- Cash runway
- December 2026
MaaT Pharma is a French biotech developing full-ecosystem microbiome therapies. Its lead product Xervyteg (MaaT013), for acute graft-versus-host disease, showed a 62% gastrointestinal response rate at day 28 in the single-arm ARES Phase 3 trial. The EMA's CHMP refused it in June 2026 and confirmed the refusal after re-examination in September, citing the lack of a randomised trial. MaaT now plans PHOENIX, a randomised Phase 3 study of about 138 patients, with enrolment targeted for the first half of 2027 if funded; its cash runs to December 2026.