In the heart of Lyon, a city increasingly becoming a hub for biomedical innovation, MaaT Pharma is making bold strides in reshaping the future of cancer treatment—this time with the backing of Europe’s top public investment institution. The company has secured a €37.5 million structured loan from the European Investment Bank (EIB), marking a pivotal moment in its journey to bring microbiome-based immunotherapies to patients with hematologic cancers.

The funding, structured in four tranches, is designed to fuel the late-stage clinical development of MaaT Pharma’s most advanced assets: Xervyteg®, a microbiome ecosystem therapy for acute Graft-versus-Host Disease (aGvHD), and MaaT033, currently in Phase 2b evaluation to improve survival in patients undergoing allogeneic stem cell transplantation.

This move by the EIB isn’t just a financial transaction—it’s a vote of confidence in MaaT Pharma’s technology, its clinical potential, and its broader vision of transforming oncology through the gut microbiome. For the EIB, it also reinforces a broader strategic agenda: to support innovative biotech companies in Europe working at the cutting edge of therapeutic science.

A capital injection with clinical impact

The loan arrives at a critical juncture. MaaT Pharma’s lead product, Xervyteg® (previously MaaT013), has already completed enrollment in its pivotal ARES trial and reported topline results earlier this year. The company submitted its marketing authorization application to the European Medicines Agency (EMA) in June 2025 and finalized a commercialization agreement with Clinigen for European markets just weeks later.

MaaT033, the company’s second therapeutic candidate, aims to further improve outcomes for patients receiving bone marrow transplants—a vulnerable population with few preventive solutions to post-transplant complications. With both programs moving toward regulatory and commercial milestones, the EIB financing provides critical fuel for execution.

“This agreement with the EIB represents much more than financial support—it’s a strong endorsement of our scientific and operational maturity,” said Eric Soyer, Chief Financial Officer of MaaT Pharma. “We are building a business that combines clinical excellence with strategic agility, and this funding is a cornerstone for the next phase of growth.”

Innovative financing for innovative medicine

The financing terms are tailored to align with the company’s capital needs and development milestones. The loan is divided into four tranches—ranging from €3.5 million to €20 million—each disbursed based on specific operational and financing conditions. Tranches bear a 7% interest rate, with flexible repayment structures and embedded equity-linked warrants that reflect investor confidence without immediate shareholder dilution.

What stands out in the deal is MaaT Pharma’s disciplined approach to financing. By leveraging a mix of non-dilutive and dilutive capital—through loans, partnerships, and potential equity—the company aims to preserve long-term value while advancing toward commercial readiness.

EIB’s involvement follows rigorous due diligence, which is standard for an institution that, in 2024 alone, signed nearly €89 billion in financing for over 900 projects worldwide—over half of them geared toward climate and health-related innovation. The MaaT deal reflects the EIB’s growing emphasis on health tech and biotech as critical sectors for both economic and societal resilience in Europe.

From gut microbiome to global markets

Founded in 2014 and publicly listed since 2021, MaaT Pharma has emerged as a leader in microbiome ecosystem therapies—full-spectrum microbial treatments designed to restore the balance of the gut microbiome and modulate immune response. Unlike traditional probiotics or narrow-spectrum microbiota therapies, MaaT’s candidates are based on pooled, standardized microbiota derived from healthy donors and cultivated using proprietary technology.

This full-ecosystem approach has shown promising results in conditions like aGvHD, where immune dysregulation can become life-threatening, particularly following stem cell transplants. MaaT’s platform is also being explored for broader applications in oncology, where immune modulation through the gut microbiota could change the game in terms of treatment efficacy and patient survival.

With robust in-house cGMP manufacturing and a growing pipeline, the company is positioning itself not just as a clinical innovator, but as a commercial player ready to scale.

What’s next?

As the European biotech ecosystem continues to mature, MaaT Pharma’s story illustrates what’s possible when scientific innovation meets strategic financing. If approved, Xervyteg® could become the first microbiome-based therapeutic for oncology to reach the European market—marking a major milestone not just for the company, but for the field at large.

And with the EIB now on board, MaaT Pharma has the wind at its back.

Key terms of the EIB loan

  • Total Financing: €37.5 million in four tranches
  • Interest Rate: 7%, partially deferred
  • Grace Period: 4 years, followed by 2–4 years repayment depending on tranche
  • Equity-Linked Warrants: Issued at each disbursement, exercisable post-maturity
  • Preemptive Rights: MaaT Pharma retains first rights in case of Warrant transfer
  • Strategic Advisors: Van Lanschot Kempen (financial), McDermott Will & Emery (legal)