Matinas BioPharma Holdings Inc · Q2 2023 earnings

Briefing

Matinas BioPharma reported financial results for Q2 2023 and provided a business update.

Matinas BioPharma reported no revenue for the second quarter of 2023 compared to $1.1 million in Q2 2022. Total costs and expenses for the second quarter of 2023 were $6.2 million compared to $7.0 million for the second quarter of 2022. The net loss for the second quarter of 2023 was $6.1 million, or $0.03 per share, compared to a net loss for the second quarter of 2022 of $5.9 million, or $0.03 per share. Cash, cash equivalents and marketable securities as of June 30, 2023 were $22.5 million.

• FDA indicated that approval of MAT2203 as a first-line treatment for invasive aspergillosis will require an adequately powered study with an active control group and an all-cause mortality non-inferiority margin of 10%.
• FDA provided alternative trial designs which include the highest-need patients, aligning with growing positive treatment success in Matinas’ Compassionate/Expanded Use Program as highlighted by a recent case update from Nationwide Children’s Hospital
• Internal RNAi programs demonstrate compelling in vitro activity; in vivo studies evaluating biological activity of LNC oral formulations of small oligonucleotides expected in second half of 2023
• The Company believes its cash position is sufficient to fund planned operations into the third quarter of 2024.

Headline financials

Revenue & EPS history

The Company believes its cash position is sufficient to fund planned operations into the third quarter of 2024. The Company is seeking to extend its cash runway by securing non-dilutive funding from potential third-party development partners and government grant programs through agencies such as BARDA, as well as from proceeds from potential public or private equity offerings.