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Matinas BioPharma (MTNB)
:MTNB
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Matinas BioPharma
(NYSE MKT:MTNB)
38Underperform
Positive Factors
Clinical Study Launch
Once a partner is secured, the company will shift focus towards launching its P3 ORALTO study of MAT2203 in IA patients.
Innovative Drug Delivery
MAT2203 is an application of Matinas's lipid nanocrystal (LNC) delivery that makes amphotericin available by oral administration and has demonstrated safety at high doses for sustained periods of time.
Partnership Agreement
Matinas announced it entered a non-binding agreement with an undisclosed partner for global rights to develop and commercialize oral MAT2203 for invasive aspergillosis and potentially other invasive fungal infections.
Negative Factors
Financial Health
The company lacks funds to materially advance any programs forward.
Leadership Changes
Matinas is implementing 80% workforce reduction, eliminating 15 positions, including departure of the CMO, CBO and CTO.
Strategic Partnership
Partnering negotiations for its lead asset MAT2203 were terminated by the prospective partner.
Matinas BioPharma (MTNB) vs. S&P 500 (SPY)
Market Cap
$2.72M
Dividend YieldN/A
Average Volume (3M)222.14K
Price to Earnings (P/E)―
Beta (1Y)1.94
Revenue Growth-100.00%
EPS Growth6.87%
CountryUS
Employees32
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.56
Shares Outstanding5,086,985
10 Day Avg. Volume46,448
30 Day Avg. Volume222,138
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.48
Price to Cash Flow (P/CF)-0.20
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering0
Matinas BioPharma Business Overview & Revenue Model
Company DescriptionMatinas BioPharma Holdings, Inc. is a clinical-stage biopharmaceutical company, which focuses on enabling the delivery of life-changing medicines using its LNC platform technology. The company's proprietary, disruptive technology utilizes lipid nano-crystals which can encapsulate small molecule drugs, oligonucleotides, vaccines, peptides, proteins, and other medicines potentially making them safer, more tolerable, less toxic, and orally bioavailable. Its anti-fungal product candidate, MAT2203, delivers broad-spectrum fungicidal agent, amphotericin B; and is being developed to prevent invasive fungal infections in patients with acute lymphoblastic leukemia. The company was founded in May 2013 and is headquartered in Bedminster, NJ.
How the Company Makes MoneyMatinas BioPharma generates revenue primarily through strategic partnerships and collaborations with larger pharmaceutical companies that recognize the potential of its LNC delivery platform. These partnerships may involve licensing agreements, research funding, and milestone payments tied to the development and commercialization progress of drug candidates. Additionally, as the company advances its proprietary drug candidates through clinical trials and regulatory approvals, it aims to monetize these assets through direct commercialization or out-licensing agreements. The company also explores opportunities for government grants and funding to support its research initiatives.
Matinas BioPharma Financial Statement Overview
Summary
Matinas BioPharma's financial health is precarious with consistent net losses and negative cash flows. The income statement shows negative margins and inconsistent revenue growth. The balance sheet is moderately risky with low leverage but declining equity. Negative operating and free cash flows underscore the need for external financing, raising sustainability concerns.Income Statement
Matinas BioPharma displays a troubling trajectory in its income statement metrics. The company has experienced persistent net losses over the periods, with negative gross profit margins indicating cost of goods sold exceeding revenue. Furthermore, the net profit margin and EBIT margin have been deeply negative, reflecting ongoing profitability challenges. Revenue growth has been inconsistent with overall negative trends, which is critical for a biotechnology firm reliant on innovation and successful product development.25
Negative
Balance Sheet
The balance sheet of Matinas BioPharma presents moderate risk. The company has maintained a low debt-to-equity ratio, suggesting conservative leverage. However, the equity ratio has declined over time, indicating a reduction in the proportion of assets financed by equity. Additionally, the return on equity is negative due to ongoing net losses, which undermines shareholder value. The company's liquidity position, evidenced by cash and cash equivalents, provides some buffer against short-term obligations.40
Negative
Cash Flow
Matinas BioPharma faces significant challenges in its cash flow management. Operating cash flow has consistently been negative, indicating that the company is not generating enough cash from its operations to cover expenses. Free cash flow is also negative, underscoring the need for external financing to support operations and capital expenditures. Despite some positive investing cash flow, largely from divestitures, the reliance on financing activities raises sustainability concerns.30
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| -1.10M | 1.10M | 3.19M | 33.33K | 158.33K | 90.00K | Gross Profit |
| -1.82M | -13.39M | -13.49M | -748.16K | -14.20M | -11.14M | EBIT |
| -22.01M | -23.77M | -24.59M | -24.73M | -24.21M | -18.92M | EBITDA |
| -21.10M | -22.82M | -24.23M | -24.45M | -23.92M | -18.59M | Net Income Common Stockholders |
| -21.13M | -22.94M | -13.02M | -21.17M | -20.60M | -15.59M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 12.45M | 13.76M | 28.76M | 49.62M | 58.68M | 27.77M | Total Assets |
| 19.94M | 25.10M | 44.82M | 61.33M | 70.97M | 40.24M | Total Debt |
| 390.74K | 3.56M | 4.12M | 4.70M | 3.75M | 4.23M | Net Debt |
| -12.06M | -1.23M | -2.71M | -16.33M | -8.68M | -17.94M | Total Liabilities |
| 3.80M | 5.86M | 8.18M | 8.83M | 7.24M | 7.19M | Stockholders Equity |
| 16.14M | 19.25M | 36.64M | 52.49M | 63.73M | 33.05M |
| Cash Flow | Free Cash Flow | ||||
| -16.95M | -15.50M | -20.05M | -15.48M | -17.37M | -14.50M | Operating Cash Flow |
| -16.95M | -15.28M | -19.16M | -15.22M | -17.37M | -14.09M | Investing Cash Flow |
| 11.67M | 13.24M | 4.88M | 16.77M | -40.67M | -6.01M | Financing Cash Flow |
| 9.17M | -7.00K | 79.00K | 6.96M | 48.05M | 29.85M |
Matinas BioPharma Technical Analysis
Negative
0.53
Price Trends
0.60
Negative
0.87
Negative
3.60
Negative
Market Momentum
-0.02
Positive
41.02
Neutral
29.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTNB, the sentiment is Negative. The current price of 0.53 is below the 20-day moving average (MA) of 0.57, below the 50-day MA of 0.60, and below the 200-day MA of 3.60, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 41.02 is Neutral, neither overbought nor oversold. The STOCH value of 29.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MTNB.
Matinas BioPharma Risk Analysis
Matinas BioPharma disclosed 54 risk factors in its most recent earnings report. Matinas BioPharma reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Matinas BioPharma Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
49 Neutral | $6.84B | 0.05 | -53.14% | 2.48% | 24.49% | -3.26% | |
42 Neutral | $164.55M | ― | -15.79% | ― | -25.21% | 25.06% | |
38 Underperform | $2.72M | ― | -108.57% | ― | -100.00% | 6.87% | |
36 Underperform | $3.34M | ― | -807.39% | ― | -80.98% | 62.27% | |
36 Underperform | $1.57M | ― | -480.23% | ― | -6.26% | 62.60% | |
35 Underperform | $13.66M | ― | -52.85% | ― | ― | 8.99% |
* Healthcare Sector Average
Performance Comparison
MTNB
Matinas BioPharma
0.55
-14.45
-96.33%
AMRN
Amarin
0.41
-0.45
-52.33%
CYCC
Cyclacel Pharmaceuticals
0.30
-2.13
-87.65%
EGRX
Eagle Pharmaceuticals
1.30
-4.75
-78.51%
AVGR
Avinger
0.47
-2.44
-83.85%
CTXR
Citius Pharmaceuticals
1.50
-16.91
-91.85%
Matinas BioPharma Earnings Call Summary
Earnings Call Date: Nov 6, 2024 | % Change Since: -3.64% | Next Earnings Date: Mar 18, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture, with notable progress in MAT2203 licensing and financial management, counterbalanced by the lack of revenue, delays in trial timelines, and challenges in oncology trials. The sentiment is cautiously optimistic but acknowledges the hurdles that need addressing.Highlights
MAT2203 Licensing Progress
Matinas BioPharma has signed a nonbinding term sheet for the licensing of global rights to develop, manufacture, and commercialize MAT2203, indicating potential future growth and collaborations.
Compassionate/Expanded Use Access Program Success
Since June 24, 7 additional patients accessed MAT2203, bringing total enrollment to 31. Out of 15 patients who completed treatment, 8 had a complete response, and 7 were dramatically improved.
Reduced Financial Losses
The net loss for Q2 2024 was $5.7 million or $0.02 per share, compared to a net loss of $6.1 million or $0.03 per share in Q2 2023.
Increased Cash Reserves
Cash, cash equivalents, and marketable securities increased to $14.3 million as of June 30, 2024, from $13.8 million as of December 31, 2023, due to a $10 million direct offering.
Lowlights
No Revenue Reported
The company did not report any revenue for the second quarter of 2024, similar to the same period in 2023.
Delayed Partnership and Trial Timelines
The timeline for the partnership and the start of the ORALTO Phase III trial has been delayed, with the trial likely beginning in early 2025 instead of Q4 2024.
Inconsistent In-Vivo Study Results
In-vivo studies for LNC-formulated small oligonucleotides targeting inflammatory cytokines showed less consistent results, indicating the need for additional optimization.
Weight Loss in Oncology Trials
Some oncology trials with LNC-docetaxel and LNC-miriplatin showed weight loss in animal models, raising concerns about toxicity and the need for further evaluation.
Company Guidance
During the Matinas BioPharma Q2 2024 earnings call, several key metrics and guidance updates were provided. The company reported a net loss of $5.7 million or $0.02 per share for the quarter, a slight improvement from the $6.1 million or $0.03 per share loss in the same period of 2023. Total costs and expenses decreased to $5.8 million from $6.2 million year-over-year, primarily due to reduced clinical development and administrative costs. Matinas did not report any revenue for the quarter, consistent with the previous year. Cash, cash equivalents, and marketable securities stood at $14.3 million as of June 30, 2024, an increase from $13.8 million at the end of 2023, bolstered by $10 million in gross proceeds from a registered direct offering. The company is advancing plans for the ORALTO Phase III trial for MAT2203, with ongoing preparations and a potential start in the fourth quarter of 2024. Additionally, Matinas has signed a nonbinding term sheet for the global rights to develop, manufacture, and commercialize MAT2203, with the final agreement potentially including upfront payments, development and commercial milestones, and royalties.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.