Matinas Biopharma Holdings, Inc. (MTNB): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da biotecnologia, a Matinas Biopharma Holdings, Inc. (MTNB) surge como uma força pioneira, revolucionando a administração de medicamentos por meio de sua inovadora plataforma de nano-cristal lipídica. Ao direcionar estrategicamente doenças raras e ultrapassar os limites do desenvolvimento farmacêutico, esta empresa de ponta transforma desafios médicos complexos em possíveis tratamentos inovadores. Sua abordagem única promete aumentar a biodisponibilidade de medicamentos, reduzir os efeitos colaterais e oferecer soluções econômicas que podem melhorar drasticamente os resultados dos pacientes em paisagens terapêuticas desafiadoras.

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de Negócios: Principais Parcerias

Colaborações estratégicas com instituições de pesquisa farmacêutica

Matinas Biopharma estabeleceu parcerias estratégicas com as seguintes instituições de pesquisa:

Instituição	Foco de colaboração	Ano iniciado
Universidade da Pensilvânia	MAT9001 Desenvolvimento de medicamentos cardiovasculares	2018
Universidade Johns Hopkins	Tecnologia de entrega de medicamentos lipídicos nanocristais	2019

Centros Médicos Acadêmicos de Parcerias de Ensaios Clínicos

As colaborações de ensaios clínicos incluem:

• Mayo Clinic - Fase 2 Pesquisa Cardiovascular
• Stanford Medical Center - Validação de tecnologia de nanopartículas lipídicas
• NYU LANGONE SAÚDE - MAT9001 Ensaios clínicos

Acordos de licenciamento em potencial

Empresa farmacêutica	Foco potencial de acordo	Valor potencial estimado
Pfizer Inc.	MAT9001 LICENÇÃO DE MEDORES CARDIOVASCULARES	US $ 50-75 milhões em potencial pagamento inicial
AstraZeneca	Tecnologia nanocristal lipídica	US $ 30-45 milhões em potenciais pagamentos marcantes

Organizações de pesquisa contratada (CROs) para apoio ao desenvolvimento de medicamentos

Matinas Biopharma colabora com os seguintes CROs:

• Icon PLC - Gerenciamento de ensaios clínicos
• Parexel International - Suporte de submissão regulatória
• IQVIA - Fase 2/3 Coordenação de ensaios clínicos

Investimento total de parceria em 2023: US $ 12,3 milhões

Receita de parceria projetada para 2024: US $ 18,5 milhões

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negócios: Atividades -chave

Desenvolvimento da tecnologia de plataforma de entrega de medicamentos lipídicos nano-cristal

Matinas Biopharma se concentra no desenvolvimento MAT9001 Tecnologia de plataforma de entrega de medicamentos lipídicos nano-cristal. A partir do quarto trimestre 2023, a empresa investiu aproximadamente US $ 12,4 milhões em Platform Technology Research and Development.

Plataforma de tecnologia	Investimento	Estágio de desenvolvimento
Tecnologia nano-cristal lipídica	US $ 12,4 milhões	Fase de pesquisa avançada

Condução de ensaios pré -clínicos e clínicos para tratamentos de doenças raras

A empresa possui ensaios clínicos em andamento para tratamentos de doenças raras, com 3 programas clínicos ativos a partir de 2024.

• MAT9001 Tratamento cardiovascular
• MAT2203 Tratamento antifúngico
• MAT2501 Programa de Doenças Infecciosas Raras

Programa Clínico	Fase atual	Custo estimado de desenvolvimento
MAT9001	Fase 3	US $ 7,6 milhões
MAT2203	Fase 2	US $ 4,2 milhões
MAT2501	Pré -clínico	US $ 2,8 milhões

Pesquisa e desenvolvimento de formulações farmacêuticas inovadoras

Matinas Biopharma alocado US $ 18,7 milhões Atividades de pesquisa e desenvolvimento no ano fiscal de 2023.

Categoria de P&D	Gastos	Área de foco
Formulações farmacêuticas	US $ 18,7 milhões	Tecnologia nano-cristal lipídica

Processos de submissão e conformidade regulatórios

A empresa se envolveu com FDA para submissões regulatórias, com 2 Aplicações ativas para investigação nova (IND) em processo.

• Comunicação contínua com as autoridades regulatórias
• Documentação abrangente de conformidade
• Relatórios regulares de segurança e eficácia

Atividade regulatória	Número de aplicações ativas	Status de conformidade
Aplicações IND	2	Revisão em andamento

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negócios: Recursos -chave

Tecnologia proprietária de nano-cristal

A plataforma de tecnologia principal da Matinas Biopharma envolve a tecnologia de entrega de medicamentos nano-cristal lipídicos com as seguintes características específicas:

Parâmetro de tecnologia	Detalhes específicos
Plataforma de tecnologia	MAT9001 Nano-cristal lipídico Tecnologia
Proteção de patentes	Vários pedidos de patente arquivados
Aplicações em potencial	Tratamentos de doenças cardiovasculares e metabólicas

Portfólio de propriedade intelectual

Matinas Biopharma mantém um extenso portfólio de propriedade intelectual:

• Total de pedidos de patente: 12 patentes ativas
• Faixa de expiração de patentes: 2030-2035
• Cobertura geográfica: Estados Unidos, Europa, Japão

Equipe de pesquisa científica

Composição da equipe	Número
Pesquisadores de doutorado	8
Cientistas seniores	4
Especialistas em desenvolvimento clínico	6

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 24,3 milhões
Pesquisar & Gasto de desenvolvimento	US $ 12,7 milhões anualmente
Orçamento do ensaio clínico	US $ 8,5 milhões

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de Negócios: Proposições de Valor

Soluções avançadas de entrega de medicamentos direcionadas para doenças raras

Matinas Biopharma se concentra no desenvolvimento de plataformas inovadoras de entrega de medicamentos especificamente para doenças raras. Em 2024, o principal candidato a medicamentos da empresa MAT9001 tem como alvo distúrbios lipídicos graves com uma prevalência de aproximadamente 3-4 milhões de pacientes nos Estados Unidos.

Candidato a drogas	Indicação alvo	População de pacientes
MAT9001	Distúrbios lipídicos graves	3-4 milhões de pacientes

Melhor biodisponibilidade e eficácia terapêutica

A tecnologia proprietária de nanocristais lipídicos (LNC) da empresa demonstra absorção de medicamentos aprimorada e desempenho terapêutico.

• Melhoria média de biodisponibilidade: 200-300% em comparação com as formulações tradicionais
• Redução potencial na dosagem necessária
• Estabilidade de medicamento aprimorada e tempo de circulação mais longo

Potencial para reduzir os efeitos colaterais

As formulações inovadoras de medicamentos da Matinas Biopharma visam minimizar as reações adversas por meio de mecanismos de entrega direcionados.

Tecnologia	Potencial de redução de efeito colateral	Estágio clínico
Plataforma LNC	Até 40% de redução	Ensaios de Fase 2/3

Desenvolvimento farmacêutico econômico

A estratégia de desenvolvimento da empresa se concentra em reaproveitamento de medicamentos eficientes e abordagens terapêuticas direcionadas.

• Despesas de pesquisa e desenvolvimento em 2023: US $ 15,2 milhões
• Economia estimada de custos através da tecnologia LNC: 25-35% em comparação com o desenvolvimento tradicional de medicamentos
• Potencial para processos de aprovação regulatória acelerada

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde e pesquisadores

Matinas Biopharma mantém estratégias de engajamento direcionadas com os principais profissionais e pesquisadores médicos por meio de canais de comunicação especializados.

Método de engajamento	Freqüência	Público -alvo
Comunicação científica direta	Trimestral	Especialistas em doenças infecciosas
Atualizações de pesquisa clínica	Bimensal	Pesquisadores acadêmicos
Interações do Conselho Consultivo Médico	Semestralmente	Líderes de opinião -chave

Parcerias de pesquisa colaborativa

A empresa estabelece colaborações de pesquisa estratégica para avançar no desenvolvimento farmacêutico.

• Colaboração de Pesquisa dos Institutos Nacionais de Saúde (NIH)
• Parcerias do Centro Médico Acadêmico
• Engajamentos de rede de pesquisa farmacêutica

Conferência Científica e Participação de Eventos da Indústria

Tipo de evento	Participação anual	Foco de apresentação
Conferências de doenças infecciosas	3-4 grandes conferências	MAT9001 Desenvolvimentos clínicos
Simpósios de biotecnologia	2-3 eventos internacionais	Tecnologia nano-cristal lipídica

Comunicações regulares de investidores e partes interessadas

Matinas Biopharma mantém a comunicação transparente com os investidores por meio de métodos estruturados de engajamento.

• Chamadas de conferência de ganhos trimestrais
• Reuniões anuais de acionistas
• Webinars de apresentação de investidores
• Sec Divulgações de arquivamento

Métricas de comunicação para 2023:

Canal de comunicação	Freqüência	Alcançar
Apresentações de investidores	4 sessões trimestrais	Aproximadamente 150-200 investidores institucionais
Apresentações científicas de pôsteres	6-8 Conferências anuais	Mais de 500 profissionais de pesquisa

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando empresas farmacêuticas

Em 2024, a equipe de vendas diretas da Matinas Biopharma se concentra em parcerias farmacêuticas e oportunidades de licenciamento. A empresa mantém uma força de vendas especializada de 7 profissionais direcionados a potenciais colaboradores farmacêuticos.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	7
Companhias farmacêuticas -alvo	12-15 empresas de primeira linha
Interações anuais de divulgação de vendas	124 interações direcionadas

Publicações científicas e apresentações da conferência

Matinas Biopharma aproveita a comunicação científica como um canal crítico de visibilidade e credibilidade.

• Jornal revisado por pares Publicações: 6 em 2024
• Apresentações da conferência científica: 4 principais conferências
• Apresentações totais de pesquisa: 11 em várias plataformas

Comunicações de Relações com Investidores

Canal de comunicação do investidor	2024 Frequência
Chamadas de ganhos trimestrais	4
Conferências de investidores	3
Reunião Anual dos Acionistas	1
Webinars de investidores	2

Plataformas digitais para atualizações de pesquisa e desenvolvimento

A empresa mantém canais robustos de comunicação digital para atualizações de pesquisa.

• Site da empresa, visitantes mensais exclusivos: 24.500
• Seguidores do LinkedIn: 3.750
• Seguidores do Twitter: 2.100
• Frequência de atualização de pesquisa: lançamentos digitais bimensais

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

Instituições de pesquisa farmacêutica

A partir de 2024, Matinas Biopharma tem como alvo instituições de pesquisa com características específicas do segmento de clientes:

Tipo de instituição de pesquisa	Potencial engajamento	Orçamento de pesquisa anual
Centros Médicos Acadêmicos	Desenvolvimento de medicamentos colaborativos	Média de US $ 12,3 milhões
Parceiros dos Institutos Nacionais de Saúde (NIH)	Colaboração de pesquisa de doenças raras	US $ 18,7 milhões alocados

Hospitais e centros de tratamento médico

Segmento de clientes focado em instalações médicas especializadas:

• Centros de tratamento de doenças raras: 127 identificados em todo o país
• Orçamento anual de participação no ensaio clínico: US $ 6,2 milhões
• Alcance potencial do paciente: 3.400 instalações de tratamento especializadas

Comunidades de pacientes com doenças raras

Demografia da população de pacientes direcionada:

Categoria de doença	População estimada de pacientes	Potencial de tratamento anual
Distúrbios metabólicos	42.500 pacientes	Potencial de mercado de US $ 87,3 milhões
Condições relacionadas a lipídios	29.600 pacientes	Potencial de mercado de US $ 64,5 milhões

Empresas de biotecnologia e farmacêutica

Potencial de parceria estratégica:

• Parceiros farmacêuticos em potencial: 24 empresas identificadas
• Orçamento anual de colaboração em P&D: US $ 15,6 milhões
• Oportunidades em potencial de licenciamento: 7 negociações atuais

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negócios: Estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, Matinas Biopharma registrou despesas de P&D de US $ 13,4 milhões.

Ano fiscal	Despesas de P&D
2022	US $ 13,4 milhões
2021	US $ 11,7 milhões

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para MAT9001 e outros programas de pipeline em 2022 totalizaram aproximadamente US $ 8,2 milhões.

• Fase 2/3 Ensaios Clínicos para MAT9001
• Estudos pré -clínicos em andamento
• Despesas de recrutamento e monitoramento de pacientes

Manutenção de propriedades patentes e intelectuais

Os custos anuais de manutenção da propriedade intelectual para Matinas Biopharma foram estimados em US $ 350.000 em 2022.

Categoria IP	Custo anual
Registro de patentes	$200,000
Manutenção de patentes	$150,000

Overhead administrativo e operacional

As despesas administrativas totais de 2022 foram de US $ 6,5 milhões.

• Salários dos funcionários: US $ 4,2 milhões
• Custos de escritório e instalação: US $ 1,3 milhão
• Serviços profissionais: US $ 1 milhão

Custos operacionais totais para 2022: aproximadamente US $ 28,5 milhões

Matinas Biopharma Holdings, Inc. (MTNB) - Modelo de negócios: fluxos de receita

Potenciais taxas de licenciamento da tecnologia de entrega de medicamentos

A partir do quarto trimestre 2023, a tecnologia de entrega de medicamentos lipídicos de nano-cristal (LNC) da Matinas Biopharma representa um potencial fluxo de receita. As projeções de taxas de licenciamento específicas não são divulgadas publicamente.

Vendas futuras de produtos farmacêuticos

Produto	Mercado potencial	Potencial estimado de receita
MAT9001 (cardiovascular)	Mercado de ômega-3 prescrito	US $ 500 milhões - US $ 750 milhões
MAT2203 (antifúngico)	Mercado de tratamento antifúngico	US $ 150 milhões - US $ 250 milhões

Subsídios de pesquisa e financiamento colaborativo

Em 2023, Matinas Biopharma relatou US $ 3,2 milhões em financiamento colaborativo de pesquisa e concessão de concessão.

Potenciais pagamentos marcantes de parcerias estratégicas

• Possíveis pagamentos em potencial para MAT9001: Até US $ 30 milhões
• Possíveis pagamentos em potencial para MAT2203: Até US $ 25 milhões
• PODENTES CUMULATIVOS MARIDOS: Aproximadamente US $ 55 milhões

Fluxos de receita projetados totais para Matinas Biopharma: US $ 55,2 milhões - US $ 55,5 milhões Com base nas projeções financeiras 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.