Matinas BioPharma Holdings, Inc. (MTNB): Business Model Canvas [Dec-2025 Updated]

You're digging into a clinical-stage biotech, Matinas BioPharma Holdings, Inc., where the entire investment thesis boils down to one thing: their proprietary Lipid Nano-Crystal (LNC) delivery platform. Honestly, this is a classic high-stakes game; they're betting the LNC can safely get tough drugs, like their lead antifungal MAT2203, inside cells orally, sidestepping the nasty IV toxicity. Here's the quick math that keeps me watching: they pulled in about $3.3 million in financing back in February 2025, but their R&D spend was near $6.82 million by Q2 2025. So, the real question for you is how their partnership strategy and milestone potential stack up against that burn rate. Dive in below to see the full nine blocks of their business model.

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

You're looking at the alliances Matinas BioPharma Holdings, Inc. (MTNB) relies on to advance its LNC platform technology, so let's detail the key players and the associated financial anchors as of late 2025.

Investors providing capital via preferred stock and warrants

Matinas BioPharma secured capital through a securities purchase agreement in early 2025. The total gross proceeds targeted from this financing were $3.3 million. This involved the sale of 3,300 shares of Series C Convertible Preferred Stock and accompanying warrants to purchase up to 11,262,808 shares of common stock. The funding closed in two tranches, with the second closing occurring on April 8, 2025. The initial closing on February 13, 2025, brought in $1.65 million for 1,650 Preferred Stock shares.

The funds were earmarked for general corporate purposes, including reducing operating expenses and exploring strategic alternatives for MAT2203.

Strategic R&D collaborations with major biopharma companies like BioNTech

Matinas BioPharma maintains an exclusive research collaboration with BioNTech SE, initiated in April 2022, focusing on developing mRNA formats using the LNC platform for potential oral delivery. BioNTech provided an upfront exclusive access fee and additional research funding to Matinas BioPharma Holdings, Inc. The collaboration scope includes formulation, optimization, and in vitro testing.

• Collaboration Start Date: April 2022
• Focus: mRNA formats using LNC platform for potential oral delivery.
• Financial Component: Upfront exclusive access fee from BioNTech.
• Expected Data Milestone (as of Jan 2023): Initial in vivo data anticipated in 1H 2023.

Material Transfer and Evaluation Agreement with National Resilience for nucleic acids

A Material Transfer and Evaluation Agreement was established with National Resilience, Inc. in January 2023. This partnership centers on exploring the oral delivery potential of identified nucleic acids via the LNC platform. The joint research program covers design, formulation, optimization, and in vitro and in vivo testing.

Seeking a development/commercialization partner for MAT2203 (oral Amphotericin B)

Negotiations for global rights to MAT2203, the oral formulation of amphotericin B, were terminated on October 31, 2024, following notification from the prospective partner. This event triggered immediate operational changes. The Board intended to retain an advisor to assist with a potential asset sale of MAT2203, which was Phase 3-ready following success in the Phase 2 EnACT study.

• MAT2203 Status (Pre-Termination): Planned for a single Phase 3 registration trial.
• Partnership Action: Negotiations terminated as of October 31, 2024.
• Internal Consequence: 80% workforce reduction implemented immediately.
• Positions Eliminated: 15 positions, including three senior management members.
• Development Status Post-Termination: Product development activities ceased to conserve cash.

Contract Research Organizations (CROs) for managing clinical trials

While Matinas BioPharma Holdings, Inc. has historically planned for a Phase 3 registration trial for MAT2203, which would necessitate CRO engagement, specific details regarding current CRO partnerships or associated contract values as of late 2025 are not publicly specified in recent announcements. The general global clinical trials services market size was valued at $76.70 billion in 2024.

Finance: review cash runway projections based on the February 2025 financing and cessation of product development activities by end of week.

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

Research and development (R&D) of the LNC platform technology

Matinas BioPharma Holdings, Inc. continues to advance its proprietary Lipid NanoSphere (LNC) platform technology for intracellular delivery of therapeutics. Key activity involves ongoing studies in areas like oncology and inflammation. For the quarter ended June 30, 2025, Research and Development (R&D) expenses totaled $6.82 million.

Key financial metrics related to operational activities for recent periods:

Clinical development and regulatory filings for lead candidate MAT2203

The lead product candidate, MAT2203 (oral amphotericin B), is being advanced under U.S. Food and Drug Administration (FDA) guidance. The regulatory path involved alignment on a single Phase 3 trial, named ORALTO. The company is pursuing this for invasive aspergillosis.

Securing new licensing and collaboration agreements for LNC platform applications

Matinas BioPharma Holdings, Inc. pursues strategic collaborations and licensing partnerships to broaden the LNC technology application into vaccines, oncology agents, and biologics. A non-binding term sheet for global licensing rights to MAT2203 was signed in the second quarter of 2024.

Managing cash runway and reducing operating expenses

The company focuses on managing its cash position to fund planned operations. The total costs and expenses for the quarter ended June 30, 2025, were $11.74 million. The trailing twelve months ending September 30, 2025, showed total earnings of -$17.5 million.

Intellectual property (IP) maintenance and patent defense

Protection of the LNC Platform and MAT2203 involves maintaining and defending patent rights. As of March 31, 2025, the exclusively licensed and Matinas-Owned Intellectual Property portfolio included:

• 1 pending U.S. non-provisional patent application.
• 6 U.S. patents.
• 49 granted foreign patents.

This in-licensed portfolio extends patent protection until at least 2033, excluding potential patent term adjustments or extensions. The granted foreign patents cover jurisdictions including Europe, China, India, Brazil, Russia, Canada, Japan, Korea, Australia, and Mexico.

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

You're looking at the core assets Matinas BioPharma Holdings, Inc. (MTNB) has to work with as we move through late 2025. Honestly, the key resources have shifted significantly since the end of 2024, so we need to focus on what remains tangible and valuable right now.

Proprietary Lipid Nano-Crystal (LNC) platform technology

The LNC platform is the central intellectual property. It's a disruptive technology for the safe and targeted delivery of therapeutics, formulated as a natural, non-toxic, highly efficient layered spiral crystal, or "cochleate," primarily made of phosphatidylserine. This structure allows for oral administration and protects the encapsulated drug until it enters a target cell. The phosphatidylserine enables selective targeting to cells exhibiting externalized phosphatidylserine, which are often "stressed" cells, tumors, or sites of infection.

• Enables oral bioavailability for molecules typically requiring IV administration.
• Designed for targeted intracellular delivery, avoiding systemic toxicity.
• Validated in multiple preclinical studies.
• Supports delivery of small molecules and small oligonucleotides, including siRNA and ASOs.
• Matinas BioPharma also operates a scalable GMP manufacturing facility to support development phases.

Clinical-stage asset MAT2203 (Phase 3-ready antifungal)

MAT2203, the oral encochleated formulation of amphotericin B, successfully met its primary endpoint in the Phase 2 EnACT study for cryptococcal meningitis. While it was positioned as Phase 3-ready for invasive aspergillosis, following the termination of partnership negotiations in October 2024, all product development activities for MAT2203 were ceased to conserve cash. The asset is now a key resource being held while the Board evaluates alternatives, including a potential asset sale.

Here's a quick look at the key operational and financial resources as of mid-to-late 2025:

Intellectual property portfolio protecting the LNC drug delivery system

The LNC platform is protected by a robust IP portfolio. This portfolio is crucial as it underpins the company's value proposition for both internal pipeline development (though paused) and external partnerships. The technology's flexibility allows for potential applications beyond antifungals, including collaborations exploring delivery for nucleic acids like mRNA, DNA plasmids, and ASOs, which is definitely where the future value lies.

Cash from financing rounds (e.g., $3.3 million raised in 2025)

You noted the 2025 financing, and the data confirms it. In February 2025, Matinas BioPharma Holdings, Inc. entered an agreement for gross proceeds of up to $3.3 million through the sale of Series C Convertible Preferred Stock and warrants, with an initial closing bringing in $1.65 million. This cash, combined with the existing balance, provided the runway to manage operations following the significant restructuring in late 2024. The company has raised a total of $16.4M across its history through 9 funding rounds.

Experienced scientific and executive leadership team

The leadership structure has seen recent, major changes. Following the October 2024 termination of the MAT2203 partnership talks, the company implemented an 80% workforce reduction, which included the departure of the Chief Medical Officer, Chief Business Officer, and Chief Technology Officer. However, the Board has been active in 2025, appointing seasoned biotech leaders. For instance, Evelyn D'An was appointed to the Board as Audit Committee Chair in February 2025, and other industry veterans joined the Board in March 2025. The remaining team is now focused on maximizing the value of the LNC IP and the MAT2203 asset.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.