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Analyst Report - Capital Markets - MAP315 is safe, upcoming news flows in clinical diagnostic segments.pdf

MAP reported positive Phase I safety and tolerability data for MAP315, Microba's novel live biotherapeutic being developed for ulcerative colitis. It showed no negative safety signals, and was proven to robustly target the GI tract. We are pleased with, and not surprised by, the positive safety data given the relatively benign nature of the therapy pending therapeutic efficacy data, which remains a longer-term high-risk, high-reward opportunity, our view is that most near-term potential catalysts for MAP revolve around diagnostics sales.

On the diagnostics side, the company has successfully curated a leading group
of international partners, including Sonic, Synlab, Genova, G42 and Gingko. This approach to driving distributor-led sales helps increase geographic reach without substantial input costs, noting Sonic and Gingko will likely be the most active partners given their financial alignment via respective shareholdings. We look forward to ongoing improvements in diagnostic sales, which we expect to come through with initial Sonic impact in 1H24 and the now-demonstrated early success of the MetaXplore launch in Australia. In the medium term, we also expect positive impacts from the Invivo acquisition to come into play.

Analyst Report - Capital Markets - MAP315 is safe, upcoming news flows in clinical diagnostic segments