MaaT Pharma (MAAT) AI Stock Analysis

• Market Cap: €136.89M
• Dividend Yield: N/A
• Average Volume (3M): 99.82K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.60
• Revenue Growth: 52.55%
• EPS Growth: -5.97%
• Country: FR
• Employees: 59
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.00
• Shares Outstanding: 18,751,520
• 10 Day Avg. Volume: 94,708
• 30 Day Avg. Volume: 99,816
• PEG Ratio: -0.13
• Price to Book (P/B): 10.06
• Price to Sales (P/S): 32.34
• P/FCF Ratio: -4.56
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €17.00
• Price Target Upside: 204.66% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: €7.50 ▲(34.41% Upside)

The score is held back primarily by weak financial performance: large ongoing losses, high leverage, and negative/free cash flow. Technicals are a partial offset with an uptrend above major moving averages and positive MACD, but overbought RSI/Stoch signals increase near-term reversal risk. Valuation provides limited support because earnings are negative and there is no dividend yield data.

Positive Factors

Revenue Growth

Sustained ~44% revenue growth indicates commercial traction for its microbiome therapies and expanding market adoption. Over 2-6 months this supports deeper clinical investment, potential milestone-driven partnerships, and a clearer path to scale revenue as development programs advance.

Healthy Gross Margin

A 61% gross margin suggests the core live biotherapeutic manufacturing and COGS structure can be profitable at scale. If fixed R&D and SG&A are controlled, this margin provides a durable base to improve operating profitability once revenue and production scale.

Focused, Differentiated Business Model

Concentrated expertise in microbiome therapeutics and live biotherapeutics creates a specialized moat and know-how that is hard to replicate. That focus supports long-term partnerships, unique IP development, and multiple addressable indications such as cancer and GI disorders.

Negative Factors

High Financial Leverage

Elevated leverage limits financial flexibility for a development-stage biotech, increasing refinancing and interest risks. Overcoming clinical and commercialization milestones may require more debt or dilutive financing, constraining strategic options and execution resilience.

Significant Cash Burn

Material negative free cash flow and worsening operating cash flow indicate a short to medium-term reliance on external financing. Persistent burn can force dilutive equity raises or partnerships, reducing control and potentially slowing program timelines if funding gaps occur.

Severe Operating Losses

Extremely negative net margins and continued negative EBIT/EBITDA reflect high fixed and operating costs relative to revenue. Until approvals or scale reduce per-unit overhead, profitability is unlikely, pressuring returns on investment and long-term shareholder value creation.

MaaT Pharma Business Overview & Revenue Model

Company Description

MaaT Pharma SA, a clinical stage company, engages in the research and development of microbiome biotherapies for the treatment of solid cancer tumors. Its products pipeline includes MaaT013 that has completed phase 2 clinical trials for the treatment of acute graft versus host diseases, as well as in preclinical trials to treat melanoma; MaaT033, which is in phase 1b clinical trials for the improvement of survival in patients with acute myeloid leukemia or other liquid tumors receiving allogeneic hematopoietic stem cell transplantation; and MaaT03X for the treatment of solid tumors. The company was incorporated in 2014 and is headquartered in Lyon, France.

How the Company Makes Money

MaaT Pharma generates revenue through the development and commercialization of its microbiome-based therapies. The company primarily makes money by advancing its product candidates through clinical trials and obtaining regulatory approvals, which can lead to partnerships with larger pharmaceutical companies for co-development or licensing agreements. Key revenue streams include upfront payments from these partnerships, milestone payments based on the achievement of certain clinical and regulatory benchmarks, and royalties on future product sales. Additionally, MaaT Pharma may engage in research collaborations with academic institutions or industry partners that provide funding for specific projects, contributing further to its earnings.

MaaT Pharma Financial Statement Overview

Summary

Revenue growth is strong (+44.36% from 2023 to 2024) and gross margin is positive (61.13%), but profitability remains very weak (net margin -898.45%) with negative EBIT/EBITDA. Balance sheet leverage is elevated (debt-to-equity 1.54; equity ratio 26.84%) and cash burn is significant (free cash flow -22.79M in 2024).

Income Statement

MaaT Pharma has shown revenue growth over the years, with a 44.36% increase from 2023 to 2024. However, the company is still operating at a loss, with a negative net profit margin of -898.45% in 2024. The gross profit margin in 2024 was 61.13%, indicating some efficiency in covering the cost of goods sold. EBIT and EBITDA margins remain negative, reflecting significant operating losses.

Balance Sheet

The company's balance sheet reveals a high debt-to-equity ratio of 1.54 in 2024, suggesting high leverage. The equity ratio decreased to 26.84%, indicating a decline in equity relative to total assets. Return on equity remains negative due to continued net losses, highlighting profitability challenges.

Cash Flow

Operating cash flow is negative and worsening, with a free cash flow of -22.79 million in 2024. The operating cash flow to net income ratio is 0.76, indicating cash flow issues in supporting net losses. The free cash flow to net income ratio is 0.79, suggesting limited free cash available relative to net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.92M	3.22M	2.23M	1.43M	972.00K	0.00
Gross Profit	1.56M	1.97M	784.00K	1.09M	806.00K	-164.00K
EBITDA	-31.11M	-26.34M	-22.07M	-13.10M	-8.57M	-6.58M
Net Income	-31.13M	-28.90M	-19.72M	-13.71M	-9.02M	-5.35M
Balance Sheet
Total Assets	48.88M	38.50M	42.93M	44.73M	49.42M	24.28M
Cash, Cash Equivalents and Short-Term Investments	15.04M	20.22M	24.31M	35.31M	43.30M	19.91M
Total Debt	14.40M	15.96M	14.07M	11.36M	5.81M	6.08M
Total Liabilities	40.58M	28.16M	22.46M	17.91M	9.56M	8.34M
Stockholders Equity	8.29M	10.34M	20.47M	26.81M	39.86M	15.94M
Cash Flow
Free Cash Flow	-25.58M	-22.79M	-19.76M	-13.27M	-8.17M	-6.13M
Operating Cash Flow	-24.80M	-22.04M	-18.67M	-12.61M	-7.93M	-5.81M
Investing Cash Flow	-820.00K	-416.00K	-440.00K	-815.00K	-238.00K	-523.00K
Financing Cash Flow	9.51M	18.33M	8.14M	5.36M	31.56M	20.84M

MaaT Pharma Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.58
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:MAAT, the sentiment is Positive. The current price of 5.58 is below the 20-day moving average (MA) of 5.63, above the 50-day MA of 4.81, and above the 200-day MA of 4.80, indicating a bullish trend. The MACD of 0.69 indicates Negative momentum. The RSI at 71.90 is Negative, neither overbought nor oversold. The STOCH value of 77.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:MAAT.

MaaT Pharma Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALSEN	55 Neutral	€180.21M	-3.74	-40.00%	―	―	10.87%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALCLS	51 Neutral	€235.06M	-10.89	-30.75%	―	150.80%	67.81%
OSE	49 Neutral	€106.59M	-3.00	-52.76%	―	-96.92%	-175.84%
MAAT	48 Neutral	€136.89M	-3.40	―	―	52.55%	-5.97%
ABNX	44 Neutral	€133.87M	-28.66	-62.40%	―	-10.91%	-25.57%
TNG	43 Neutral	€248.16M	-3.26	―	―	111.76%	-22.45%