THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND
IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN, INTO OR FROM AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF
SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.


THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER
OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF
ANY SECURITIES IN MAAT PHARMA OR ANY OTHER ENTITY IN ANY JURISDICTION.




MaaT Pharma Launches a Capital Increase of
Approximately €9 Million

• Launch of a Global Offering of new ordinary shares for approximately €9 million
through a Private Placement aimed at qualified investors, and a PrimaryBid Offering
aimed at retail investors via the PrimaryBid platform
• Subscription commitments from existing shareholders and directors of the Company
for a total of €3 million and intention to subscribe by an existing shareholder for an
amount of €1.5 million
• Global Offering Price of new shares of €3.48 per share
• PrimaryBid Offering in France on November 13 and 14, 2025: available from the
publication of this press release until tomorrow, 6:00 pm (CET) on Boursorama,
Bourse Direct and EasyBourse
• Closing of the Private Placement on November 14, 2025 after market closing, subject
to early closing
• Suspension of trading of MAAT shares from November 13, 2025 after market closing,
until November 14, 2025, after market closing
• The funds raised will support the Company's development, including the
commercialization of Xervyteg®(MaaT013) in Europe, pending EMA approval, and
extend its cash runway to summer 2026. Combined with additional financing from the
European Investment Bank (EIB) and our Commercial Partner in Europe (If the
Marketing Authorization Application (MAA) is granted), that will extend the cash
horizon to early 2027.

Lyon, France, November 13, 2025 – 6.00 pm CET - MaaT Pharma (EURONEXT : MAAT -
the "Company"), a clinical-stage biotechnology company and a leader in the
development of Microbiome Ecosystem Therapies™ (MET) dedicated to enhancing

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survival for patients with cancer through immune modulation, today announces the
launch of a capital increase of approximately €9 million, comprising a Private Placement of
new ordinary shares to qualified investors and a public offering of new ordinary shares to retail
investors (via the PrimaryBid platform) (the "Global Offering"), at a price of €3.48 per share
(the "Global Offering Price").

“With the positive pivotal Phase 3 trial results, we are committed to bringing Xervyteg®
(MaaT013), currently under EMA review and potentially the first microbiome-based oncology
drug in the world, to patients with life-threatening aGvHD. To achieve this, we are securing
additional financial resources, and we are grateful to both new and longstanding investors for
their continued trust and support”, commented Hervé Affagard, CEO and co-founder of
MaaT Pharma. “This raise supports our roadmap and prepares for potential EMA approval. It
secures operations beyond obtaining potential marketing authorization thanks to the drawdown
of the next tranche of the EIB financing and could also unlock further monetization opportunities,
including milestone payments and strategic partnerships.”

MaaT Pharma will use the net proceeds of the Global Offering to fund its roadmap (ie:
development of its Microbiome Ecosystem Therapies™), notably:
- Preparation of the commercialization of Xervyteg® and related regulatory activities in
Europe during the second half of 2026, in collaboration with our commercial partner,
contingent upon Xervyteg® approval (potential marketing authorization (MA) could be
delivered around mid-2026).
- Advancement of MaaT033 clinical development in Europe, currently being evaluated
in an ongoing Phase 2b trial, designed to be pivotal, aimed at improving survival in
patients undergoing allogeneic hematopoietic stem cell transplantation.
- Continuation of discussions with the FDA regarding a dedicated pivotal study in the
U.S. aimed at expediting Xervyteg® development. The study is planned to start in
2026, subject to regulatory confirmation and securing appropriate financing.
- Its working capital and other general corporate purposes.

In the context of the Global Offering, the Company benefits from the long-term support of
its historical shareholders PSIM represented by Bpifrance Investissement and Biocodex, who
have committed themselves to subscribe for a total amount of €3 million.

The proceeds from the Global Offering would support the Company’s stepwise financing
strategy, aimed at securing runway beyond the potential marketing authorization approval
(MAA) for Xervyteg® in Europe, and then to early 2027, assuming MAA:
 Excluding the net proceeds of the Global Offering, on the basis of planned
expenditure, total cash and cash equivalents as of September 30, 2025, were €22.4
million (including an initial upfront payment of €10.5 million from its commercial
partner post signing of a license and commercial agreement in July 2025), the first
tranche of €3.5 million out of a €37.5 million financing from the European Investment
Bank (EIB) that was received in October 2025, and with strong cash discipline, the
Company believes it has currently sufficient cash to cover its current needs and
planned development programs until the end of February 2026.
 Including the net proceeds of the Global Offering, which will also fulfill the equity
contribution financial condition for the drawdown of the second tranche of €6.0
million from the EIB financing (the other condition, the filing of the European MAA, has
already been done), the Company expects to extend its cash runway to August of
2026.

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 This cash horizon to August 2026 is beyond the current estimated date for obtaining
the MAA in Europe, which, if applicable, will then allow MaaT Pharma to receive the
milestone payment of €12 million provided for in the agreement with the Company’s
commercial partner for Europe for obtaining an MAA for Xervyteg®. This milestone
payment would enable the Company to finance its activities until early 2027.
 The Company explores also additional dilutive and non-dilutive financing options,
which, if materialized, would further finance and accelerate its developments
activities and further extend its cash runway.

Terms and conditions of the Global Offering

The Global Offering will be carried out in two concomitant components under the same
pricing conditions:
- A private placement (the "Private Placement") of new ordinary shares without pre-
emptive subscription rights, reserved to qualified investors, in accordance with the
23rd resolution of the annual general meeting of June 20, 2025 (the "AGM") and
pursuant to article L. 411-2 of the French Monetary and Financial Code; and
- a public offering of new ordinary shares without pre-emptive subscription rights,
aimed at retail investors via the PrimaryBid platform, in accordance with the 22nd
resolution of the AGM and pursuant to article L. 225-136 of the French Commercial
Code (the "PrimaryBid Offering").

The total amount of the Global Offering would be approximately €9 million, with the
possibility to increase this total amount, subject to investor demand.

The amount of the Global Offering will depend exclusively on the orders received for each of
the above­mentioned components, with no possibility of reallocating the amounts
committed to the Private Placement to the PrimaryBid Offering. The PrimaryBid Offering to
retail investors is incidental to the Private Placement and may not exceed 20% of the total
amount of the Global Offering. Allocations will be proportional to demand, limited to the
amount allocated to this public offer, with allocations reduced should demand exceed this
limit. In any event, the PrimaryBid Offering will not be carried out if the Reserved Offering does
not occur.

The Global Offering Price of the new ordinary shares will be at a price of €3.48 per share,
representing an approximate discount of 10% compared to the volume-weighted average
price of the Company’s share over the last three trading sessions preceding the start of the
Global Offering, in compliance with the 22nd and 23rd resolution of the AGM.
The Global Offering Price of the new ordinary shares issued under the PrimaryBid Offering
will be equal to the price of the new ordinary shares issued under the Private Placement.

The Private Placement will be carried out by "accelerated bookbuilding", at the end of which
the number of new ordinary shares to be issued will be determined by the Chief Executive
Officer of the Company, pursuant to and within the limits of the sub-delegations of authority
granted by the Board of Directors of the Company as of the date of this press release and in
accordance with the resolutions of the AGM.

The accelerated bookbuilding process for the Private Placement will be initiated immediately
following the publication of this press release and is expected to close after markets closing
tomorrow, subject to early closing. The PrimaryBid Offering will also begin immediately and

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is expected to close tomorrow at 6:00 p.m. (CET), subject to early closing. The Company will
announce the results of the Global Offering by press release after the order book closes,
tomorrow before the market opens.

The Private Placement will be available to qualified investors in France, outside France with
the exception of the United States, Canada, Australia and Japan.

Settlement-delivery of the new ordinary shares and their admission to trading on the
regulated market of Euronext Paris are expected to occur on November 19, 2025. The new
ordinary shares will be of the same class and fungible with the existing shares, will carry all
rights attached to the shares, and will be admitted to trading on the Euronext Paris market
under the same ISIN code FR0Ol2634822 - MAAT.

Subscription and lock-up agreements

Current shareholders, PSIM represented by Bpifrance Investissement and Biocodex which
hold 22.4% and 17.6% of the Company's share capital, respectively on a non-dilutive basis,
have pledged to subscribe for €1.5 million and €1.5 million, respectively, corresponding to a
total amount of €3 million, subject to a Global Offering size of at least €6.5 million.

The Company has also received an intention to subscribe to the Private Placement from an
American-European investor, a specialist in the healthcare sector and a current shareholder
of the Company, for an amount of €1.5 million.

PSIM represented by Bpifrance Investissement and M. Jean-Marc Lefebvre, president of
Biocodex, member of the Board of directors of the Company, did not take part in the vote on
the Global Offer at the Company's Board of Directors meeting on November 12, 2025.

PSIM represented by Bpifrance Investissement and Biocodex have respectively entered into
a lock-up agreement with the Global Coordinator and Bookrunner for a period ending 90 days
after the settlement and delivery date of the Global Offering, subject to customary
exceptions. The Company has undertaken to refrain from issuing shares for a period of 90
days from the settlement­ delivery date of the Global Offering, subject to customary
exceptions.

Eligibility of the Global Offering to tax mechanisms and for the PEA and PEA-PME

Subscription of the new ordinary shares of the Company is eligible for the provisions of Article
150-0 B ter of the French General Tax Code (reinvestment of proceeds from sale).
Investors who may benefit from this regime should consult their usual tax adviser in order to
assess their personal situation with regard to the specific applicable regulations.
Finally, the Company reiterates that it complies with the eligibility criteria for the SME-ISE
PEA as specified by the provisions of Articles L. 221-32-2 and D.221-113-5 et seq. of the French
Monetary and Financial Code. As a result, the Company’s shares can be fully integrated into
equity savings plans (PEAs) and PEA-PME accounts, which benefit from the same tax
benefits as a traditional PEA.


Suspension of the listing of MAAT shares


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The Company will announce the result of the Global Offering on November 14, 2025, at the
close of the trading day, in a press release. Pending the publication of the result press release,
the Company has asked Euronext Paris to suspend the listing of its share (ISIN
FR0012634822-MAAT) as of November 13, 2025 after the close of trading day.

Intermediaries

Portzamparc, BNP Paribas Group, ("Portzamparc") is acting as Global Coordinator and
Bookrunner in connection with the Private Placement. The Private Placement is subject to a
placement agreement entered into between the Company and Portzamparc dated
November 14, 2025.

Within the framework of the PrimaryBid Offering, investors may only subscribe via the
PrimaryBid Partners mentioned on the PrimaryBid website. The PrimaryBid Offering is
subject to an engagement letter entered into between the Company and PrimaryBid and is
not subject to a placement agreement.

Mc Dermott Will & Schulte AARPI acts as legal advisors for the Company.

No prospectus

The Global Offering is not subject to a prospectus requiring an approval from the AMF.

This press release does not constitute a prospectus under Regulation (EU) 2077/7129 of the
European Parliament and of the Council of June 14, 2017, as amended, or a public offering.

The Company will, where applicable and depending on the number of shares for which it
seeks admission to trading, file with the AMF a document containing the information required
under Annex IX of the Prospectus Regulation (the “Information Document”). This document
will be made available on the Company’s website (www.maatpharma.com), and its filing will
be announced in the press release issued by the Company following the Global Offering.

Risk factors

The public's attention is drawn to the risk factors relating to the Company and its business,
presented in chapter 3 of the universal registration document 2024 filed with the Autorite des
marches financiers under number D.25-0249 on April 11, 2025, which is available free of charge
on the Company's website (www.maatpharma.com) and the website of the Autorite des
marches financiers (www.amf-france.org). The occurrence of any or all of these risks could
have an adverse effect on the Company's business, financial situation, results, development
or prospects.

In addition, investors are invited to consider the following risks specific to the issue: (i) the
market price of the Company's shares could fluctuate and fall below the Offering Price of the
shares issued under the Offer, (ii) the volatility and liquidity of the Company's shares could
fluctuate significantly, (iii) sales of the Company's shares could occur on the market and have
an unfavorable impact on the Company's share price, and (iv) the Company's shareholders
could suffer potentially significant dilution as a result of any future capital increases made
necessary by the Company's search for financing.


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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
This press release includes 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.

Contacts

MaaT Pharma – Investor MaaT Pharma – Media Catalytic Agency – U.S. Media
Relations Relations Relations
Guilhaume DEBROAS, Ph.D. Pauline RICHAUD Heather Shea
Head of Investor Relations Senior PR & Corporate
Media relations for MaaT Pharma
+33 6 16 48 92 50 Communications Manager
+1 617-286-2013
invest@maat-pharma.com +33 6 14 06 45 92
heather.shea@catalyticagency.com
media@maat-pharma.com



Disclaimer

This press release does not constitute an offer to sell nor a solicitation of an offer to buy, nor shall there
be any sale of shares in any state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The distribution of this document may, in certain jurisdictions, be restricted by local legislations. Persons
into whose possession this document comes are required to inform themselves about and to observe
any such potential local restrictions.

This press release is an advertisement and not a prospectus within the meaning of Regulation (EU)
2077/7129 of the European Parliament and of the Council of 14 June 2017 (as amended, the
"Prospectus Regulation"). Any decision to purchase shares must be made solely on the basis of publicly
available information on the Company.

In France, the offering of MaaT Pharma shares described below will be carried out through (i) an offering
of new ordinary shares with the waiver of preferential subscription rights to qualified investors or to a
limited circle of investors, in accordance with Article L. 411-2 of the French Monetary and Financial
Code, and (ii) a public offering, primarily intended for retail investors via the PrimaryBid platform,

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pursuant to Article L. 225-136 of the French Commercial Code. In accordance with Article 211-3 of the
General Regulation of the Autorité des Marchés Financiers (“AMF”) and Article 1(5) of the Prospectus
Regulation, the offering of MaaT Pharma shares does not require the publication of a prospectus
approved by the AMF.


With respect to Member States of the European Economic Area, no action has been taken or will be
taken to permit a public offering of the securities referred to in this press re/ease requiring the publication
of a prospectus in any Member State. Therefore, such securities may not be and shall not be offered in
any Member State other than in accordance with the exemptions of Article 1(4) of Prospectus Regulation
or, otherwise, in cases not requiring the publication of a prospectus under Article 3 of the Prospectus
Regulation and/or the applicable regulations in such Member State.

This press release and the information it contains are being distributed to and are only intended for
persons who are (x) outside the United Kingdom or (y) in the United Kingdom and are (i) investment
professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities and other such persons
falling within article 49(2)(a) to (d) of the Order (“high net worth companies”, “unincorporated
associations”, etc.) or (iii) other persons whom an invitation or inducement to participate in investment
activity (within the meaning of Section 21 of the Financial Services and Market Act 2000) may otherwise
lawfully be communicated or caused to be communicated (all such persons in (y)(i), (y)(ii) and (y)(iii)
together being referred to as “Relevant Persons”). Any invitation, offer or agreement to subscribe,
purchase or otherwise acquire securities to which this press release relates will only be engaged with
Relevant Persons. Any person who is not a Relevant Person should not act or rely on this press release
or any of its contents.

This press release may not be distributed, directly or indirectly, in or into the United States. This press
release and the information contained therein does not, and will not, constitute an offer of securities for
sale, nor the solicitation of an offer to purchase, securities in the United States or any other jurisdiction
where restrictions may apply. Securities may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the «
U.S. Securities Act »). The securities of MaaT Pharma have not been and will not be registered under
the Securities Act, and MaaT Pharma does not intend to conduct a public offering in the United States.

MIFID II Product Governance/Target Market: solely for the purposes of the requirements of article 9.8
of the EU Delegated Directive 2017/593 relating to the product approval process, the target market
assessment in respect of the shares of MaaT Pharma has led to the conclusion in relation to the type of
clients criteria only that: (i) the type of clients to whom the shares are targeted is eligible counterparties
and professional clients and retail clients, each as defined in Directive 2014/65/EU, as amended ("MiFID
//"); and (ii) all channels for distribution of the shares of MaaT Pharma to eligible counterparties and
professional clients and retail clients are appropriate. Any person subsequently offering, selling or
recommending the shares of MaaT Pharma (a "distributor") should take into consideration the type of
clients assessment; however, a distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the shares of MaaT Pharma and determining appropriate
distribution channels.

The distribution of this press release may be subject to legal or regulatory restrictions in certain
jurisdictions. Any person who comes into possession of this press release must inform him or herself of
and comply with any such restrictions.

Any decision to subscribe for or purchase the shares or other securities of MaaT Pharma must be made
solely based on information publicly available about MaaT Pharma. Such information is not the
responsibility of Portzamparc and has not been independently verified by Portzamparc.




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