Wed, Nov 13, 10:24 PM (19 days ago)
For the quarter ended September 30, 2024, Matinas BioPharma Holdings, Inc. (MTNB) reported no revenue, a significant decline from $1,096,000 in the same period last year. The company incurred a net loss of $4,275,000 compared to a loss of $6,055,000 in Q3 2023. Research and development expenses decreased to $2,239,000 from $3,295,000, attributed to reduced headcount and lower clinical trial costs. General and administrative expenses also fell to $2,142,000 from $2,839,000. As of September 30, 2024, total assets were $20,577,000, down from $25,104,000 at year-end 2023, primarily due to cash and cash equivalents increasing to $10,295,000. The company faces substantial doubt about its ability to continue as a going concern, as it lacks sufficient funds to support operations beyond the next twelve months without additional financing. In a significant strategic shift, Matinas announced an 80% workforce reduction and halted all product development activities in October 2024, following the termination of negotiations for its lead product candidate, MAT2203. The company is now evaluating strategic alternatives, including potential winddown or dissolution.