Matinas BioPharma Holdings, Inc.

What they do

{ "headline": "Matinas BioPharma is a clinical-stage biopharmaceutical company whose lead asset, oral amphotericin B candidate MAT2203, has had clinical development paused while it pursues strategic alternatives and a business combination.", "what_they_do": "Matinas developed the lipid nanocrystal (LNC) platform delivery technology and its lead product candidate MAT2203, an oral formulation of amphotericin B for life-threatening invasive fungal infections, which completed an EnACT Phase 2 trial in cryptococcal meningitis. Following an 80% workforce reduction in late October 2024, the company paused MAT2203 clinical development and internal LNC pipeline work in oncology and inflammation, while continuing Expanded/Compassionate Use access and FDA IND maintenance. In July 2026 it entered a Business Combination Agreement with GH Power and a Stock Purchase Agreement with Azurity, and it does not expect to continue LNC Platform development as an independent public company.", "revenue_drivers": [ { "name": "MAT2203 (oral amphotericin B)", "detail": "The lead product candidate, positioned for a single Phase 3 ORALTO registration trial in invasive aspergillosis; it is not approved or marketed and generates no product revenue." }, { "name": "LNC Platform pipeline", "detail": "Early-stage programs for encapsulating small molecules and small oligonucleotides in oncology and inflammation; internal development has been paused following the October 2024 restructuring." }, { "name": "Partnership/licensing transactions", "detail": "The company is seeking one or more development and/or commercialization partners for MAT2203; any transaction value would come from licensing, sale or similar arrangements rather than product sales." }, { "name": "Historical revenue", "detail": "Reported annual revenue was $89,812 in 2019, $158,333 in 2020, $33,000 in 2021, $3.2M in 2022 and $1.1M in 2023; the recent quarterly revenue figures shown are $33,333 (2021-03-31) and $1.1M in several 2022-2023 quarters." } ], "recent_performance": "For the six-month periods ended June 30, 2026 and 2025, net loss was $3,247 and $6,901, respectively, according to the latest 10-Q MD&A. Annual net loss was $23.3M in 2021, $21.0M in 2022, $22.9M in 2023, $24.3M in 2024 and $10.3M in 2025. Operating cash flow was -$15.2M in 2021, -$19.2M in 2022, -$15.3M in 2023, -$15.9M in 2024 and -$7.0M in 2025. As of June 30, 2026, total assets were $3.4M, total liabilities $1.6M, shareholder equity $1.8M, and cash and equivalents $761,000.", "strategy": "Management has paused MAT2203 clinical development and internal LNC pipeline work after the late-October 2024 workforce reduction and is seeking a licensing, sale or other transaction to advance MAT2203 into Phase 3. The company continues to engage with the FDA to keep the MAT2203 IND active, maintain and prosecute MAT2203 and LNC Platform intellectual property, and meet obligations under its license agreement with Rutgers University, while supporting patients in the Expanded/Compassionate Use Access Program through outside clinician consultants. In July 2026, Matinas entered a Business Combination Agreement with GH Power and a Stock Purchase Agreement with Azurity; after the business combination, GH Power's business is expected to become the primary business of the combined company. Management states that either a partnership transaction or additional capital is required before the ORALTO trial can begin." }, "risks": [ { "title": "Paused lead program", "detail": "Clinical development of MAT2203 is paused and the company is devoting significant time and resources to strategic alternatives that may not succeed." }, { "title": "Going-concern funding need", "detail": "The company has incurred losses since inception and will need substantial additional funding, with cash and equivalents of just $761,000 at June 30, 2026." }, { "title": "Listing compliance", "detail": "Matinas has received delisting notices or listing-rule failure disclosures, including in April 2026, June 2026 and September 2026, and must regain and maintain NYSE American compliance." }, { "title": "Transaction completion", "detail": "The July 2026 Business Combination with GH Power and Stock Sale to Azurity require conditions including stockholder approval, and timing and costs of consummation are uncertain." } ], "outlook": "Management says a partnership transaction or additional capital is required before the ORALTO Phase 3 trial in invasive aspergillosis can commence, and that a partner could revise the trial or choose a different development pathway for MAT2203. The company's stated near-term focus is consummating a MAT2203 transaction and completing the GH Power business combination and Azurity stock sale. After the business combination closes, GH Power's business is expected to become the primary business of the combined company, and Matinas does not expect to continue its historical LNC Platform development activities as an independent public company.", "key_facts": [ { "label": "Lead candidate", "value": "MAT2203 (oral amphotericin B) for invasive fungal infections" }, { "label": "Lead program status", "value": "Paused; positioned for a Phase 3 ORALTO registration trial pending partnership or capital" }, { "label": "Cash at 2026-06-30", "value": "$761,000" }, { "label": "FY2025 net loss", "value": "$10.3M" } ] }