What MaaT Pharma does

MaaT Pharma S.A. is a French clinical-stage biotechnology company headquartered in Lyon, founded in 2014 by Hervé Affagard and Dr. Joël Doré, and listed on Euronext Paris (ticker MAAT) since November 2021. The company develops standardized, high-diversity microbiome-based drug candidates under its proprietary Microbiome Ecosystem Therapy (MET) platform, with two branches: MET-N, derived from pooled healthy-donor stool, and MET-C, a donor-independent co-culture synthetic ecosystem. All candidates are characterized by the Butycore™ consortium of anti-inflammatory metabolite-producing bacteria and produced in-house under cGMP. The pipeline is led by MaaT013 (Xervyteg®), a pooled-donor MET-N candidate for steroid-refractory gastrointestinal acute Graft-versus-Host Disease (aGvHD) that holds Orphan Drug Designation from both the FDA and EMA and is under EMA conditional MAA review (CHMP 'negative trend' opinion in May 2026, re-examination pending); the pipeline also includes MaaT033 for allogeneic HSCT adjunct use and NSCLC, MaaT034 preclinical co-candidate for solid tumors in combination with checkpoint inhibitors, and MaaT03X next-generation assets. The proprietary gutPrint® AI/data platform supports drug design, biomarker discovery, and clinical decision-making across the pipeline.

MaaT Pharma serves specialized oncology and transplant hospital channels, principally allogeneic HSCT centers and the limited number of hospitals that manage steroid-refractory GI-aGvHD. Pre-approval revenue is generated through the European Early Access Program (EAP/ATU) and a US compassionate-use program, with 300+ patients treated globally since 2019 and 230+ across 13 European countries as of January 2026. In July 2025, the company signed a €10.5M upfront European licensing and commercialization agreement with Clinigen (plus a €12M EU MAA approval milestone), with European EAP program management transferring to Clinigen in January 2026; in the US, distribution remains direct to six EAP hospital sites. The business model is therefore a hybrid of pre-approval EAP/ATU product sales (now via Clinigen in Europe at transfer price plus royalties) and out-licensing economics, with full commercial revenue contingent on EU MAA approval. Revenue is supplemented by non-dilutive financing (Bpifrance grants, EIB €37.5M debt facility) and multiple post-IPO equity rounds (2021 IPO ~€35M, 2024 €19.2M, 2025 €9.1M), with cash of €18.1M at March 31, 2026 extending runway to November 2026.

Name

MaaT Pharma

Legal name

MaaT Pharma S.A.

Website

https://maatpharma.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

MaaT Pharma is a Lyon-based, Euronext-listed clinical-stage biotech developing standardized, high-diversity pooled-donor (MET-N) and co-culture (MET-C) microbiome ecosystem therapies for oncology, led by MaaT013/Xervyteg® for steroid-refractory gastrointestinal aGvHD, with revenue generated from European EAP sales via Clinigen and US compassionate-use hospital programs.

Ownership category

akta.pro rank

Product category

Microbiome Therapeutics (Oncology)

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Gene Therapy CMC/Process Development Platforms (capsid engineering, producer cell lines, plasmids, upstream/downstream) (HLAAACAN)

akta.pro secondary industry

Oncology Diagnostics (tumor profiling, MRD, liquid biopsy) (HLAAALAE)

Keywords

• Microbiome ecosystem therapy
• Gut microbiota therapeutics
• Oncology biopharmaceuticals
• Acute graft versus host
• Live biotherapeutic products

Headquarters

HQ city

Lyon

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Out-licensing royalties and product supply (Clinigen partnership): Following the July 2025 €10.5M upfront European licensing & commercialization agreement with Clinigen, MaaT Pharma sells Xervyteg® (MaaT013) directly to Clinigen at a transfer price plus royalties, with Clinigen responsible for hospital distribution. A €12M milestone payment is triggered upon potential EU marketing authorization.
2. Early Access Program (EAP) / Compassionate Use Product Sales: Pre-approval revenue from sale of MaaT013 to hospitals under the European ATU/compassionate use program. 230+ patients treated in the EAP across 13 countries; 300+ patients globally since 2019. 2025 full-year EAP-derived revenue was €4.5M (+38% YoY); Q1 2026 reported revenue of €0.8M (under new Clinigen-distributed model).
3. Public Grants and Non-Dilutive Financing: Receipt of non-dilutive grants from French public programs (e.g., €1.9M from France Relance/Bpifrance in July 2021) to support manufacturing industrialization and clinical development in immuno-oncology.
4. Debt Financing (EIB Loan Facility): Up to €37.5M loan facility from the European Investment Bank signed in July 2025, with first €3.5M tranche drawn October 2025 and €6M tranche B drawn April 2026, used to advance the hemato-oncology clinical program.

Pricing tiers

Go-to-market motion4 records

Distribution channels3 records

Marketing channels7 records

Core offering

MaaT Pharma develops standardized, high-diversity Microbiome Ecosystem Therapies (MET) that target dysbiosis-driven immune dysfunction in oncology. Its lead product, Xervyteg® (MaaT013), is a donor-pooled, full-ecosystem microbiota therapy used to treat steroid-refractory gastrointestinal acute Graft-versus-Host Disease (aGvHD). The pipeline extends the MET platform to MaaT033 (adjunctive therapy in allogeneic HSCT), MaaT034 (a synthetic co-culture candidate for solid tumors), and MaaT03X (next-generation candidate).

Differentiator

Problem solved

Functional benefit

Brands

• Xervyteg® (MaaT013): Trademarked brand name for MaaT013, an investigational Microbiome Ecosystem Therapy (MET) pooled from healthy donor stool, currently in EMA review for the treatment of steroid-refractent acute Graft-versus-Host Disease (aGvHD) with gastrointestinal involvement. Has received Orphan Drug Designation from the FDA and EMA.
• gutPrint®

Products and services

• Xervyteg® (MaaT013) A pooled-donor, high-diversity Microbiome Ecosystem Therapy (MET-N) administered as an enema formulation, indicated for the treatment of steroid-refractory acute Graft-versus-Host Disease (aGvHD) involving the gastrointestinal tract. It is offered commercially through European Early Access Programs and is in late-stage clinical development for U.S. approval.
• MaaT033 A donor-pooled, high-diversity oral Microbiome Ecosystem Therapy (MET-N) being developed as adjunctive therapy to allogeneic hematopoietic stem cell transplantation (HSCT) to improve overall survival and reduce GvHD-related complications.
• MaaT034 A synthetic, co-culture-derived Microbiome Ecosystem Therapy (MET-C) designed for oral delivery in patients with solid tumors, intended to overcome resistance to immune checkpoint inhibitors by reshaping the gut microbiome.
• MaaT03X A next-generation, indication-specific Microbiome Ecosystem Therapy candidate in MaaT Pharma's pipeline, leveraging the proprietary MET platform to address additional dysbiosis-driven immune disorders.

Quantifiable outcome

• 62% GI-ORR at Day 28 in ARES Phase 3 (vs 37% in CHRONOS real-world comparator)
• +5 more outcomes

Named customers8 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered core clinical / academic partner, flagship / core commercial partner, major combination-therapy partner, industrial-scale partner, retail-investor distribution partner, academic clinical partner, core academic / translational consortium, investigator site (chronos study), lead investigator (ares trial) and scientific co-founder.

• Gustave Roussycore clinical / academic partnerStrategic or Co-development Partner · 20 January 2026Sponsor of the Phase 2 IMMUNOLIFE trial evaluating MaaT033 in combination with Regeneron's Cemiplimab in advanced NSCLC patients with antibiotic-induced dysbiosis. Gustave Roussy coordinates the IMMUNOLIFE consortium, which includes INSERM, Université Paris-Saclay, INRAe and IHU Méditerranée Infection, with Dr. Lisa Derosa as coordinating investigator. Trial enrolls 162 patients across 14 French centers with primary results expected late 2030.
• Clinigenflagship / core commercial partnerChannel Partner/ Reseller/ Distributor · 1 July 2025Strategic European licensing & commercialization agreement signed July 2025 granting Clinigen rights to commercialize Xervyteg® (MaaT013) in Europe. €10.5M upfront license payment plus an additional €12M milestone payment contingent on EU marketing authorization approval. In January 2026, MaaT Pharma transferred the European Early Access Program (EAP) program management to Clinigen, which now handles hospital distribution; MaaT Pharma sells product directly to Clinigen at a transfer price plus royalties. Clinigen also hosted an industry symposium on steroid-refractory aGvHD management at the 2026 EBMT congress.
• Regeneronmajor combination-therapy partnerTechnology or IntegrationCemiplimab (Libtayo®) supplied as the combination anti-PD-1 backbone in the Phase 2 IMMUNOLIFE trial evaluating MaaT033 in NSCLC patients resistant to immune checkpoint inhibitors following antibiotic exposure. The trial assesses whether restoring microbiota with MaaT033 can improve disease control rate vs investigator's choice.
• Skyepharmaindustrial-scale partnerStrategic or Co-development PartnerIndustrial partner for cGMP manufacturing scale-up of MaaT013, MaaT033 and MaaT03X production. Term sheet signed September 30, 2021 for modular pharmaceutical buildings and process equipment supporting industrial scale-up (€3.0M lump-sum payments).
• PrimaryBidretail-investor distribution partnerGTM or Marketing PartnerRetail-investor access platform used for the public-offering component of the November 2025 €9.1M Global Offering, hosting 447,478 new shares (~€1.6M) directed at individual investors.
• AP-HP (Assistance Publique – Hôpitaux de Paris)academic clinical partnerStrategic or Co-development PartnerAcademic sponsor of the Phase 2a PICASSO randomized controlled trial evaluating Xervyteg® (MaaT013) in combination with ipilimumab (Yervoy®) and nivolumab (Opdivo®) in metastatic melanoma.
• IMMUNOLIFE Consortium (INSERM, Université Paris-Saclay, INRAe, IHU Méditerranée Infection)core academic / translational consortiumStrategic or Co-development PartnerConsortium of leading French academic institutions collaborating with MaaT Pharma on the IMMUNOLIFE program, focused on overcoming ICI resistance in advanced NSCLC through microbiome-based intervention. Backed by the French National Research Agency (ANR-21-5 RHUS-0017 IMMUNOLIFE).
• Ordensklinikum Linz Elisabethinen (Austria)investigator site (chronos study)Strategic or Co-development PartnerClinical site participating in the CHRONOS real-world retrospective study; investigator Dr. Johannes Clausen is first author of the Bone Marrow Transplantation publication (2026) that contextualizes the ARES pivotal results and supports the MAA dossier.
• Hôpital Saint-Antoine / Sorbonne Université (Prof. Florent Malard)lead investigator (ares trial)Strategic or Co-development PartnerProf. Florent Malard, professor of hematology at Hôpital Saint-Antoine and Sorbonne Université, is the principal investigator of the ARES Phase 3 pivotal trial and presented the final ARES data at the 2025 ASH Presidential Plenary and the 2026 EBMT congress.
• Dr. Joël Doré (co-founder)scientific co-founderStrategic or Co-development PartnerScientific co-founder of MaaT Pharma (alongside Hervé Affagard in late 2014), one of the world's most cited authors in the microbiome field with nearly 500 publications; provides ongoing scientific leadership.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Assembly Biosciences: Clinical-stage biotech with microbiome-derived virome platform (ABT-001) targeting hepatitis B. Comparable as a small-cap microbiome platform company but focused on virome rather than bacterial consortia.

Others

• Clinigen Group: UK-headquartered specialty pharma and clinical-trial supply company; signed €10.5M + €12M milestone licensing deal with MaaT Pharma for European commercialization of Xervyteg. Not a direct peer in microbiome R&D but a strategic distribution partner executing MaaT's European commercial model.

Direct peers

• Seres Therapeutics: Clinical-stage microbiome therapeutics company developing SER-109 (Vowst, approved 2023) for recurrent C. difficile and SER-155 for aGvHD prevention. Directly comparable to MaaT Pharma in modality (microbiome-based drugs), regulatory pathway (FDA/EMA approvals), and oncology/GI indications.
• Evelo Biosciences: Developed orally-administered single-strain microbiome medicines (EDP1815, EDP2939) for inflammatory diseases and oncology. Comparable as a clinical-stage microbiome therapeutics peer targeting inflammation-immune indications.
• Enterome: Paris-based clinical-stage biotech developing microbiome-derived therapeutics and diagnostics for oncology and IBD (EO2463, EO2040). Direct French competitor with overlapping oncology-microbiome thesis and similar EU regulatory pathway focus.
• Rebiotix (Ferring Pharmaceuticals): Pioneered standardized microbiota-based therapies including RBX2660 (Rebyota, FDA-approved 2022) for recurrent CDI. Subsidiary of Ferring Pharmaceuticals, with active programs in aGvHD-adjacent indications. Directly comparable in cGMP microbiome drug manufacturing and regulatory execution.
• Vedanta Biosciences: Develops defined bacterial consortia (VE303, VE800) for recurrent C. difficile infection and immuno-oncology. Closely comparable to MaaT's MET-C co-culture synthetic microbiome approach and ICI-combination strategy (VE800 + nivolumab).
• 4D pharma: UK-based clinical-stage microbiome therapeutics company developing single-strain and defined-consortium therapies for oncology and respiratory disease (MRx0518 in ICI combinations). Comparable in oncology-microbiome focus and small-cap public biotech status.
• Finch Therapeutics: Developed Full-Spectrum Microbiota (FSM) therapy for recurrent CDI and ulcerative colitis (FIN-211). Closely comparable in pooled-donor microbiome drug modality and was a leading public peer before restructuring.

Broad incumbents

• Biocodex (subsidiary of Biocodex Microbiota Institute): French specialty pharma holding 17.46% of MaaT Pharma and active in probiotics/microbiome consumer health (Florastor/Saccharomyces boulardii). Comparable as a major microbiome-industry player and key shareholder/corporate stakeholder.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MaaT_Pharma
• LinkedInfr.linkedin.com/company/maat-pharma

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds10 records

Investors8 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MaaT Pharma