Tranche-based debt financing will support EMA review of Xervyteg and clinical development of MaaT033

MaaT Pharma has secured a €37.5 million structured loan from the European Investment Bank (EIB) to support the late-stage development of its microbiome-based therapies for blood cancers, including Xervyteg, which is currently under review by the European Medicines Agency (EMA).

The French biotech, which is developing microbiome ecosystem therapies to improve survival in oncology, said the funding would be disbursed in four tranches and is part of its wider strategy to balance non-dilutive and dilutive financing while preserving shareholder value.

Xervyteg (formerly MaaT013) is being developed for acute Graft-versus-Host Disease (aGvHD) and was submitted to the EMA in June 2025 following topline results from the ARES trial in January. The company recently signed a commercialisation deal with Clinigen for European distribution, further advancing its market readiness. MaaT033, the company’s second lead candidate, is currently being evaluated in a Phase 2b trial for patients undergoing allogeneic stem cell transplants.

“We are grateful for the confidence shown in MaaT Pharma and the support from the EIB, which is a further foundation towards the next phase of MaaT Pharma’s growth on bringing the potential first microbiome-based therapy to market in Europe,” said Eric Soyer, chief financial officer at MaaT Pharma. “Each operational and financing step strengthens our track record. Following the regulatory submission to the EMA for Xervyteg and our recent partnership with Clinigen for its commercialisation, the EIB financing represents another step in reinforcing the company’s financial position.”

The EIB’s decision to provide the funding followed a detailed due diligence process and reflects its broader strategy to support innovation in therapeutic areas such as hemato-oncology.

The company said the loan would be structured as follows:

• Tranche A: €3.5 million

• Tranche B: €6.0 million

• Tranche C: €8.0 million

• Tranche D: €20.0 million

All tranches are subject to operational and financing milestones. Tranche A has a six-year maturity (including four-year grace period), while Tranche D matures after eight years. The loan bears a 7% interest rate, with interest on Tranche C and D partly paid quarterly and the remainder deferred until maturity.

In connection with the loan, MaaT Pharma will issue warrants to the EIB at the time of each tranche disbursement. The number of warrants will vary depending on the tranche size and the average share price prior to each funding round. Warrants will have a 20-year term and may be exercised following the maturity of Tranche A. They are non-transferable, except under specific circumstances, and subject to pre-emption rights by MaaT Pharma.

The agreement also includes a put option allowing the EIB to sell back its warrants under certain conditions, as well as a call option for MaaT Pharma in the event of a public tender offer.

MaaT Pharma was advised by Van Lanschot Kempen and Eric Briole, with legal support from McDermott Will & Emery.