MaaT-013

The Company received an upfront payment of €10.5 million in July 2025 after the signature of an exclusive license and distribution agreement with Clinigen. 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 – MaaT Pharma (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem TherapiesTM (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. “MaaT Pharma 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 MaaT Pharma. 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 24th 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 3rd-line aGvHD patients across Europe, should the submission for Marketing Authorisation be successful. With this partnership, MaaT Pharma 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, MaaT Pharma 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 MaaT Pharma 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 MaaT Pharma’s drug candidate Xervyteg®(MaaT013). Upcoming financial communication* March 30th, 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 – 40th 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 – 67th American Society of Hematology (ASH) annual meeting in Orlando, Fl, USA [1] Unaudited financial results About MaaT Pharma MaaT Pharma 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, MaaT Pharma is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, MaaT Pharma develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. MaaT Pharma 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.

LYON, France--(BUSINESS WIRE)--Regulatory News: The ARES study demonstrated a clinically meaningful and durable benefit in patients with gastrointestinal aGvHD, further validating our approach and its potential to redefine the standard of care in this high unmet need MaaT Pharma (EURONEXT: MAAT – the “Company”), a clinical-stage biotechnology company and a leader in the development of Microbiome Ecosystem TherapiesTM (MET) dedicated to enhancing survival for patients with cancer through immune modulation, today announced that results from its pivotal Phase 3 ARES trial evaluating Xervyteg® (MaaT013) in patients with gastrointestinal acute Graft-versus-Host Disease refractory to steroids and refractory or intolerant to ruxolitinib (SR GI-aGvHD) will be presented in an oral session at the 67th American Society of Hematology (ASH) Annual Meeting and Exposition that will take place December 6-9, 2025, in Orlando, Florida, USA. This marks the ninth consecutive year that MaaT Pharma’s clinical data has been selected for presentation at ASH annual meeting, and the first time the Company will present its Phase 3 results at a medical congress. “For the ninth consecutive year, MaaT Pharma is proud to present data at ASH, reaffirming our position as the undisputed leader in microbiotherapy for hematology-oncology. The ARES study demonstrated a clinically meaningful and durable benefit in patients with gastrointestinal aGvHD, further validating our approach and its potential to redefine the standard of care in this high unmet need,” said Hervé Affagard, CEO and co-founder of MaaT Pharma. The ARES trial met its primary endpoint and topline results were announced in January 2025. At the upcoming ASH annual meeting, the Company will detail secondary endpoints, such as GI-ORR at D56 and Month 3 (M3), and some safety data. Final results, including 1-year overall survival, are expected by the end of 2025. In the single-arm ARES study, 66 adult patients with GI-aGvHD refractory to steroids and refractory to ruxolitinib were treated with Xervyteg® (MaaT013) as third-line treatment across 50 European sites in 6 countries (Austria, Belgium, France, Germany, Italy and Spain). The vast majority of patients included in the study (91%, n=60) presented with severe gastrointestinal aGvHD, classified as grade III (58%, n=38) or grade IV (33%, n=22). Among them, 86% (n=57) were steroid-resistant and 14% (n=9) steroid-dependent; all were refractory to ruxolitinib. Efficacy data to be presented at the ASH annual meeting is summarized below (see here for full abstract) - (up to the data cut-off of November 11, 2024): GI-Overall Response Rate at Day 28 occurred in 41/66 patients (62%) and prevalently consisted of complete response (CR) (25/66 patients, 38%) and very good partial response (VGPR) (13/66 patients, 20%). Overall Response Rate (all organs) at Day 28 occurred in 42/66 patients (64%) patients and was similarly driven by high rates of CR (24/66 patients, 36%) and VGPR (12/66 patients, 18%). GI-ORR at Day 56 was maintained in 49% (31/ 63 patients) and prevalently consisted of CR (37%) GI-ORR at 3 months was 44% (27/ 62 patients), with a prevalence of GI-CR (36%). Average duration of response was 6.4 months Probability of overall survival (OS) at 12 months: The estimated OS was 54% with a median follow-up of 140.5 days (median survival not reached). The estimated OS was significantly higher in patients who had a GI response at Day 28 than those who did not respond (67% vs 28% respectively, p <0.0001), demonstrating Xervyteg ® (MaaT013)’s significant survival benefit in refractory GI-aGvHD. The median OS of responders was not reached while it was 54 days in non-responders. The estimated OS was 54% with a median follow-up of 140.5 days (median survival not reached). The estimated OS was significantly higher in patients who had a GI response at Day 28 than those who did not respond (67% vs 28% respectively, p <0.0001), demonstrating Xervyteg ® (MaaT013)’s significant survival benefit in refractory GI-aGvHD. The median OS of responders was not reached while it was 54 days in non-responders. Xervyteg® (MaaT013) is currently under review by the European Medicines Agency (EMA) following the submission of a Marketing Authorization Application in June 2025, with a decision anticipated in the second half of 2026. Details of the Oral Presentation: Title: MaaT013 for ruxolitinib-refractory acute graft-versus-host disease with gastrointestinal involvement: Results from the ARES phase III trial Publication Number: 817 Presenting Author: Prof. Malard, MD, hematology professor at Saint-Antoine Hospital and Sorbonne University, lead investigator for the Phase 3 ARES trial Session Date: December 8, 2025 Presentation Time: 10:30 AM - 10:45 AM Session Name: 722. Allogeneic Transplantation: Acute and Chronic GVHD and Immune Reconstitution: Clinical and Translational Insights Room: OCCC - Sunburst Room (W340) Upcoming investor and medical conferences participation November 5-9, 2025 – 40 th SITC annual meeting in National Harbor, MD, USA November 19-21, 2025 – SFGM-TC annual meeting in Geneva, Switzerland November 25, 2025 – Investir Day event, Paris, France December 6-9, 2025 – 67 th ASH annual meeting in Orlando, FL, USA --- About MaaT Pharma MaaT Pharma 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, MaaT Pharma is leading the way in bringing the first microbiome-driven immunomodulator in oncology. Using its proprietary pooling and co-cultivation technologies, MaaT Pharma develops high diversity, standardized drug candidates, aiming at extending life of cancer patients. MaaT Pharma has been listed on Euronext Paris (ticker: MAAT) since 2021. About acute Graft-versus-Host Disease Acute Graft-versus-Host Disease occurs in patients within 100 days of undergoing a stem cell or bone marrow transplant, where the transplanted cells initiate an immune response and attack the transplant recipient’s organs, causing inflammation of the skin, liver and/or gastro-intestinal tract and leading to significant morbidity and mortality. GI involvement is associated with severe complications such as profound diarrhea, abdominal pain, intestinal bleeding, and death. These complications are often life-threatening, with increased mortality risk, due to the challenges of managing severe GI inflammation and the associated risks of infection, malnutrition, and organ failure. The standard first line therapy for treating aGvHD is the use of systemic steroids. If patients do not respond to steroids, they are considered Steroid Resistant (SR) and other agents can be administered. Currently the only agent approved for treating SR aGvHD after failure of steroid treatment is ruxolitinib, which is currently approved for this indication in USA and has received approval from the European Medicines Agency’s Committee for Human Medicinal Products (CHMP) on March 25, 2022. About Xervyteg® (MaaT013) MaaT Pharma’s Microbiome Ecosystem Therapies (MET) are designed to leverage a full microbiome ecosystem to restore balance and maximize clinical benefits for patients with severe, treatment-induced dysbiosis in acute diseases. Xervyteg® (MaaT013) is a full-ecosystem, off-the-shelf, standardized, pooled-donors, enema Microbiome Ecosystem TherapyTM for acute, hospital use. It is characterized by a consistently high diversity and richness of microbial species and the presence of ButycoreTM (a group of bacterial species known to produce anti-inflammatory metabolites). Xervyteg® (MaaT013) aims to restore the symbiotic relationship between the patient’s functional gut microbiome and their immune system to correct the responsiveness and tolerance of immune functions and thus reduce steroid-resistant, gastrointestinal (GI)-aGvHD. Xervyteg® (MaaT013) has been granted Orphan Drug Designation by the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA). 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.