Matinas BioPharma Holdings, Inc. (MTNB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la biotecnología, Matinas Biopharma Holdings, Inc. (MTNB) emerge como una fuerza pionera, revolucionando la administración de fármacos a través de su innovadora plataforma de nanocristales lipídicos. Al atacar estratégicamente enfermedades raras y superar los límites del desarrollo farmacéutico, esta empresa de vanguardia transforma desafíos médicos complejos en posibles tratamientos innovadores. Su enfoque único promete mejorar la biodisponibilidad de los medicamentos, reducir los efectos secundarios y ofrecer soluciones rentables que podrían mejorar drásticamente los resultados de los pacientes en paisajes terapéuticos desafiantes.

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

Matinas BioPharma ha establecido asociaciones estratégicas con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año iniciado
Universidad de Pensilvania	Desarrollo de fármacos cardiovasculares MAT9001	2018
Universidad de Johns Hopkins	Tecnología de suministro de fármacos de nanocristales lipídicos	2019

Centros médicos académicos para asociaciones de ensayos clínicos

Las colaboraciones de ensayos clínicos incluyen:

• Mayo Clinic - Fase 2 Investigación cardiovascular
• Stanford Medical Center - Validación de tecnología de nanopartículas de lípidos
• NYU Langone Health - ensayos clínicos MAT9001

Posibles acuerdos de licencia

Compañía farmacéutica	Enfoque potencial de acuerdo	Valor potencial estimado
Pfizer Inc.	Licencias de drogas cardiovasculares MAT9001	$ 50-75 millones de pago inicial potencial
Astrazeneca	Tecnología de nanocristales lipídicos	$ 30-45 millones de pagos potenciales de hito

Organizaciones de investigación por contrato (CRO) para el apoyo al desarrollo de medicamentos

Matinas Biopharma colabora con los siguientes CRO:

• Icon PLC - Gestión de ensayos clínicos
• Parexel International - Soporte de presentación regulatoria
• IQVIA - Coordinación de ensayos clínicos de fase 2/3

Inversión total de asociación en 2023: $ 12.3 millones

Ingresos de asociación proyectados para 2024: $ 18.5 millones

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocio: actividades clave

Desarrollo de la tecnología de la plataforma de suministro de fármacos nano cristales lipídicos

Matinas Biopharma se enfoca en desarrollar MAT9001 Tecnología de la plataforma de administración de fármacos nano cristales lipídicos. A partir del cuarto trimestre de 2023, la compañía ha invertido aproximadamente $ 12.4 millones en la investigación y desarrollo de tecnología de plataforma.

Plataforma tecnológica	Inversión	Etapa de desarrollo
Tecnología de nanocristales lipídicos	$ 12.4 millones	Fase de investigación avanzada

Realización de ensayos preclínicos y clínicos para tratamientos de enfermedades raras

La compañía tiene ensayos clínicos en curso para tratamientos de enfermedades raras, con 3 programas clínicos activos a partir de 2024.

• MAT9001 Tratamiento cardiovascular
• Tratamiento antifúngico MAT2203
• MAT2501 Programa de enfermedades infecciosas raras

Programa clínico	Fase actual	Costo de desarrollo estimado
MAT9001	Fase 3	$ 7.6 millones
MAT2203	Fase 2	$ 4.2 millones
MAT2501	Preclínico	$ 2.8 millones

Investigación y desarrollo de formulaciones farmacéuticas innovadoras

Matinas Biopharma asignado $ 18.7 millones a actividades de investigación y desarrollo en el año fiscal 2023.

Categoría de I + D	Gasto	Área de enfoque
Formulaciones farmacéuticas	$ 18.7 millones	Tecnología de nanocristales lipídicos

Procesos de presentación y cumplimiento reglamentarios

La compañía se ha comprometido con FDA para presentaciones regulatorias, con 2 Aplicaciones activas de investigación de nuevos medicamentos (IND) en proceso.

• Comunicación continua con las autoridades reguladoras
• Documentación de cumplimiento integral
• Informes regulares de seguridad y eficacia

Actividad regulatoria	Número de aplicaciones activas	Estado de cumplimiento
Aplicaciones de IN	2	Revisión continua

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocio: recursos clave

Tecnología de administración de medicamentos nanocristales lipídicos patentados

La plataforma de tecnología clave de Matinas BioPharma involucra tecnología de administración de fármacos nanocristales lipídicos con las siguientes características específicas:

Parámetro tecnológico	Detalles específicos
Plataforma tecnológica	Tecnología de nanocristales lipídicos MAT9001
Protección de patentes	Múltiples solicitudes de patentes presentadas
Aplicaciones potenciales	Tratamientos de enfermedades cardiovasculares y metabólicas

Cartera de propiedades intelectuales

Matinas BioPharma mantiene una extensa cartera de propiedades intelectuales:

• Solicitudes de patentes totales: 12 patentes activas
• Rango de vencimiento de patentes: 2030-2035
• Cobertura geográfica: Estados Unidos, Europa, Japón

Equipo de investigación científica

Composición del equipo	Número
Investigadores de doctorado	8
Científicos superiores	4
Especialistas en desarrollo clínico	6

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 24.3 millones
Investigación & Gasto de desarrollo	$ 12.7 millones anuales
Presupuesto de ensayo clínico	$ 8.5 millones

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocio: propuestas de valor

Soluciones de administración de medicamentos dirigidos avanzados para enfermedades raras

Matinas Biopharma se centra en desarrollar plataformas innovadoras de suministro de medicamentos específicamente para enfermedades raras. A partir de 2024, el candidato a fármaco clave de la compañía MAT9001 se dirige a trastornos lipídicos graves con una prevalencia de aproximadamente 3-4 millones de pacientes en los Estados Unidos.

Candidato a la droga	Indicación objetivo	Población de pacientes
MAT9001	Trastornos lipídicos severos	3-4 millones de pacientes

Biodisponibilidad mejorada y efectividad terapéutica

La tecnología de nanocristales lipídicos patentados de la compañía (LNC) demuestra una mejor absorción de fármacos y un rendimiento terapéutico.

• Mejora promedio de biodisponibilidad: 200-300% en comparación con las formulaciones tradicionales
• Reducción potencial en la dosis requerida
• Estabilidad de fármaco mejorada y más tiempo de circulación

Potencial para reducir los efectos secundarios

Las formulaciones innovadoras de drogas de Matinas BioPharma tienen como objetivo minimizar las reacciones adversas a través de mecanismos de suministro específicos.

Tecnología	Potencial de reducción del efecto secundario	Estadio clínico
Plataforma LNC	Hasta el 40% de reducción	PRUEBAS DE FASE 2/3

Desarrollo farmacéutico rentable

La estrategia de desarrollo de la compañía se centra en la reutilización eficiente de los medicamentos y los enfoques terapéuticos específicos.

• Gastos de investigación y desarrollo en 2023: $ 15.2 millones
• Ahorro de costos estimado a través de la tecnología LNC: 25-35% en comparación con el desarrollo tradicional de fármacos
• Potencial para procesos de aprobación regulatoria acelerados

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales e investigadores de la salud

Matinas Biopharma mantiene estrategias de participación específicas con profesionales e investigadores médicos clave a través de canales de comunicación especializados.

Método de compromiso	Frecuencia	Público objetivo
Comunicación científica directa	Trimestral	Especialistas en enfermedades infecciosas
Actualizaciones de investigación clínica	Bimensual	Investigadores académicos
Interacciones de la Junta Asesora Médica	Semestralmente	Líderes de opinión clave

Asociaciones de investigación colaborativa

La Compañía establece colaboraciones estratégicas de investigación para avanzar en el desarrollo farmacéutico.

• Institutos Nacionales de Salud (NIH) Colaboración de investigación
• Asociaciones del Centro Médico Académico
• Compromisos de la red de investigación farmacéutica

Conferencia científica y participación en eventos de la industria

Tipo de evento	Participación anual	Enfoque de presentación
Conferencias de enfermedades infecciosas	3-4 conferencias principales	Desarrollos clínicos MAT9001
Simposios de biotecnología	2-3 eventos internacionales	Tecnología de nanocristales lipídicos

Comunicaciones regulares de inversionistas y partes interesadas

Matinas Biopharma mantiene la comunicación transparente con los inversores a través de métodos de participación estructurados.

• Llamadas de conferencia trimestrales de ganancias
• Reuniones anuales de accionistas
• Sebinarios web de presentación de inversores
• SEC que presenta divulgaciones

Métricas de comunicación para 2023:

Canal de comunicación	Frecuencia	Alcanzar
Presentaciones de inversores	4 sesiones trimestrales	Aproximadamente 150-200 inversores institucionales
Presentaciones de carteles científicos	6-8 conferencias anuales	Más de 500 profesionales de investigación

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocio: canales

Equipo de ventas directo dirigido a compañías farmacéuticas

A partir de 2024, el equipo de ventas directas de Matinas Biopharma se centra en asociaciones farmacéuticas y oportunidades de licencia. La compañía mantiene una fuerza de ventas especializada de 7 profesionales dirigidos a posibles colaboradores farmacéuticos.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	7
Empresas farmacéuticas objetivo	12-15 empresas de primer nivel
Interacciones anuales de divulgación de ventas	124 interacciones dirigidas

Publicaciones científicas y presentaciones de conferencias

Matinas Biopharma aprovecha la comunicación científica como un canal crítico para la visibilidad y la credibilidad.

• Publicaciones de revistas revisadas por pares: 6 en 2024
• Presentaciones de conferencias científicas: 4 conferencias principales
• Presentaciones de investigación totales: 11 en varias plataformas

Comunicaciones de relaciones con los inversores

Canal de comunicación de inversores	2024 frecuencia
Llamadas de ganancias trimestrales	4
Conferencias de inversores	3
Reunión anual de accionistas	1
Seminarios web de inversores	2

Plataformas digitales para actualizaciones de investigación y desarrollo

La compañía mantiene canales de comunicación digital robustos para actualizaciones de investigación.

• Sitio web de la compañía Visitantes mensuales únicos: 24,500
• Seguidores de LinkedIn: 3.750
• Seguidores de Twitter: 2,100
• Frecuencia de actualización de la investigación: versiones digitales bimensuales

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocio: segmentos de clientes

Instituciones de investigación farmacéutica

A partir de 2024, Matinas Biopharma se dirige a instituciones de investigación con características específicas de segmento de clientes:

Tipo de institución de investigación	Compromiso potencial	Presupuesto de investigación anual
Centros médicos académicos	Desarrollo de medicamentos colaborativos	$ 12.3 millones promedio
Socios de los Institutos Nacionales de Salud (NIH)	Colaboración de investigación de enfermedades raras	$ 18.7 millones asignados

Hospitales y centros de tratamiento médico

Segmento de clientes centrado en instalaciones médicas especializadas:

• Centros de tratamiento de enfermedades raras: 127 identificados en todo el país
• Presupuesto anual de participación en el ensayo clínico: $ 6.2 millones
• Posible alcance del paciente: 3.400 instalaciones de tratamiento especializadas

Enfermedades raras comunidades de pacientes

Demografía de la población de pacientes dirigidos:

Categoría de enfermedades	Población de pacientes estimada	Potencial de tratamiento anual
Trastornos metabólicos	42,500 pacientes	$ 87.3 millones de potencial de mercado
Condiciones relacionadas con los lípidos	29,600 pacientes	Potencial de mercado de $ 64.5 millones

Biotecnología y compañías farmacéuticas

Potencial de asociación estratégica:

• Potencios Potencios Partmacéuticos: 24 empresas identificadas
• Presupuesto anual de colaboración de I + D: $ 15.6 millones
• Oportunidades potenciales de licencia: 7 negociaciones actuales

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Matinas Biopharma reportó gastos de I + D de $ 13.4 millones.

Año fiscal	Gastos de I + D
2022	$ 13.4 millones
2021	$ 11.7 millones

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para MAT9001 y otros programas de tuberías en 2022 totalizaron aproximadamente $ 8.2 millones.

• Ensayos clínicos de fase 2/3 para MAT9001
• Estudios preclínicos en curso
• Gastos de reclutamiento y monitoreo de pacientes

Mantenimiento de patentes e propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual para Matinas Biopharma se estimaron en $ 350,000 en 2022.

Categoría de IP	Costo anual
Presentación de patentes	$200,000
Mantenimiento de patentes	$150,000

Sobrecarga administrativa y operativa

Los gastos administrativos totales para 2022 fueron de $ 6.5 millones.

• Salarios de los empleados: $ 4.2 millones
• Costos de la oficina y las instalaciones: $ 1.3 millones
• Servicios profesionales: $ 1 millón

Costos operativos totales para 2022: aproximadamente $ 28.5 millones

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negocio: Fleunas de ingresos

Posibles tarifas de licencia de la tecnología de entrega de medicamentos

A partir del cuarto trimestre de 2023, la tecnología de suministro de fármacos lipídicos (LNC) de Matinas Biopharma representa un flujo de ingresos potencial. No se divulgan públicamente las proyecciones de tarifas de licencia específicas.

Ventas de productos farmacéuticos futuros

Producto	Mercado potencial	Potencial de ingresos estimado
MAT9001 (cardiovascular)	Prescripción omega-3 mercado	$ 500 millones - $ 750 millones
MAT2203 (antifúngico)	Mercado de tratamiento antimicótico	$ 150 millones - $ 250 millones

Subvenciones de investigación y fondos colaborativos

En 2023, Matinas BioPharma informó $ 3.2 millones en fondos de investigación colaborativa e ingresos por subvención.

Pagos potenciales de hitos de asociaciones estratégicas

• Pagos potenciales de hitos para MAT9001: Hasta $ 30 millones
• Pagos potenciales de hitos para MAT2203: Hasta $ 25 millones
• Pagos de hito potencial acumulativo: Aproximadamente $ 55 millones

Total de flujos de ingresos proyectados para Matinas BioPharma: $ 55.2 millones - $ 55.5 millones Basado en 2023-2024 proyecciones financieras.

Matinas BioPharma Holdings, Inc. (MTNB) - Canvas Business Model: Value Propositions

You're looking at the core value Matinas BioPharma Holdings, Inc. brings to the table, which is entirely centered on its proprietary Lipid NanoSphere (LNS) technology. This platform is what underpins the potential for future revenue, especially since the company reported total revenue of $0 for the third quarter of 2025, with a net loss of -$2.2M in that same period. The company's current financial reality, with an estimated annual operating cash flow burn of roughly -$9.01 million, makes the strength of these value propositions paramount for future financing and success.

The primary value propositions revolve around overcoming fundamental drug delivery hurdles:

• Enables safe, intracellular, and oral delivery of complex therapeutics.
• Reduces significant renal toxicity associated with IV-administered drugs like Amphotericin B.
• Potential to overcome delivery challenges of nucleic acids (siRNA, ASOs).
• Offers a next-generation delivery vehicle beyond traditional lipid nanoparticles (LNPs).

The ability to shift from intravenous (IV) to oral administration for potent drugs like Amphotericin B is a major value driver. For instance, in the Compassionate/Expanded Use Access Program for MAT2203, a switch from IV Amphotericin B to the oral MAT2203 resulted in a reversal of renal impairment, returning renal function to baseline in affected patients. This is a critical safety advantage over the standard of care. Furthermore, the program has successfully treated 24 patients, showing positive outcomes in reversing this specific toxicity.

The platform's utility extends beyond small molecules to complex genetic medicines. Preclinical work validated its capability to deliver nucleic acids, showing strong gene expression potency for oligonucleotide formulations at a nanogram per well dosage level, which was comparable to the industry standard, Lipofectamine. This suggests a pathway to oral delivery for otherwise challenging modalities.

Here's a quick look at the data points supporting the platform's value, keeping in mind that much of the clinical validation data predates late 2025, but represents the current basis for the technology's worth:

Value Proposition Metric	Data Point/Context	Source Year/Period
Oral Delivery Capability	Enables oral delivery of small molecules and small oligonucleotides.	2025
Renal Toxicity Reversal (MAT2203)	Reversal of renal impairment observed in patients switching from IV Amphotericin B.	Pre-2025 Data
Compassionate Use Success	24 patients treated with positive outcomes in reversing renal toxicity.	2024
Nucleic Acid Potency (Preclinical)	Oligonucleotide formulations showed strong gene expression potency at nanogram per well dosage.	2023
Q3 2025 Revenue	$0 reported revenue.	Q3 2025
Q3 2025 Net Loss	-$2.2 million.	Q3 2025

The platform's flexibility is key; it is designed to handle both small molecules and larger, more complex molecular cargos, positioning it as a next-generation intracellular drug delivery vehicle. The company's focus on this technology is reflected in its financial structure, having raised gross proceeds of $3.3 million plus an additional $1.65 million in preferred equity closings in the first half of 2025 to fund development. The market is clearly valuing this potential, despite the current negative Return on Equity of -249.8% as of late 2025.

Matinas BioPharma Holdings, Inc. (MTNB) - Canvas Business Model: Customer Relationships

You're looking at a clinical-stage biotech where the customer relationships aren't about selling a product yet; they are about securing the future of the science through strategic alliances and managing the expectations of those funding the journey. For Matinas BioPharma Holdings, Inc., the focus is intensely on the pipeline and the partners who will help bring the Lipid NanoCrystal (LNC) platform to market.

High-touch, collaborative relationships with pharmaceutical partners on LNC platform

Matinas BioPharma Holdings, Inc. views pharmaceutical partners as essential customers for its proprietary LNC platform technology. The operational strategy, as of late 2025, is centered on actively seeking to secure one or more partners to monetize the value of the lead candidate, MAT2203, and the underlying technology itself. This relationship is inherently high-touch because it involves deep collaboration on drug delivery science, where the LNC platform is engineered to safely deliver small molecules and small oligonucleotides, including siRNA and ASOs, via oral administration. The LNCs use phosphatidylserine for selective targeting to cells with externalized phosphatidylserine, which is a key value proposition for any potential collaborator.

Investor relations focused on pipeline milestones and cash runway management

For investors, the relationship is managed by focusing on the critical path to value realization: clinical milestones and financial sustainability. The narrative is built around reducing the cash burn rate while advancing MAT2203 toward a Phase 3 registration trial for invasive aspergillosis. The financial reality as of the third quarter of 2025 shows the company is pre-commercial, reflected in zero reported revenue for Q3 2025. Managing the runway is paramount, especially given the market capitalization stood at roughly $7.94 million as of November 2025. The company is transparent about its losses, which is a key data point for this customer segment.

Here's a quick look at the financial metrics driving investor discussions for the period ending September 30, 2025:

Financial Metric (as of late 2025)	Three Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2025
Net Loss	$(1.532) million	$(8.433) million
Net Loss Per Share (Basic/Diluted)	$(0.40)	$(1.74)
Operating Expenses	$1.577 million	$5.360 million
Actual EPS (Q3 2025)	-$0.40	N/A

The company also secured aggregate gross proceeds of $3.3 million in a financing round on February 13, 2025, which directly impacts the current cash runway discussion. The Return on Equity (ROE) sits at a highly negative -249.8% as of late 2025, underscoring the development-stage risk profile.

Direct engagement with the scientific and clinical community via publications and presentations

Engagement with the scientific and clinical community is the validation layer for the LNC platform and MAT2203. This relationship is built on demonstrating efficacy and safety through data dissemination. The company is preparing to advance MAT2203 into a Phase 3 registration trial for cryptococcal meningitis. Furthermore, the LNC platform's potential is supported by preclinical validation and a robust IP portfolio. The community is kept informed through official channels, including the listing of Posters & Publications on the company website.

• The LNC platform is designed to overcome safety issues of IV amphotericin B, such as renal toxicity.
• MAT2203 successfully met its primary endpoint in the completed Phase 2 EnACT study in HIV patients with cryptococcal meningitis.
• The company is pursuing additional discovery programs directed at oncology and inflammation using the LNC technology.

Compassionate/Expanded Use Access Programs for MAT2203 patients

For the most critically ill patients, the relationship is managed through a limited emergency access program, or Compassionate/Expanded Use Access Program, for MAT2203. This is a case-by-case consideration for patients with serious or life-threatening diseases who have exhausted all alternatives. While the most recent public update on patient numbers was from June 2024, it showed that a total of 24 patients were receiving or had completed treatment, with four additional cases awaiting submission or FDA approval. This program provides crucial real-world data, as patients treated often had infections resistant to azoles or could not tolerate IV amphotericin B due to toxicity. The company maintains sufficient supply to support both clinical trials and prior approved compassionate use requests.

The number of common shares outstanding as of August 12, 2025, was 5,086,985.

Finance: draft 13-week cash view by Friday.

Matinas BioPharma Holdings, Inc. (MTNB) - Canvas Business Model: Channels

You're looking at how Matinas BioPharma Holdings, Inc. gets its science and potential products in front of the right people-partners, investors, and the scientific community. This is all about getting the word out and securing the deals that fund the next stage of development for their Lipid NanoSphere (LNC) platform.

Direct licensing and collaboration agreements with large pharmaceutical companies

Matinas BioPharma Holdings, Inc. actively pursues strategic collaborations and licensing partnerships to expand the use of its LNC technology across vaccines, oncology agents, and biologics. While the company is focused on its Phase 3-ready antifungal drug candidate, MAT2203, prior partnership negotiations for this asset were terminated in August 2024. The company states it is supported by critical collaborations with industry-leading firms.

Here's a look at the capital structure that supports these efforts, as of the latest reported financing activity:

Financing Metric	Amount/Value	Date/Period
Gross Proceeds from Feb 2025 Financing	$3.3 million	February 2025
First Closing Tranche	$1.65 million	February 2025
Second Closing Tranche (Contingent)	$1.65 million	Subject to Shareholder Approval
Series C Preferred Stock Conversion Price	$0.586 per share	February 2025
Warrant Exercise Price	$0.6446 per share	February 2025

Scientific publications and conferences to disseminate LNC platform data

Dissemination of data for the LNC platform and drug candidates like MAT2203 relies on engagement with the scientific community. The company is supported by a world-class team of clinical opinion leaders. While specific 2025 presentation data isn't immediately available, historical channels for sharing data include scientific posters and presentations.

• LNC Platform data presented at TIDES USA 2024 (In Vitro Data)
• Technology featured at Biotech 2012 Innovation Corridor
• Past data presented at ICAAC 2015

Future commercial sales network established by a potential MAT2203 partner

Matinas BioPharma Holdings, Inc. is advancing MAT2203, which is formulated for once-daily oral dosing and intended to have a lower toxicity profile than standard intravenous amphotericin B. The commercial channel for MAT2203 is currently dependent on securing a future partnership, as the company is focused on exploring strategic alternatives for the asset. The company's pipeline also includes MAT2501 and MAT9001.

Investor presentations and SEC filings for capital market access

Access to capital markets is a critical channel, evidenced by recent equity raises and corporate structure changes designed to facilitate financing. The company filed a Certificate of Amendment effective August 6, 2025, to increase authorized shares.

• Authorized Common Stock increased from 250,000,000 to 500,000,000 shares.
• Total Authorized Shares increased to 510,000,000 (including Preferred Stock).
• The company reported a Q3 2025 net loss of $1.532 million.
• Nine-month net loss for 2025 was $8.433 million.
• Working capital as of September 30, 2025, was $4.163 million.
• Market capitalization was approximately $7.94 million as of November 2025.

Investor communications channels include regular SEC filings, such as the 10-Q for the Quarter Ended September 30, 2025, and investor presentations, which are key for communicating strategic direction, such as the focus on MAT2203 amid cost reduction efforts.

Matinas BioPharma Holdings, Inc. (MTNB) - Canvas Business Model: Customer Segments

You're looking at Matinas BioPharma Holdings, Inc. (MTNB) and trying to map out exactly who they are selling to, or who they need to partner with to get their product to market. For a clinical-stage biotech, the customer segments are less about direct sales today and more about who will buy the product or the company tomorrow, and who benefits from the technology right now.

Large pharmaceutical and biotechnology companies seeking novel drug delivery solutions

This segment is interested in the underlying Lipid NanoSphere (LNC) platform technology itself, not just MAT2203. The LNC platform is designed to overcome limitations in existing therapies by enabling the targeted intracellular delivery of small molecules and larger cargos, like oligonucleotides. While specific partnership numbers aren't public for late 2025, the company's focus on this platform suggests potential licensees who need to solve delivery challenges for their own pipeline assets.

Matinas BioPharma Holdings, Inc. has demonstrated the platform's utility by reformulating amphotericin B into an oral product, MAT2203. The company's structure, with a market capitalization of roughly $7.94 million as of November 2025, suggests they are an attractive acquisition or licensing target for a larger firm looking to integrate novel delivery technology without the full R&D burden.

Patients with life-threatening invasive fungal infections (target for MAT2203)

The primary patient population for the lead candidate, MAT2203, involves individuals with serious or life-threatening invasive fungal infections. This includes patients diagnosed with probable or proven invasive aspergillosis who are unable to receive standard intravenous (IV) mold-active azoles and have limited alternatives. The pivotal ORALTO Phase 3 trial is designed to enroll approximately 216 adults for this indication.

The company has also treated patients through its Compassionate/Expanded Use Access Program. As of early 2024 data, a total of 19 patients with infections like aspergillosis, mucormycosis, fusarium, candidiasis, cryptococcosis, and endemic mycoses were enrolled. Importantly, all 5 patients who completed the desired course of treatment in that program achieved complete clinical resolution of their infection.

The patient segment is further defined by the specific need MAT2203 addresses:

• Patients needing an all-oral induction and maintenance therapy.
• Patients who cannot tolerate the renal toxicity and anemia associated with IV amphotericin B.
• Patients with cryptococcal meningitis, where the Phase 2 EnACT trial showed a 2-week survival rate of 95% in the all-oral Cohort 4.

Clinicians and hospitals treating patients with systemic infections

For clinicians and hospital systems, the value proposition centers on improved patient management and reduced resource utilization. MAT2203, as a potential oral step-down therapy, offers a way to transition patients out of the hospital setting sooner, which directly impacts bed utilization and overall cost of care. The drug aims to combine fungicidal efficacy with a lower risk of toxicity, specifically avoiding the kidney toxicity seen with the IV standard of care.

The ORALTO trial is set to evaluate the superiority of MAT2203 over continued AmBisome treatment in terms of treatment-related toxicities that necessitate treatment adjustments. The potential for shorter hospital stays and easier outpatient management is a key draw for this segment. The trial itself is set to involve approximately 65 sites globally, indicating a broad clinical footprint.

Here's a quick look at the comparative data points that matter to a treating physician:

Metric	MAT2203 (Oral LNC-AmB)	Standard of Care (IV Amphotericin B)
Route of Administration	Oral	Intravenous (IV)
Renal Toxicity Evidence (Phase 2)	No evidence of kidney toxicity seen with 6 weeks of oral treatment	Associated with significant safety issues like renal toxicity
Adverse Events (Phase 2 Cohort 4)	42% Grade ≥3 Clinical adverse events	59% Grade ≥3 Clinical adverse events

Investors focused on high-risk, high-reward clinical-stage biotech assets

This segment is focused on the near-term catalysts and the financial structure supporting the path to potential commercialization or acquisition. As a clinical-stage company, traditional metrics like Price-to-Earnings (P/E) are not applicable, as Matinas BioPharma Holdings, Inc. reported an Actual EPS of -$0.40 for Q3 2025. The market values the company slightly above its net tangible assets, with a Price-to-Book (P/B) ratio around 1.11.

Financing activity is a major focus for this group. In the first part of 2025, the company secured gross proceeds of $3.3 million through a preferred stock and warrant purchase agreement in February 2025. A second closing on April 8, 2025, added another $1.65 million in gross proceeds. This shows a willingness to raise capital via preferred equity to fund operations, which is a critical action for a company with negative earnings.

Key financial snapshots relevant to this segment as of late 2025 include:

• Market Capitalization: Roughly $7.94 million (as of November 2025).
• Total Stockholders' Equity: $6,460 thousand.
• Total Debt (Long-term + Short-term): A negligible $16 thousand.
• Debt-to-Equity Ratio: Approximately 0.25%.

The near-zero debt load is a key differentiator, meaning their primary risk is equity dilution, not debt servicing. If onboarding takes 14+ days, churn risk rises for investor confidence, but here the risk is tied to clinical trial success. Finance: draft 13-week cash view by Friday.

Matinas BioPharma Holdings, Inc. (MTNB) - Canvas Business Model: Cost Structure

You're looking at the cost side of Matinas BioPharma Holdings, Inc.'s operations as of late 2025. For a clinical-stage biopharma company, the cost structure is heavily weighted toward pipeline advancement, which means R\&D dominates the spending profile. The company has been actively implementing cost-cutting measures, which is evident when comparing recent quarterly results.

The primary cost drivers are clearly delineated in their financial reporting, showing significant, planned expenditures necessary to move their lead asset, MAT2203, toward potential commercialization or partnership milestones. Honestly, for a company at this stage, the cost structure is a direct reflection of their near-term strategic focus.

Heavy Investment in Research and Development (R&D)

Research and Development is the largest component of operating expenses, reflecting the core business of developing the Lipid NanoSphere (LNS) platform technology and its product candidates, especially MAT2203. The company is concentrating its R\&D efforts on advancing MAT2203, with a focus on securing a partner to help fund continued investment.

Here are the figures from the second quarter of 2025:

Expense Category	Amount (Q2 2025)
Research and Development (R&D)	$6.82 million
Selling, General, and Administrative (SG&A)	$4.93 million
Total Operating Expenses (Q2 2025)	$11.74 million

To show the trend of cost management, operating expenses for the three months ended September 30, 2025, were significantly lower at $1.577 million compared to $4.381 million for the same period in 2024. This reduction reflects decreased R\&D and G\&A spending, but the company anticipates expenses will increase substantially if they conduct further preclinical and clinical studies of MAT2203.

Selling, General, and Administrative (SG&A) Expenses

SG\&A covers the necessary overhead to run the business, including executive, finance, and administrative functions, plus any pre-commercial marketing efforts. For Q2 2025, this cost was reported at $4.93 million.

The cost-cutting measures implemented resulted in decreased general and administrative expenses compared to the previous year, as noted in the Q3 2025 report.

Costs of Clinical Trials and Regulatory Compliance for MAT2203

The costs associated with clinical trials for MAT2203, the oral formulation of amphotericin B, are a major, variable component of R\&D spending. These costs are expected to increase substantially if the company proceeds with further clinical studies, such as the Phase 3 ORALTO trial, or seeks regulatory approvals.

The company's strategy involves seeking one or more partners to help monetize the value of MAT2203, which would shift a significant portion of future clinical and regulatory costs externally.

• MAT2203 development is focused on life-threatening fungal infections.
• Future costs depend on the initiation of larger, adequately powered studies.
• The company is pursuing a strategy to partner to fund these escalating costs.

Intellectual Property Legal Fees and Maintenance Costs

As a technology-driven biopharma company relying on its proprietary Lipid NanoSphere (LNS) platform, Matinas BioPharma Holdings, Inc. incurs ongoing costs to secure and maintain its intellectual property portfolio. These costs cover patent filings, prosecution, and maintenance fees globally to protect the LNS technology and its applications.

While specific dollar amounts for IP costs are not broken out separately in the high-level summaries, they are embedded within the overall operating expenses, particularly SG\&A and R\&D.

Personnel Costs, Including a Reduced Workforce

Personnel costs are a significant fixed component of the overall cost structure. The company has been focused on operational discipline to conserve cash.

The reduction in overall operating expenses for the nine months ended September 30, 2025, totaling $5.360 million compared to $16.124 million for the same period in 2024, reflects these cost-cutting measures. This reduction implies a leaner operational footprint, which would certainly include adjustments to the workforce size and associated compensation and benefits costs as of late 2024 and early 2025.

Finance: draft 13-week cash view by Friday.

Matinas BioPharma Holdings, Inc. (MTNB) - Canvas Business Model: Revenue Streams

You're looking at Matinas BioPharma Holdings, Inc. (MTNB) and trying to map out where the cash is actually coming from right now, given its clinical-stage status. Honestly, the current revenue picture is what you'd expect for a company deep in development: it's almost entirely non-operational revenue, meaning money from financing, not selling drugs.

Minimal to no product revenue is the current reality. For the third quarter of 2025 (Q3 2025), Matinas BioPharma Holdings, Inc. reported total revenue of $0. That's right, the income statement shows $0.00 for the quarter ending September 30, 2025. This zero figure reflects the fact that the lead candidate, MAT2203, is still in the pipeline, not on pharmacy shelves.

The most concrete cash inflow in 2025 came from equity financing. You saw the $3.3 million gross proceeds from the February 2025 securities purchase agreement. This deal was structured in two tranches, each for $1.65 million. The initial closing happened on February 13, 2025, with the second closing occurring on April 8, 2025, subject to shareholder approval. This capital is critical for bridging the operational burn.

Here's a quick snapshot of the hard numbers we have from the latest reports around the Q3 2025 period:

Financial Metric	Amount / Period	Context
Total Revenue	$0 / Q3 2025	Reported for the quarter ended September 30, 2025
Gross Proceeds from Financing	$3.3 million / Feb-Apr 2025	Total from Series C Convertible Preferred Stock and warrants
Financing Tranche Size	$1.65 million	Amount of each of the two closings
Net Loss	$(8.433) million / Nine Months Ended Sep 30, 2025	Reflects the operating burn before significant new revenue
Cash & Equivalents	$5.435 million / As of September 30, 2025	Balance sheet position to fund operations
Q3 2025 R&D Expense	$0	Indicates a sharp cost-cutting measure in the third quarter

The remaining revenue streams are all about future potential tied to the proprietary Lipid Nanocrystal (LNC) platform. You won't see dollar amounts for these yet, but they are the core of the business model's long-term value proposition:

• Upfront payments and milestone fees from LNC platform licensing deals.
• Future royalties on net sales of partnered LNC-based products.
• Potential future product sales of MAT2203, pending partnership and approval.

The company is defintely focused on strategic collaborations to bring in non-dilutive capital or new pipeline assets, which would generate those upfront and milestone payments. Finance: draft 13-week cash view by Friday.