On September 17, 2025 Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) ("Innate" or the "Company") reported its consolidated financial results for the six months ended June 30, 2025 (Press release, Innate Pharma, SEP 17, 2025, View Source [SID1234656012]). The consolidated financial statements are attached to this press release.

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"With key milestones anticipated over the next 12 months, our primary focus will be on progressing what we believe are our most promising and highest-value clinical assets and advancing our next ADCs toward development. In line with this strategic focus and in a challenging funding environment, we are taking necessary action to focus our resources on what we believe are the programs with the highest potential to deliver value for both patients and shareholders, and we therefore plan to streamline the size of the organization," said Jonathan Dickinson, Chief Executive Officer of Innate Pharma. "We made meaningful progress during the first half of the year in our pipeline and are determined to build on this momentum. At ASCO (Free ASCO Whitepaper), we presented a Trial In Progress for our Nectin-4 ADC, IPH4502, which is progressing rapidly through Phase 1 enrollment; and we shared long-term follow-up data for lacutamab, for which preparation of the confirmatory Phase 3 trial protocol is close to completion, following discussions with the FDA and EMA. Looking ahead, we have a number of important catalysts, including first patient data for IPH4502 in H1 2026, and high level read-out of AstraZeneca’s PACIFIC-9 Phase 3 trial with monalizumab in H2 2026."

Pipeline highlights:

Strategic focus

Innate Pharma plans to prioritize its investment on what it believes are its highest-value clinical assets, IPH4502, lacutamab, and monalizumab (partnered with AstraZeneca); its preclinical research and development (R&D) efforts will focus on advancing the next Antibody Drug Conjugates (ADCs) toward development, leveraging its pipeline of innovative targets.

IPH4502 (Nectin-4 ADC, proprietary):

IPH4502 is Innate’s novel and differentiated topoisomerase I inhibitor ADC targeting Nectin-4.

The first patient was dosed in a Phase 1 study in January 2025. The Phase 1 study will assess the safety, tolerability, and preliminary efficacy of IPH4502 in advanced solid tumors known to express Nectin-4, including but not limited to urothelial carcinoma, non-small cell lung, breast, ovarian, gastric, esophageal, and colorectal cancers. The study plans to enroll approximately 105 patients. A Trial in Progress Poster was shared at the ASCO (Free ASCO Whitepaper) Annual Meeting in June 2025. Enrollment is in progress and expected to be completed at the end of 2025 or in the first quarter of 2026.
New preclinical data were presented at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2025. IPH4502 demonstrated superior preclinical anti-tumor activity compared to enfortumab vedotin (EV) in urothelial carcinoma (UC) models with low or heterogeneous Nectin-4 expression, as well as in models resistant to EV. Beyond UC, IPH4502 also exhibited anti-tumor activity in preclinical models of triple-negative breast cancer, head and neck squamous cell carcinoma, and esophageal cancer, suggesting broader potential clinical applicability.
Lacutamab (anti-KIR3DL2 antibody, proprietary):

Cutaneous T Cell Lymphoma

In February 2025, the FDA granted Breakthrough Therapy Designation to lacutamab for relapsed or refractory Sézary syndrome (SS) based on TELLOMAK Phase 2 results demonstrating efficacy and a favorable safety profile in patients with advanced SS, heavily pretreated, post-mogamulizumab. Breakthrough Therapy Designation is intended to accelerate the development and regulatory review in the U.S. of drugs that are intended to treat a serious condition.
At the 2025 ASCO (Free ASCO Whitepaper) Annual Meeting, updated long-term data from the Phase 2 TELLOMAK trial reinforced the clinical activity and durability of lacutamab in relapsed/refractory SS and mycosis fungoides (MF). In SS, lacutamab achieved a 42.9% ORR with a median duration of response of 25.6 months, while in MF, responses were observed regardless of KIR3DL2 expression, with a median PFS of 10.2 months. Across both cohorts, lacutamab was well tolerated, with no safety concerns and sustained improvements in quality of life.
Preparation of the confirmatory Phase 3 trial protocol is close to completion, following discussions with the FDA and EMA. Innate is evaluating potential paths forward to advance lacutamab toward Phase 3 initiation, including discussions with partners and investors.
Peripheral T Cell lymphoma (PTCL)

The Phase 2 KILT (anti-KIR in T Cell Lymphoma) trial, an investigator-sponsored, randomized controlled trial, led by the Lymphoma Study Association, to evaluate lacutamab in combination with GEMOX (gemcitabine and oxaliplatin) chemotherapy versus GEMOX alone, in patients with KIR3DL2-expressing relapsed/refractory PTCL, is ongoing and continues to recruit patients.
Monalizumab (anti-NKG2A antibody), partnered with AstraZeneca:

The Phase 3 PACIFIC-9 trial run by AstraZeneca evaluating durvalumab (anti-PD‑L1) in combination with monalizumab or AstraZeneca’s oleclumab (anti-CD73) in patients with unresectable, Stage III non-small cell lung cancer (NSCLC) who have not progressed following definitive platinum-based concurrent chemoradiation therapy (CRT) is ongoing. Enrollment in the trial is completed, and high level read-out is expected in H2 2026.
At the ASCO (Free ASCO Whitepaper) Annual Meeting in June 2025, AstraZeneca presented updated results from the Phase 2 NeoCOAST-2 trial evaluating neoadjuvant and adjuvant durvalumab-based combinations in resectable NSCLC. The regimen including durvalumab, monalizumab, and chemotherapy (Arm 2, n=70) showed 25.7% pathological complete response (pCR) and 50.0% major pathologic response (mPR).
ANKET (Antibody-based NK cell Engager Therapeutics):

ANKET is Innate’s proprietary platform for developing next-generation, multi-specific NK cell engagers to treat certain types of cancer.

IPH6501 (ANKET anti-CD20 with IL-2V, proprietary)

The Phase 1/2 clinical trial is evaluating IPH6501 in B-cell Non-Hodgkin’s lymphoma (B-NHL). The study is planned to enroll up to 184 patients. Clinical sites are open in the US, Australia, and France. The dose escalation phase in the trial has been completed. Limited signals of activity were observed during the escalation phase, and maximum tolerated dose (MTD) is currently being explored to further assess clinical relevance. Clinical data are expected in late 2025 or beginning of 2026.
IPH6101 (ANKET anti-CD123, proprietary)

Innate regained the rights to SAR’579/IPH6101 in July 2025. The Company is in the process of receiving the product data from Sanofi relating to the Sanofi-led Phase 1/2 study and Phase 2 preliminary dose expansion of the trial.
SAR’514/IPH6401 (BCMA ANKET, Sanofi)

As previously disclosed, Sanofi has opted to pursue the development of SAR’514/IPH6401 (BCMA ANKET) in autoimmune indications under the terms of the 2016 License Agreement.
The Sanofi-led Phase 1/2 study (clinical study identifier: NCT05839626) for the treatment of patients with relapsed or refractory multiple myeloma has been terminated early, in line with the decision to focus SAR’514/IPH6401 development in autoimmune indications.
Preclinical ANKET

IPH62 (partnered with Sanofi): IPH62 is an NK-cell engager program targeting B7-H3 from Innate’s ANKET platform, which is under preclinical development. Following a research collaboration period and upon candidate selection, Sanofi will be responsible for all development, manufacturing and commercialization.
Sanofi still retains an option on one additional ANKET target under the terms of the 2022 research collaboration and license agreement.
Other assets

IPH5201 (anti-CD39), partnered with AstraZeneca: The MATISSE Phase 2 clinical trial conducted by Innate in neoadjuvant lung cancer for IPH5201, an anti-CD39 blocking monoclonal antibody developed in collaboration with AstraZeneca, is ongoing, and recruitment is on track.
IPH5301 (anti-CD73): The investigator-sponsored CHANCES Phase 1 trial of IPH5301 with Institut Paoli-Calmettes is ongoing.
Corporate Update:

Innate Pharma plans to prioritize its investment on what it believes are its highest-value clinical assets, IPH4502, lacutamab, and monalizumab (partnered with AstraZeneca); its preclinical research and development (R&D) efforts will focus on advancing the next ADCs toward development, leveraging its pipeline of innovative targets. In line with such strategic focus and its objectives, the Company intends to streamline its organization. Staffing levels are expected to decrease overall by about 30% total, including through attrition. The planned layoffs will be implemented through a redundancy plan that is subject to consultation with the Workers’ Council and endorsement by the French authorities (Dreets). The implementation of the change is expected to be completed during the first half of 2026.
Eric Vivier, CSO, has decided to return to academic research full time, effective January 1, 2026, and he will continue to support the Company’s innovation as an advisor to the R&D Committee of the Board of Directors. Innate will continue accessing innovation through academic collaborations, including Eric Vivier’s lab at the Center for Immunology of Marseille-Luminy (CIML). As Chief Operating Officer (COO), Yannis Morel, will continue to be responsible for preclinical research and development, and effective January 1, 2026 will assume CSO responsibilities.
As announced on April 23, 2025, Sanofi and Innate agreed to terminate the 2016 Research Collaboration and Licence Agreement (the "2016 Agreement") as it relates to SAR’579/IPH6101 (CD123 ANKET). As part of their discussions with regards to the review of the 2016 Agreement, Sanofi and Innate announced the investment by Sanofi of up to €15 million in new shares of Innate. Sanofi then subscribed to 8,345,387 new ordinary shares of Innate, at a price of €1.7974 per share, representing a total capital increase of €14,999,998.59 (€417,269.35 in nominal amount and €14,582,729.24 of issue premium) representing 9.05% of Innate’s total outstanding shares as of the time of such capital increase.
On May 22, 2025, after approval at the Annual General Meeting, Innate Pharma changed its corporate governance from an executive board/supervisory board structure to a CEO/board of directors with Irina Staatz-Granzer as Chairwoman and Jonathan Dickinson as Chief Executive Officer. This transformation is part of the Company’s strategic plan to simplify and align its governance with international standards. As part of the change, two seasoned biotech executives, Marty J. Duvall and Christian Itin, joined the Board of Directors. In addition, a new R&D Committee has been established as a committee of the Board of Directors, the role of which is to analyze research and development opportunities for the Company’s products. Its members are Bpifrance Participations, represented by Olivier Martinez, also appointed Chairman of the Research and Development Committee, Véronique Chabernaud and Christian Itin.
As of June 30, 2025, the balance available under our April 2023 sales agreement under the At-The-Market program remains at $75 million.
Stéphanie Cornen was appointed Vice President, Investor Relations, Communications and Commercial Strategy after Henry Wheeler, VP Investor Relations and Communications resigned from his position in order to pursue another opportunity outside the Company. Stéphanie Cornen joined Innate in 2012. Between 2012 and 2022, she held several R&D positions, contributing to the advancement of programs across various development stages. Starting in 2022, she took on responsibilities in corporate development and portfolio strategy, while supporting investor relations. Stéphanie Cornen holds a PharmD and a PhD from Aix-Marseille University, as well as an Executive MBA from HEC Paris.
Financials highlights for the first half of 2025:

The key elements of Innate’s financial position and financial results as of and for the six-month period ended June 30, 2025 are as follows:

Cash, cash equivalents, short-term investments and financial assets amounting to €70.4 million (€m) as of June 30, 2025 (€91.1m as of December 31, 2024).
As of June 30, 2025, financial liabilities amount to €27.0m (€31.0m as of December 31, 2024). This change is mainly due to loan repayments.
Revenue and other income amounted to €4.9m in the first half of 2025 (€12.3m in the first half of 2024) and mainly comprised of:
Revenue from collaboration and licensing agreements, which mainly resulted from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca and Sanofi. They are recognized when the entity’s performance obligation is met. They are recognized at a point in time or spread over time according to the percentage of completion of the work that the Company is committed to carry out under these agreements:
(i) Revenue from collaboration and licensing agreements for monalizumab decreased by €2.9m to €0.1m in the first half of 2025 (€3.0m in the first half of 2024). This change is mainly due to the progress of Phase 1/2 trials close to termination.
(ii) Revenue related to the license and collaboration agreement signed with Sanofi in 2016 decreased by €4.0m. These revenues are nil for the first half of 2025 as compared to €4.0m for the first half of 2024. On April 15, 2024, the Company announced the treatment of the first patient in the Phase 2 dose expansion part of the Sanofi-sponsored clinical trial evaluating NK Cell Engager SAR443579/ IPH6101 in various blood cancers. Under the terms of the 2016 agreement, this trial progress triggered a milestone payment of €4.0 million fully recognized in revenue during the first quarter of 2024. This amount was received by the Company on May 17, 2024.
(iii) Revenue related to the research collaboration and licensing agreement signed with Sanofi in 2022 remained constant over the period, with revenue amounting to €0.2 million for the first half of 2025, as for the first half of 2024. As previously disclosed, on January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the effectiveness of the licensing agreement as of January 24, 2023. Consequently, the Company received an upfront payment of €25.0 million in March 2023, including €18.5 million for the exclusive license, €1.5 million for the research activities and €5.0 million for the option on two additional targets. The €18.5 million upfront payment relating to the exclusive license was fully recognized in revenue as of June 30, 2023. The research work upfront payment is recognized on a straight-line basis over the duration of the research activities that the Company has agreed to carry out. On December 19, 2023, the Company announced that Sanofi had exercised one of the two license options for a new program based on the Company’s ANKET platform. This decision triggered a milestone payment of €15.0m, including €13.3m for the exclusive license, fully recognized in revenue as of December 31, 2023, and €1.7m for research work to be carried out by the Company as well as the recognition in revenue of an amount of €2.5m initially received in March 2023 in connection with this option. On October 9, 2024, the Company received a termination letter for the license agreement concerning this option. The termination ends the research work. The revenue of €1.7 million was therefore fully recognized as revenue on December 31, 2024. Revenue from research work on the first license amounted to €0.2 million for the first half of 2025. Amounts not recognized in revenue are classified as deferred revenue.
Government funding for research expenditures of €3.2m in the first half of 2025 (€4.1m in the first half of 2024), decreasing by €0.9 million, or 21.3% in connection with decrease in eligible subcontracting expenses following progress in studies and research programs.
Operating expenses are €30.3m in the first half of 2025 (€38.7m in the first half of 2024), of which 67.8% (€20.5m) are related to R&D.
R&D expenses decreased by €8.6m to €20.5m in the first half of 2025 (€29.1m in the first half of 2024). This change is mainly explained by direct R&D expenses, which slightly decreased by €7.3 million or 43% to reach €9.7 million for the first half of 2025. This decrease is related to the phasing of studies (maturity of clinical studies on lacutamab, discontinuation of preclinical studies, and start of phase 1 of our antibody-drug conjugate (ADC) program).
General and administrative (G&A) expenses increased by €0.2m to €9.8m in the first half of 2025 (€9.6m in the first half of 2024) mainly resulting from an increase in personnel expenses linked to provisions for risks and charges, bringing personnel expenses to €4.8 million in the first half of 2025, offset by a €0.5 million decrease in non-scientific and consulting fees, which amounts to €1.4 million in the first half of 2025, resulting mainly from greater use of recruitment agencies in 2024 (for the establishment of the clinical department), which was not renewed in 2025.
A net financial gain of €4.1m in the first half of 2025 (€1.5m in the first half of 2024). This change is mainly due to a favorable variation in net foreign exchange gain with its favorable impact on the collaboration liabilities recorded during the first half of 2025 in connection with the change in the dollar exchange rate despite an unfavorable variation in income resulting from financial assets and fair value revaluation due to an unfavorable effect of investment rates recorded on the financial markets.
A net loss of €21.3m for the first half of 2025 (net income of €24.8m for the first half of 2024).
The table below summarizes the IFRS consolidated financial statements as of and for the six months ended June 30, 2025, including 2024 comparative information.

In thousands of euros, except for data per share

June 30, 2025

June 30, 2024

Revenue and other income

4,860

12,345

Research and development expenses

(20,520)

(29,076)

General and administrative expenses

(9,767)

(9,582)

Operating expenses

(30,287)

(38,657)

Operating income (loss)

(25,427)

(26,313)

Net financial income (loss)

4,083

1,549

Income tax expense

—

—

Net income (loss)

(21,344)

(24,764)

Weighted average number of shares ( in thousands) :

86,937

80,872

– Basic income (loss) per share

(0.25)

(0.31)

– Diluted income (loss) per share

(0.25)

(0.31)

June 30, 2025

December 31, 2024

Cash, cash equivalents and financial assets

70,417

91,051

Total assets

92,937

111,059

Total shareholders’ equity

5,144

8,834

Total financial debt

27,029

30,995

On September 16, 2025 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, reported its half year financial results for the six-month period ended June 30, 2025, and provided a business overview (Press release, MaaT Pharma, SEP 17, 2025, View Source [SID1234656011]).

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"In the first half of the year, MaaT Pharma achieved key clinical and regulatory milestones, bringing us closer to providing a much-needed therapeutic option for patients with aGvHD and to becoming the first Company to bring a microbiome medicine to market in Europe. With the EMA submission of Xervyteg (MaaT013), our Clinigen partnership, and the EIB financing, we have strengthened both our operations and financial position. These achievements illustrate our strategy to advance development while preserving shareholder value through a balanced mix of dilutive and non-dilutive funding. As we move into the second half of 2025, we remain focused on execution, preparing with Clinigen for potential market entry, and strengthening our leadership in microbiome-based therapies," stated Eric Soyer, Chief Financial Officer of MaaT Pharma.

Pipeline Highlights

In Hemato-Oncology

Acute Graft-versus-Host Disease (aGvHD) – Xervyteg (MaaT013)

In January 2025, the Company announced positive topline results from the pivotal Phase 3 ARES Study evaluating Xervyteg(MaaT013) in aGvHD. The study met its primary endpoint with a significant gastrointestinal overall response rate at Day 28 of 62% and demonstrates the unprecedented efficacy of Xervyteg as third-line treatment of aGvHD with gastrointestinal involvement (GI-aGvHD) consistent with communicated EAP results.
In March 2025, the Company received positive opinion from European Medicines Agency (EMA).Pediatric Committee on the Pediatric Investigation Plan for Xervyteg(MaaT013), a key milestone achieved towards the Marketing Authorization Application (MAA) submission to the EMA.
In March 2025, the Company announced a positive outcome from the final DSMB meeting on ARES Phase 3 trial, confirming the remarkable efficacy results and positive risk/benefit profile of MaaT013 in third-line GI-aGvHD.
In June 2025, the Company announced the submission of a Marketing Authorization Application (MAA) to the EMA for its lead drug candidate MaaT013, under the registered brand name of Xervyteg. If approved, the Marketing Authorization would establish Xervyteg as the first microbiota therapeutic approved by the EMA, the first one in hemato-oncology worldwide and the first approved therapy in third-line GI-aGvHD.
In June 2025, the Company presented positive updated data in Early Access Program for 173 patients at the 2025 annual EHA (Free EHA Whitepaper) Congress supporting the high efficacy and good safety profile of Xervyteg. This dataset confirms the breakthrough potential of Xervyteg for aGvHD patients with limited treatment options.
In July 2025, the Company announced the signature of a license and commercial agreement with Clinigen, a global specialty pharmaceutical services group and a leading European player in hospital distribution and market access, to streamline the pathway for ensuring access to this medicine across Europe. With this partnership, MaaT Pharma demonstrates its capability to supply products to pharmaceutical companies, including those specializing in rare diseases while ensuring scale-ups for commercial. The Company received an upfront payment of €10.5 million and could receive additional payments of up to €18 million depending on the achievement of pre-specified regulatory and sales milestones. The Company will also be eligible to receive royalty payments on net sales of a percentage in the mid-thirties and regular cash flow as per the supply agreement.
Final results from the pivotal ARES study, including 12-month overall survival data, are expected before the end of 2025 and will be incorporated into the filing dossier. Data are also being submitted in a peer reviewed journal and upcoming scientific congress.
The potential marketing authorization could be delivered around mid-2026 (if approved), then enabling the start of the commercialization of Xervyteg in Europe in the second half of 2026.
In parallel, the Company continues discussions with the FDA for a dedicated pivotal study in the U.S., with the objective of enabling the earliest possible access to Xervyteg for U.S. patients. Such a study could be initiated in 2026, subject to regulatory confirmation as MaaT Pharma continues watching the evolving regulatory policies and process in the United States, and subject to appropriate financing.
The Company continues to expand its U.S. footprint through its Early Access Program, with recurring patient requests now coming from three leading hospitals: City of Hope (Duarte- Los Angeles, CA), Massachusetts General Hospital (Boston, MA), and the University of Alabama Hospital (Birmingham, AL).
Allogenic Hematopoietic Stem Cell Transplant (allo-HSCT) – MaaT033

Over the past 12 months, four DSMB safety assessments were conducted for MaaT033 in the Phase 2b PHOEBUS randomized trial designed to be pivotal: three routine evaluations and one interim analysis focused on excess mortality. All confirmed a favorable safety profile and recommended continuation of the trial without modifications.
The last patient enrollment in the trial is anticipated for mid-2026, with 1-year Overall Survival results expected in H2 2027.
In Immuno-Oncology

Xervyteg and MaaT033 – Exploratory trials using the MET-N platform (donor derived conducted as Investigator-Sponsored Trials (ISTs) to inform further developments

In March 2024, the Company completed patient recruitment for the Phase 2a randomized clinical trial (NCT04988841) (PICASSO) sponsored by AP-HP in Paris and in collaboration with INRAE and Institut Gustave Roussy, evaluating Xervyteg in combination with immune checkpoint inhibitors (ICI), ipilimumab (Yervoy) and nivolumab (Opdivo), in metastatic melanoma patients. The primary endpoint is to assess whether the safety of Xervyteg combined with ipilimumab and nivolumab differs from that of ipilimumab and nivolumab plus placebo. The Company provided its Xervyteg drug candidate and placebo and contributes to the microbiome profiling of patients using its proprietary gutPrint AI research engine, while the trial investigator-sponsor handled recruitment, treatment and is overseeing data collection and analysis. Data readout is expected in H2 2025 as previously announced.
In May 2024, the Company announced its participation in the IMMUNOLIFE ‘RHU’ (university hospital trial) program, a consortium including academic partners, such as Institut Gustave Roussy (IGR), a world-renowned center in the field of cancer treatment, and biotech companies. MaaT033 will be tested as a concomitant treatment to cemiplimab (Regeneron), an anti-PD1 therapy, to assess the potential increase in response rate in patients who have received antibiotics. The primary endpoint will be the disease control rate (DCR), defined as the proportion of patients who do not exhibit disease progression (CR, PR, or SD) according to RECIST 1.1 criteria. This investigator-sponsored, randomized, multicenter Phase 2 trial will evaluate MaaT033 in patients with advanced non-small cell lung cancer (NSCLC), with MaaT Pharma supplying the investigational product. The trial is expected by the sponsor to start in H2 2025.
MaaT034 – Next-generation drug candidates with co-cultured technology (MET-C platform) to expand in solid tumors

In April 2025, the Company presented new preclinical data for MaaT034, its next generation product, showing compelling anti-tumor efficacy results in germ-free mice at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2025.
Key results included:

Metagenomic analysis shows that MaaT034 reproduces the microbial functions of Xervyteg, improves DC-mediated T cell activation and potentiates anti-tumor effects mediated by anti-PD-1 checkpoint blockade in vitro.
MaaT034 optimizes anti-PD1 mediated activity in tumor-bearing, germ-free mice. While anti-PD1 alone reduced tumor growth by 10%, the combination of anti-PD1 and MaaT034 resulted in a 83.7% tumor growth reduction (compared to a 24.2% reduction when using a single strain of Akkermansia muciniphilabacteria).
In Neurodegenerative Diseases

Amyotrophic Lateral Sclerosis (ALS) – MaaT033

In May 2025, MaaT Pharma announced positive final Phase 1b results for MaaT033 in ALS, showing a favorable safety and tolerability profile supported by biomarker and microbiome analyses. Rapid and sustained microbial engraftment was observed, along with a slower rate of disease progression (ALSFRS-R slope to be interpreted with caution). The Company is seeking a partner to further advance clinical evaluation in ALS.
Corporate updates

In March 2025, the Company announced the completion of a capital increase of €13 million with historical shareholders.
In July 2025, the Company announced that it has secured a €37.5 million, 4-tranche 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, recently partnered with Clinigen in Europe, and currently under regulatory review by the European Medicines Agency (EMA) for the treatment of 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.
Following the annual review of the Euronext Paris indices on September 11, 2025, the Scientific Index Committee has decided to include MaaT Pharma in the CAC Small, CAC Mid & Small, and CAC All-Tradable indices. In addition, during the first part of 2025, the Company’s free float increased from 12.57% to 24.94%.
MaaT Pharma announces evolution of its leadership team, with the appointment of:
Frédéric Fasano, Pharm.D, MBA, ICD.D, joining MaaT Pharma as Chief Strategy & Corporate Development Officer, following a long-standing collaboration as a strategic consultant to the Company. With a strong track record in corporate leadership across the pharmaceutical and biotech sectors — including nearly a decade as CEO of Servier Canada — Frédéric will play a pivotal role in shaping and executing MaaT Pharma’s corporate strategy. He will also lead efforts to forge strategic partnerships and drive the Company’s business growth.
Behzad Kharabi Masouleh, M.D. as Acting Chief Medical Officer, together with Emilie Plantamura, Pharm.D., Deputy Chief Medical Officer, will jointly oversee medical, clinical (including the Marketing Authorization Application process for Xervyteg (MaaT013)), and pharmacovigilance activities. Dr. Kharabi brings extensive industry experience in hematology and cancer research across all stages of clinical development and has a proven track record of successfully advancing novel therapies to approval, having previously held senior positions at Johnson & Johnson, Kite Pharma/ Gilead Sciences, and T-Knife Therapeutics. The Company extends its gratitude to Gianfranco Pittari, M.D., Ph.D., for his commitment and contributions in advancing innovative therapies for patients in need and wishes him success as he pursues new opportunities.
Sheri Simmons, Ph.D., as Acting Chief Scientific Officer. Sheri brings extensive experience in biotechnology, particularly in the microbiome field, having held scientific leadership positions at Seres Therapeutics, Johnson & Johnson’s Microbiome Solutions team, and most recently at Seed Health, a leading probiotics company. In her new role, she will strengthen the Company’s scientific leadership, overseeing preclinical research, AI/data initiatives, and supporting efforts toward the Marketing Authorization of Xervyteg in aGvHD.
Key Financial Results

The key unaudited financial results for the first half of 2025 are as follows:

Income Statement

In thousands of euros

2025.06

(6 months)

2024.06

(6 months)

Revenue

2 427

1 721

Cost of Goods Sold

(790)

(537)

Gross Margin

1 637

1 184

Other Income

2 494

1 935

Sales and distribution costs

(491)

(308)

General and administrative costs

(3 611)

(2 872)

Research and development costs

(14 778)

(12 695)

Operating Income (loss)

(14 749)

(12 756)

Financial Income

87

161

Financial Expense

(422)

(262)

Net financial income (expense)

(336)

(101)

Income (loss) before income tax

(15 085)

(12 856)

Income tax expense

–

–
Net Income (loss) for the period

(15 085)

(12 856)

Prepared in accordance with international accounting standards IFRS

Revenues totaled €2.4 million as of June 30, 2025, compared with €1.7 million on June 30, 2024, mostly driven by the 37.5% increase in sales from the Early Access Program at €2.3 million vs €1.7 million in the previous year.

Operating loss was €14.7million in the first half of 2025 compared with €12.8 million in the first half of 2024. The €2.0 million increase was mostly attributable to research and development costs, which progressed from €12.7 million in the first half of 2024 to €14.8 million in the first half of 2025, consistent with the advancement of the Company’s late stage clinical programs, in particular with the data analysis and regulatory activities for MaaT013 (Xervyteg) and with the ongoing patient recruitment in the PHOEBUS Phase 2b trial in allogeneic-HSCT with MaaT033.

Cash Position

As of June 30, 2025, total cash and cash equivalents were €15.0 million, compared with €20.2 million as of December 31, 2024. The cash position as of June 30, 2025 does not include the upfront payment received from Clinigen’s partnership in July 2025 and the upcoming Tranche A from the EIB expected in September 2025.

Over the first half of 2025, net cash utilization was €5.1 million. Net cash used in Operating and Investment activities was €15.4 million, in line with the operating loss for the period, while cash generated in the Financing activities was €10.3 million, with net proceeds from the €13 million capital raise in March 2025, while loan repayments were €1.6 million.

With the upfront payment from its commercialization agreement with Clinigen and the already available and upcoming first tranche from the loan agreement with the EIB, and with continued strong cash discipline, the Company believes it has sufficient cash to cover its current needs and planned development programs to the end of February 2026. The Company is pursuing several dilutive and non-dilutive financing options, leveraging on the financing initiatives announced over the summer, to further extend its cash horizon.

The Company has updated its corporate presentation available on its website: www.maatpharma.com/investors and has filed its half-year Financial Report to the AMF (Autorité des Marchés Financiers).

Upcoming financial communication and conferences*

September 23, 2025: Lyon Pole Bourse Forum
September 25, 2025: KBC Securities Life Sciences Conference, Brussels
October 1, 2025: BNP-Portzamparc Conference
October 7-8, 2025: Investor Access Event, Paris
November 4, 2025: Publication of revenues and cash position for Q3 2025

On September 16, 2025 Crossbow Therapeutics, Inc., a biotechnology company focused on advancing T-Bolt therapies, a novel class of antibody therapeutics, reported dosing of the first participant in its CROSSCHECK-001 Phase 1 clinical trial of CBX-250, a first-in-class, potent, and specific T-cell engager (TCE) for the treatment of myeloid malignancies (Press release, Crossbow Therapeutics, SEP 16, 2025, View Source [SID1234656014]).

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"Patients with relapsed or refractory myeloid malignancies urgently need new treatment options, and CBX-250 offers a novel approach," said Briggs Morrison, M.D., Chief Executive Officer of Crossbow. "The preclinical profile of CBX-250 and its novel targeting strategy bolster our confidence as we begin to bring the expansive potential of our T-Bolt platform to patients."

CBX-250 is the first candidate developed through Crossbow’s T-Bolt platform, a portfolio of novel TCE molecules that uniquely target peptide-loaded human leukocyte antigen (pHLA) complexes on tumor cells, using antibodies that mimic T-cell receptors (TCR-mimetics). Specifically, CBX-250 targets a cathepsin G pHLA complex, abundantly expressed on leukemic cells, but not normal cells. The Phase 1, open-label, dose-escalation CROSSCHECK-001 study is the first clinical trial for Crossbow and the T-Bolt platform. The study is evaluating the safety, tolerability, and preliminary clinical activity of CBX-250 in patients aged 12 years and older with relapsed or refractory acute myeloid leukemia (AML), high-risk myelodysplastic syndrome (HR-MDS), and chronic myelomonocytic leukemia (CMML).

AML, one of the most common myeloid malignancies, is primarily a disease of older adults, with an average patient age of 68 years. In the United States, the estimated incidence of AML exceeds 22,000 new cases each year, and the five-year survival rate is approximately 33%.1 In AML patients, relapse is common within the first year of achieving complete remission, occurring in more than 50% of patients after induction chemotherapy, the current standard of care.2 Those with relapsed or refractory AML have an especially poor prognosis, underscoring the urgent need for potent therapies directed against novel tumor-selective therapeutic targets.

CBX-250 was developed through an ongoing strategic collaboration between Crossbow and The University of Texas MD Anderson Cancer Center. Crossbow designed and is conducting the CROSSCHECK‑001 clinical study, which is investigating CBX-250 on a fixed step-up dosing schedule. The company expects initial clinical data from CROSSCHECK-001 in 2026.

For additional trial details, visit the CROSSCHECK-001 study page on ClinicalTrials.gov.

On September 16, 2025 Tasca Therapeutics, ("Tasca" or the "Company") a clinical-stage biotechnology company focused on developing targeted therapies for genetically defined cancers, reported that the first patient has been dosed in Phase 1/2 clinical trial of its lead drug candidate CP-383 (Press release, Tasca Therapeutics, SEP 16, 2025, View Source [SID1234656013]).

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CP-383 is a first-in-class (FIC) small molecule designed to modulate a critical oncogenic signaling pathway. Preclinical studies have demonstrated robust anti-tumor activity across a range of tumor models, including those with limited response to existing therapies. Tasca developed CP-383 using its proprietary drug discovery auto-palmitoylation platform that integrates pathway biology, structure-based design, and precision oncology strategies to unlock previously intractable targets.

"The dosing of the first patient with CP-383 is a major milestone for Tasca and a testament to the innovation and dedication of our team," said Milenko Cicmil, Ph.D., Co-Founder and Chief Executive Officer of Tasca Therapeutics. "CP-383 is a highly differentiated small molecule that targets a key pathway implicated in multiple difficult-to-treat cancers. We are looking forward to rapidly enrolling this study and beginning to define the clinical profile of this novel, targeted oncology candidate."

The Phase 1/2 trial is a multi-center, open-label study evaluating the safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity of CP-383 in patients with advanced or metastatic solid tumors. Future study stages will incorporate biomarker-enriched cohorts based on emerging clinical and translational data.

Tasca also reported a second closing of its $67 million Series A financing round driven by strong investor demand and with new participation from 8VC, a leading technology and life sciences venture firm. 8VC’s support provides deep domain expertise in biotech innovation and a track record of partnering with companies at the forefront of transformative science. As previously announced by the Company, the Series A financing was co-led by Regeneron Ventures and Cure Ventures, with participation by Invus Group.

"We are thrilled to support Tasca’s clinical development of CP-383," said Seth Lieblich, Principal at 8VC. "The discovery of a druggable auto-palmitoylation pocket represents a breakthrough in targeting previously intractable cancer drivers. We believe Tasca’s team, platform, and mechanistic insight into oncogenic signaling have the potential to reshape the treatment landscape for genetically defined cancers. We’re excited to join backing their vision to dramatically improve the lives of cancer patients."

On September 16, 2025 Senhwa Biosciences, Inc. (TPEx: 6492, "Senhwa") reported its official entry into the fast-growing global immuno-oncology market (Press release, Senhwa Biosciences, SEP 16, 2025, View Source [SID1234656010]). The Company’s novel investigational drug Pidnarulex (CX-5461) will be evaluated in combination with the approved PD-1 inhibitor Cemiplimab (Libtayo), provided by Sanofi and Regeneron Pharmaceuticals, in a Phase 1/2 clinical trial for patients with microsatellite-stable colorectal cancer (MSS CRC) who are refractory to immune checkpoint inhibitors.

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Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

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This strategic collaboration marks the third clinical trial under Senhwa’s NCI-sponsored five-year cancer research program with the U.S. National Cancer Institute (NCI). An Investigational New Drug (IND) application has been submitted to the U.S. FDA. The partnership underscores the unique mechanism of action of CX-5461 and the strong interest from leading global pharmaceutical companies in its potential to enhance the immunotherapy efficacy.

Dr. Pin-Yen Huang, Chief Medical Officer of Senhwa, stated:
"This is more than a clinical trial—it is a transformative opportunity to redefine the future of cancer therapy. The compelling synergy between CX-5461 and PD-1 inhibitors holds the promise of bringing renewed hope to countless patients, while also showcasing Taiwan’s spirit of innovation on the global stage."

Breaking Through Solid Tumor Immunotherapy Barriers

While immune checkpoint inhibitors have revolutionized cancer care, their response rates in solid tumors — other than melanoma — remain low at approximately 20–30%. The CX-5461 plus Cemiplimab combination aims to significantly improves these response rates, broaden the reach of PD-1 inhibitors, and potentially overcome treatment bottleneck in MSS CRC and other low-immunogenicity tumors.

Rising Momentum for Cross-Border Partnerships in Asia

According to recent data, cross-border licensing and M&A transactions in Asia’s pharmaceutical sector surged to US$66 billion in just the first seven months of 2025, already surpassing the total value for the entire previous year. Several blockbuster deals exceeding US$1 billion demonstrate how global pharma leaders are rapidly pivoting strategic investments toward Asia.

Amid this trend, Senhwa stands at the intersection of differentiated innovation, strong collaborations with the NCI, and partnerships with global pharmaceutical companies. As immunotherapy and precision medicine markets continue their robust expansion, Senhwa is well-positioned to become a pivotal partner for multinationals while emerging as a key innovator in Asia’s biotech landscape — creating a dual opportunity for growth and value for its stakeholders.

Unmet Need in MSS CRC and Young-Onset Colorectal Cancer

In metastatic CRC approximately 95% of metastatic colorectal cancer cases are MSS, for which effective immunotherapy options remain limited. Alarmingly, incidence among younger patients continues to rise, highlighting the urgent need for innovative approaches. Many patients either fail to respond or develop resistance to existing immunotherapies; and high treatment costs plus a lack of reliable biomarkers posing additional clinical challenges.

Through its innovative combination and precise design, this trial seeks to breakthrough current limitations, offering patients new hope by extending survival and improving quality of life.

Global Market Potential and Outlook for CX-5461

According to Coherent Market Insights, the global cancer immunotherapy market is projected to surpass US$150 billion by 2025, with sustained double-digit growth expected to push the market beyond US$300 billion by 2035. Combination therapies, in particular, have emerged as a central focus for industry R&D and investment.

As a first-in-class small molecule with a novel mechanism, preclinical data has shown CX-5461to have the ability to reprogram the tumor microenvironment, increase tumor mutational burden, and induce neoantigen presentation. Preclinical data also suggests the drug to enhance dendritic and cytotoxic T-cell infiltration while reducing immunosuppressive macrophages, thereby boosting sensitivity and efficacy of immune checkpoint inhibitors, including anti-PD-1 and anti-PD-L1 therapies.

Crucially, CX-5461 has not shown marked bone‑marrow suppression at evaluated doses, in contrast to levels commonly seen with conventional chemotherapy. This advantage not only preserves cytotoxic immune cells but also creates a tumor microenvironment more favorable to immunotherapy and even cell-based therapies.