Matinas BioPharma Holdings Inc (MTNB) Reports Q3 2023 Financial Results and Business Progress
Matinas BioPharma Holdings Inc (MTNB) reported no revenue for Q3 2023 compared to $1.1 million in Q3 2022.
Total costs and expenses decreased to $6.1 million in Q3 2023 from $6.5 million in Q3 2022.
Net loss for Q3 2023 was $6.1 million, or $0.03 per share, consistent with the net loss per share in Q3 2022.
Cash, cash equivalents, and marketable securities totaled $18.2 million as of September 30, 2023.
On November 8, 2023, Matinas BioPharma Holdings Inc (MTNB), a clinical-stage biopharmaceutical company, announced its financial results for the third quarter of 2023, alongside a comprehensive business update. The company reported no revenue for the quarter, marking a decrease from the $1.1 million generated during the same period last year, primarily from research collaborations. Despite this, Matinas BioPharma has made significant strides in its clinical programs and has engaged in promising discussions with the FDA regarding its lead candidate, MAT2203.
Financial Performance Overview
Matinas BioPharma's total costs and expenses for Q3 2023 were slightly lower at $6.1 million compared to $6.5 million in Q3 2022, attributed to reduced manufacturing and clinical trial consulting costs. The net loss for the quarter was $6.1 million, or $0.03 per share, which remained consistent with the net loss per share for the same quarter in the previous year. For the first nine months of 2023, the company reported a net loss of $17.6 million, or $0.08 per share, compared to a net loss of $17.4 million, or $0.08 per share, for the same period in 2022.
Strategic Developments and Clinical Updates
Jerome D. Jabbour, CEO of Matinas, highlighted the positive clinical data from the Compassionate/Expanded Use Access Program for MAT2203, an oral formulation of amphotericin B. The company plans to target a similar patient population in its Phase 3 study for those with invasive aspergillosis and limited treatment options. The FDA has shown support for the Phase 3 strategy, including the potential for LPAD registration and a superiority composite primary endpoint, which could significantly enhance MAT2203's commercial positioning upon approval.
Matinas BioPharma also reported progress in its LNC platform, with positive preclinical results for an oral LNC formulation of docetaxel, showing comparable tumor size reduction to IV-docetaxel without systemic toxicity. Additionally, the company is exploring LNC formulations of small oligonucleotides targeting inflammatory cytokines with promising preliminary studies.
Liquidity and Capital Resources
As of September 30, 2023, Matinas BioPharma's cash, cash equivalents, and marketable securities stood at $18.2 million, a decrease from $28.8 million at the end of 2022. The company believes its current cash position will fund operations into the third quarter of 2024 and is actively seeking non-dilutive funding sources, including potential partnerships and government grants, to extend its cash runway.
Matinas BioPharma continues to demonstrate a commitment to advancing its clinical programs and leveraging its LNC platform technology to address unmet medical needs. The company's strategic focus on non-dilutive funding and potential partnerships could provide the necessary support to bring its innovative therapies to market.
For more detailed information, investors are encouraged to review the full earnings report and listen to the conference call and webcast held by Matinas BioPharma.
Explore the complete 8-K earnings release (here) from Matinas BioPharma Holdings Inc for further details.
This article first appeared on GuruFocus.
