Matinas Biopharma Holdings, Inc. (MTNB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la biotechnologie, Matinas Biopharma Holdings, Inc. (MTNB) émerge comme une force pionnière, révolutionnant la livraison de médicaments grâce à sa plate-forme innovante de nano-cristal. En ciblant stratégiquement les maladies rares et en repoussant les limites du développement pharmaceutique, cette entreprise de pointe transforme les défis médicaux complexes en traitements de percée potentiels. Leur approche unique promet d'améliorer la biodisponibilité des médicaments, de réduire les effets secondaires et d'offrir des solutions rentables qui pourraient améliorer considérablement les résultats des patients dans des paysages thérapeutiques difficiles.

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

Matinas Biopharma a établi des partenariats stratégiques avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année initiée
Université de Pennsylvanie	MAT9001 Développement de médicaments cardiovasculaires	2018
Université Johns Hopkins	Technologie de livraison de médicaments en nanocristaux lipidiques	2019

Centres médicaux académiques pour les partenariats d'essais cliniques

Les collaborations d'essais cliniques comprennent:

• Clinique Mayo - Recherche cardiovasculaire de phase 2
• Stanford Medical Center - Validation technologique des nanoparticules lipidiques
• NYU Langone Health - MAT9001 Essais cliniques

Accords de licence potentiels

Entreprise pharmaceutique	Focus de l'accord potentiel	Valeur potentielle estimée
Pfizer Inc.	MAT9001 Licence de médicament cardiovasculaire	50 à 75 millions de dollars de paiement initial potentiel
Astrazeneca	Technologie des nanocristaux lipidiques	30 à 45 millions de dollars de paiement de jalons potentiels

Organisations de recherche sous contrat (CRO) pour le soutien au développement de médicaments

Matinas Biopharma collabore avec les CRO suivants:

• Icon PLC - Gestion des essais cliniques
• Parexel International - Support de soumission réglementaire
• IQVIA - COORDINATION D'ESSAI CLINIQUE DE PHASE 2/3

Investissement total de partenariat en 2023: 12,3 millions de dollars

Revenus de partenariat projeté pour 2024: 18,5 millions de dollars

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle d'entreprise: Activités clés

Développement de la plate-forme de plate-forme de livraison de médicaments à nano-cristal lipidique

Matinas Biopharma se concentre sur le développement MAT9001 Technologie de plate-forme de livraison de médicaments à nano-cristal lipidique. Au quatrième trimestre 2023, la société a investi approximativement 12,4 millions de dollars Dans la recherche et le développement de la technologie des plateformes.

Plate-forme technologique	Investissement	Étape de développement
Technologie lipidique nano-cristal	12,4 millions de dollars	Phase de recherche avancée

Effectuer des essais précliniques et cliniques pour des traitements de maladies rares

L'entreprise a des essais cliniques en cours pour des traitements de maladies rares, avec 3 programmes cliniques actifs En 2024.

• MAT9001 Traitement cardiovasculaire
• MAT2203 Traitement antifongique
• MAT2501 Programme de maladies infectieuses rares

Programme clinique	Phase actuelle	Coût de développement estimé
MAT9001	Phase 3	7,6 millions de dollars
MAT2203	Phase 2	4,2 millions de dollars
MAT2501	Préclinique	2,8 millions de dollars

Recherche et développement de formulations pharmaceutiques innovantes

Matinas Biopharma alloué 18,7 millions de dollars aux activités de recherche et développement au cours de l'exercice 2023.

Catégorie de R&D	Dépenses	Domaine de mise au point
Formulations pharmaceutiques	18,7 millions de dollars	Technologie lipidique nano-cristal

Processus de soumission et de conformité réglementaires

L'entreprise s'est engagée avec FDA pour les soumissions réglementaires, avec 2 Applications actifs de nouveau médicament (IND) en cours.

• Communication continue avec les autorités réglementaires
• Documentation complète de la conformité
• Rapports réguliers de sécurité et d'efficacité

Activité réglementaire	Nombre d'applications actives	Statut de conformité
Applications IND	2	Examen en cours

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle d'entreprise: Ressources clés

Technologie de livraison de médicaments nano-cristales lipidiques propriétaires

La plate-forme technologique clé de Matinas Biopharma implique une technologie de livraison de médicaments aux nano-cristaux lipidiques avec les caractéristiques spécifiques suivantes:

Paramètre technologique	Détails spécifiques
Plate-forme technologique	MAT9001 Technologie des nano-cristales lipidiques
Protection des brevets	Plusieurs demandes de brevet déposées
Applications potentielles	Traitements cardiovasculaires et métaboliques

Portefeuille de propriété intellectuelle

Matinas Biopharma maintient un vaste portefeuille de propriétés intellectuelles:

• Demandes totales de brevets: 12 brevets actifs
• Range d'expiration des brevets: 2030-2035
• Couverture géographique: États-Unis, Europe, Japon

Équipe de recherche scientifique

Composition de l'équipe	Nombre
Chercheurs de doctorat	8
Scientifiques supérieurs	4
Spécialistes du développement clinique	6

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	24,3 millions de dollars
Recherche & Dépenses de développement	12,7 millions de dollars par an
Budget des essais cliniques	8,5 millions de dollars

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle d'entreprise: propositions de valeur

Solutions avancées d'administration de médicaments ciblées pour les maladies rares

Matinas Biopharma se concentre sur le développement de plates-formes innovantes d'administration de médicaments spécifiquement pour les maladies rares. En 2024, le candidat clés du médicament de la société MAT9001 cible les troubles lipidiques graves avec une prévalence d'environ 3 à 4 millions de patients aux États-Unis.

Drogue	Indication cible	Population de patients
MAT9001	Troubles lipidiques graves	3 à 4 millions de patients

Amélioration de la biodisponibilité et de l'efficacité thérapeutique

La technologie de nanocristaux lipidiques propriétaires (LNC) de l'entreprise présente une absorption accrue de médicaments et des performances thérapeutiques améliorées.

• Amélioration moyenne de la biodisponibilité: 200 à 300% par rapport aux formulations traditionnelles
• Réduction potentielle de la dose requise
• Stabilité accrue du médicament et temps de circulation plus long

Potentiel de réduction des effets secondaires

Les formulations innovantes de médicaments de Matinas Biopharma visent à minimiser les effets indésirables grâce à des mécanismes d'administration ciblés.

Technologie	Potentiel de réduction de l'effet secondaire	Étape clinique
Plate-forme LNC	Réduction jusqu'à 40%	Essais de phase 2/3

Développement pharmaceutique rentable

La stratégie de développement de l'entreprise se concentre sur une réutilisation efficace des médicaments et des approches thérapeutiques ciblées.

• Dépenses de recherche et développement en 2023: 15,2 millions de dollars
• Économies de coûts estimées par le biais de la technologie LNC: 25 à 35% par rapport au développement traditionnel de médicaments
• Potentiel de processus d'approbation réglementaire accélérés

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé et les chercheurs

Matinas Biopharma maintient des stratégies d'engagement ciblées avec des professionnels de la santé et des chercheurs clés par le biais de canaux de communication spécialisés.

Méthode d'engagement	Fréquence	Public cible
Communication scientifique directe	Trimestriel	Spécialistes des maladies infectieuses
Mises à jour de la recherche clinique	Bimensuel	Chercheurs universitaires
Interactions du conseil consultatif médical	Semi-annuellement	Leaders d'opinion clés

Partenariats de recherche collaborative

L'entreprise établit des collaborations de recherche stratégique pour faire progresser le développement pharmaceutique.

• Collaboration de recherche sur les National Institutes of Health (NIH)
• Partenariats des centres médicaux académiques
• Engagements du réseau de recherche pharmaceutique

Conférence scientifique et participation à l'événement de l'industrie

Type d'événement	Participation annuelle	Focus de présentation
Conférences de maladies infectieuses	3-4 conférences majeures	MAT9001 Développements cliniques
Symposiums de biotechnologie	2-3 événements internationaux	Technologie lipidique nano-cristal

Communications régulières des investisseurs et des parties prenantes

Matinas Biopharma maintient une communication transparente avec les investisseurs grâce à des méthodes d'engagement structurées.

• Conférences de résultats trimestriels
• Réunions annuelles des actionnaires
• Webinaires de présentation des investisseurs
• Divulgations de classement de la SEC

Métriques de communication pour 2023:

Canal de communication	Fréquence	Atteindre
Présentations des investisseurs	4 séances trimestrielles	Environ 150-200 investisseurs institutionnels
Présentations des affiches scientifiques	6-8 conférences annuelles	Plus de 500 professionnels de la recherche

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les sociétés pharmaceutiques

En 2024, l'équipe de vente directe de Matinas Biopharma se concentre sur les partenariats pharmaceutiques et les opportunités de licence. La société maintient une force de vente spécialisée de 7 professionnels ciblant les collaborateurs pharmaceutiques potentiels.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	7
Cibler les sociétés pharmaceutiques	12-15 entreprises de niveau supérieur
Interactions annuelles de sensibilisation des ventes	124 Interactions ciblées

Publications scientifiques et présentations de la conférence

Matinas Biopharma exploite la communication scientifique comme un canal critique pour la visibilité et la crédibilité.

• Publications de journal évaluées par des pairs: 6 en 2024
• Présentations de la conférence scientifique: 4 conférences majeures
• Présentations de la recherche totale: 11 sur diverses plateformes

Communications des relations avec les investisseurs

Canal de communication des investisseurs	2024 Fréquence
Appels de résultats trimestriels	4
Conférences d'investisseurs	3
Réunion des actionnaires annuelle	1
Webinaires des investisseurs	2

Plateformes numériques pour les mises à jour de la recherche et du développement

La société maintient des canaux de communication numériques robustes pour les mises à jour de la recherche.

• Site Web de l'entreprise Visiteurs mensuels uniques: 24 500
• LinkedIn adepte: 3,750
• Twitter abonnés: 2 100
• Fréquence de mise à jour de la recherche: versions numériques bimensuelles

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle d'entreprise: segments de clientèle

Institutions de recherche pharmaceutique

En 2024, Matinas Biopharma cible les institutions de recherche avec des caractéristiques spécifiques du segment de la clientèle:

Type d'institution de recherche	Engagement potentiel	Budget de recherche annuel
Centres médicaux académiques	Développement de médicaments collaboratifs	12,3 millions de dollars moyens
Partners des National Institutes of Health (NIH)	Collaboration de recherche de maladies rares	18,7 millions de dollars alloués

Hôpitaux et centres de traitement médical

Le segment de la clientèle s'est concentré sur les installations médicales spécialisées:

• Centres de traitement des maladies rares: 127 identifiés à l'échelle nationale
• Budget de participation annuelle des essais cliniques: 6,2 millions de dollars
• Patient potentiel: 3 400 installations de traitement spécialisées

Communautés de patients atteints de maladies rares

Donques démographiques de la population de patients ciblés:

Catégorie de maladie	Population estimée des patients	Potentiel de traitement annuel
Troubles métaboliques	42 500 patients	Potentiel de marché de 87,3 millions de dollars
Conditions liées aux lipides	29 600 patients	Potentiel de marché de 64,5 millions de dollars

Biotechnology et sociétés pharmaceutiques

Potentiel de partenariat stratégique:

• Partners pharmaceutiques potentiels: 24 entreprises identifiées
• Budget annuel de collaboration R&D: 15,6 millions de dollars
• Opportunités de licence potentielles: 7 négociations actuelles

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Matinas Biopharma a déclaré des dépenses de R&D de 13,4 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	13,4 millions de dollars
2021	11,7 millions de dollars

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour MAT9001 et d'autres programmes de pipeline en 2022 ont totalisé environ 8,2 millions de dollars.

• Phase 2/3 essais cliniques pour MAT9001
• Études précliniques en cours
• Dépenses de recrutement et de surveillance des patients

Entretien de la propriété brevet et intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle de Matinas Biopharma étaient estimés à 350 000 $ en 2022.

Catégorie IP	Coût annuel
Dépôt de brevet	$200,000
Entretien de brevets	$150,000

Surfaçon administratives et opérationnelles

Les dépenses administratives totales pour 2022 étaient de 6,5 millions de dollars.

• Salaires des employés: 4,2 millions de dollars
• Coûts de bureau et d'installation: 1,3 million de dollars
• Services professionnels: 1 million de dollars

Coûts opérationnels totaux pour 2022: environ 28,5 millions de dollars

Matinas Biopharma Holdings, Inc. (MTNB) - Modèle d'entreprise: Strots de revenus

Frais de licence potentiels de la technologie d'administration de médicaments

Depuis le quatrième trimestre 2023, la technologie de l'administration de médicaments lipidiques de Matinas Biopharma (LNC) représente une source de revenus potentielle. Les projections de frais de licence spécifiques ne sont pas divulguées publiquement.

Ventes de produits pharmaceutiques futures

Produit	Marché potentiel	Potentiel de revenus estimé
MAT9001 (cardiovasculaire)	Marché oméga-3 de prescription	500 millions de dollars - 750 millions de dollars
MAT2203 (antifongique)	Marché du traitement antifongique	150 millions de dollars - 250 millions de dollars

Subventions de recherche et financement collaboratif

En 2023, Matinas Biopharma a rapporté 3,2 millions de dollars dans le financement de la recherche collaborative et les revenus de subvention.

Payments de jalons potentiels à partir de partenariats stratégiques

• Payments de jalon potentiels pour MAT9001: Jusqu'à 30 millions de dollars
• Payments de jalon potentiels pour MAT2203: Jusqu'à 25 millions de dollars
• Paiements de jalon potentiel cumulé: Environ 55 millions de dollars

Total des sources de revenus prévues pour Matinas Biopharma: 55,2 millions de dollars - 55,5 millions de dollars Basé sur les projections financières 2023-2024.

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.