Matinas BioPharma Holdings, Inc.

For the second quarter of 2024, Matinas reported a net loss of $5.7 million, or $0.02 per share, versus a net loss of $6.1 million, or $0.03 per share, in the second quarter of 2023. Total costs and expenses were $5.8 million, down from $6.2 million a year ago, mainly due to lower clinical development, personnel and administrative expenses. The company reported no revenue in the quarter. For the first six months of 2024, net loss was $11.5 million, or $0.05 per share, versus $11.6 million, or $0.05 per share in the prior-year period; total costs and expenses were $11.7 million versus $12.8 million, and there was no revenue, compared with $1.1 million in the prior-year period from BioNTech and Genentech collaborations. Cash, cash equivalents and marketable securities were $14.3 million at June 30, 2024, up from $13.8 million at December 31, 2023, reflecting $10 million in gross proceeds from an April registered direct offering, more than offsetting operating cash burn. No formal revenue or profit guidance was provided; management said it expects to provide better guidance after the MAT2203 partnership is consummated.

Jerry Jabbour’s message centered on partnership execution and value preservation for MAT2203. He said the company believes it has identified the right partner and is working through a thorough diligence process to avoid post-deal surprises, even if that has taken longer than expected. His tone was optimistic but measured, repeatedly emphasizing that a non-binding term sheet is only a framework and that no definitive agreement is guaranteed yet. He also framed the expanded-use program as strengthening the case for MAT2203 and potentially supporting expanded-label discussions later.

Keith Kucinski focused on the quarter’s financial discipline and balance sheet. He reported Q2 net loss of $5.7 million, or $0.02 per share, with total costs and expenses of $5.8 million, both modestly better than the prior year, and noted no revenue in the quarter. For the first six months, net loss was $11.5 million with total costs and expenses of $11.7 million, and he cited a decline in R&D plus lower G&A as the main drivers of the lower spend. Cash, cash equivalents and marketable securities were $14.3 million at June 30, 2024, up from $13.8 million at year-end because of $10 million in gross proceeds from an April offering.

Analyst questions focused first on what the MAT2203 deal might include, and management said a definitive agreement would likely have the kinds of terms typical in the area: an upfront payment, development and commercial milestones, royalties, and provisions around clinical development costs and manufacturing/tech transfer. On timing, management said the team still has confidence the Phase 3 study can initiate in Q4 2024, but first patient first visit is probably safer to think of as 2025. The second major topic was weight loss seen in LNC preclinical studies; Jerry Jabbour said the effect may be driven partly by high dosing and oral gavage issues for docetaxel, while miriplatin’s weight loss may be more agent-specific toxicity. In a follow-up, Terri Matkovits outlined ORALTO as a two-arm non-inferiority study in invasive aspergillosis with primary endpoint of mortality at six weeks and key secondary endpoints around safety, global response, and pharmacoeconomics.