the First Quarter 2026

May 11, 2026: ������ to Hold Annual General Meeting on June 16, 2026

������ to Hold Annual General Meeting on June 16, 2026

March 31, 2026: ������ Announces 2025 Annual Results and Provides Business Updates

������ Announces 2025 Annual Results and Provides Business Updates

February 3, 2026: Monthly Information Regarding the Total Number of Voting Rights and Shares Comprising the Share Capital

Monthly Information Regarding the Total Number of Voting Rights and Shares��Comprising the Share Capital

November 14, 2025: ������ announces the successful completion of its Global Offering of €9.1 million

������ announces the successful completion of its Global Offering of €9.1 million

November 13, 2025: ������ Launches a Capital Increase of Approximately €9 Million

������ Launches a Capital Increase of Approximately €9 Million

November 4, 2025: ������ Reports Financial Results for the Third Quarter 2025 and Provides Financing Update

������ Reports Financial Results for the Third Quarter 2025 and Provides Financing Update

Financial Archives - ��

September 29, 2026: �� Publishes its Half-Year 2026 Results and Provides a Business Update

�� Publishes its Half-Year 2026 Results and Provides a Business Update

July 6, 2026: �� Presents the Results of its Annual General Meeting and Provides a Statement on its Half-Year Liquidity Contract

�� Presents the Results of its Annual General Meeting and Provides a Statement on its Half-Year Liquidity Contract

May 26, 2026: �� Provides Business Update and Reports Financial Results for the First Quarter 2026

�� Provides Business Update and Reports Financial Results for the First Quarter 2026

May 11, 2026: �� to Hold Annual General Meeting on June 16, 2026

�� to Hold Annual General Meeting on June 16, 2026

March 31, 2026: �� Announces 2025 Annual Results and Provides Business Updates

�� Announces 2025 Annual Results and Provides Business Updates

November 14, 2025: �� announces the successful completion of its Global Offering of €9.1 million

�� announces the successful completion of its Global Offering of €9.1 million

November 13, 2025: �� Launches a Capital Increase of Approximately €9 Million

�� Launches a Capital Increase of Approximately €9 Million

November 4, 2025: �� Reports Financial Results for the Third Quarter 2025 and Provides Financing Update

�� Reports Financial Results for the Third Quarter 2025 and Provides Financing Update