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Here are 1-3 brief analogies for Matinas BioPharma (MTNB):

• Like a specialized version of Moderna, but instead of an mRNA platform for genetic medicines, Matinas is building a lipid nanocrystal platform to deliver difficult drugs more effectively and safely, particularly turning powerful IV drugs into oral ones.
• Like a biotech striving to do for severe fungal infections what Gilead did for HIV, by developing highly effective and safer oral formulations for previously challenging IV-only treatments.

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• MAT9001: An oral small molecule integrin receptor antagonist in development for the treatment of moderate-to-severe psoriasis.

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Matinas BioPharma (symbol: MTNB) is a clinical-stage biopharmaceutical company. As such, it does not currently have approved commercial products on the market and therefore does not have major customers in the traditional sense (companies buying products or individuals purchasing them).

The company was previously developing drug candidates, most notably MAT2203 (an oral formulation of amphotericin B for serious fungal infections), which was in late-stage clinical trials. However, in March 2023, Matinas BioPharma announced the discontinuation of the MAT2203 development program. The company is currently exploring strategic alternatives for its lipid nanocrystal (LNC) platform technology and other assets.

Therefore, Matinas BioPharma does not generate revenue from product sales to commercial customers, nor does it sell directly to individuals. Its operations are typically funded through capital raises and potential future out-licensing or partnership deals related to its technology platform, rather than through product sales to end-users or distributors.

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• Lipotec S.A.U.

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Jerome D. Jabbour, Co-founder, Chairman & Chief Executive Officer

Mr. Jabbour is a Co-founder, Chairman, and Chief Executive Officer of Matinas BioPharma. He has extensive experience in the pharmaceutical and healthcare industries both domestically and internationally. He previously served as President since March 2016 and as Executive Vice President, Chief Business Officer, and General Counsel since October 2013. Prior to Matinas BioPharma, he was Executive Vice President, General Counsel & Secretary of MediMedia, a diversified healthcare services company. He also served as Senior Vice President and Head of Global Legal Affairs for Wockhardt Limited, a global pharmaceutical and biotechnology company. Earlier in his career, he held positions at Reliant Pharmaceuticals (a GlaxoSmithKline subsidiary), Alpharma, and in private practice at Lowenstein Sandler, PC.

Keith A. Kucinski, CPA, MBA, Chief Financial Officer

Mr. Kucinski is the Chief Financial Officer of Matinas BioPharma, bringing over 20 years of diversified finance expertise in the healthcare and business consulting industries. His experience includes leadership in financial and strategic planning, capital markets access, and mergers and acquisitions. Before joining Matinas BioPharma, he was Chief Financial Officer at RemedyOne, a privately held healthcare consulting organization. He also served as Vice President & Treasurer at Par Pharmaceutical Companies, Inc., an operating company of Endo International plc, where he played an instrumental role in Par's acquisition by Endo for over $8 billion in 2015. Additionally, he held various roles at Barr Pharmaceuticals, Inc., including Senior Director, Finance & Corporate Development and Assistant Treasurer & Senior Director, Finance, where he was integral to the $2.5 billion acquisition and integration of a European pharmaceutical company.

Theresa Matkovits, Ph.D., Chief Development Officer

Dr. Matkovits joined Matinas BioPharma as Chief Development Officer in October 2018. She possesses extensive global drug development and commercialization experience across large multinational pharmaceutical companies, mid-size, and small biotech settings, spanning all phases of drug development and including the successful market introduction of several globally approved products. Previously, Dr. Matkovits served as Chief Operating Officer of ContraVir Pharmaceuticals (now Hepion), where she was crucial in establishing and expanding its global development organization. She also held the role of Global Program Leader at NPS Pharmaceuticals, where she led the integration of two commercial assets acquired from Takeda and contributed to the successful approval of Natpara in the U.S. Before NPS, she was Vice President, Innovation Leader at The Medicines Company, leading the global development and registration of oritavancin. Her earlier career included global leadership positions at Novartis across Global Development and the U.S. Commercial Organization.

Raphael J. Mannino, Ph.D., Chief Scientific Officer (retired, now consultant)

Dr. Mannino is an internationally recognized expert in lipid-based structures for drug formulation and delivery and is a co-inventor of Matinas BioPharma's proprietary lipid nanocrystal technology. He has been a member of Matinas BioPharma's Scientific Advisory Board since January 2015. He retired as Chief Scientific Officer effective December 31, 2022, and transitioned to a consulting role, continuing to serve as a key strategic advisor to the company. Previously, he founded BioDelivery Sciences, Inc., and served as its President, CEO, and Chief Scientific Officer from 1995 to 2000, until its acquisition by BioDelivery Sciences International, Inc. (BDSI). He then served as BDSI's Executive Vice President and Chief Scientific Officer from 2001 to 2009.

Hui Liu, Ph.D., M.B.A., Chief Technology Officer (served until 2024)

Dr. Liu served as Chief Technology Officer at Matinas BioPharma from 2020 to 2024. He has over two decades of experience in the formulation of small molecules, biologics, and gene therapies. Prior to Matinas BioPharma, Dr. Liu was the Director of Formulation and Delivery at Seqirus, where he developed lipid nanoparticle technology platforms for next-generation gene therapy products. He also held positions at Cellics Therapeutics, Alcon (a spinoff of Novartis), and Allergan. Dr. Liu is an inventor on numerous patents related to drug delivery technologies and biodegradable polymers.

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The key risks to Matinas BioPharma (MTNB) primarily revolve around its financial viability, product pipeline, and compliance with listing standards.

1. Inability to Continue as a Going Concern and Strategic Dependence: Matinas BioPharma faces a critical risk regarding its ability to continue operations due to insufficient cash to fund its activities beyond the next twelve months. The company has explicitly stated that its ability to continue as a going concern is in doubt and has entered into cash preservation mode, drastically cutting research and development (R&D) expenses. The company's future value hinges significantly on its ability to complete one or more strategic transactions, such as licensing, selling assets, or even potentially dissolving the company. This risk is further exacerbated by the halted clinical development of its lead product candidate, MAT2203, following terminated negotiations for global rights.
2. History of Significant Operating Losses and Lack of Revenue: As a clinical-stage biopharmaceutical company, Matinas BioPharma has consistently incurred substantial operating losses since its inception and is expected to continue doing so for the foreseeable future. The company currently generates negligible to zero revenue, as its focus remains on research and development rather than commercialization. These ongoing and significant financial deficits, coupled with a highly negative return on equity, highlight the immense challenge in achieving profitability without successful clinical trials and product approvals.
3. NYSE American Listing Noncompliance and Potential Delisting: Matinas BioPharma received a noncompliance notice from NYSE American in January 2025 for failing to hold its annual stockholders' meeting for the fiscal year ending December 31, 2024. While the company has until December 31, 2025, to address this issue, failure to rectify the noncompliance could lead to delisting from the exchange. This situation raises concerns about corporate governance and may negatively impact investor confidence and the company's ability to access capital markets.

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The increasing development and clinical progress of **phage therapy** for multi-drug resistant bacterial infections, including non-tuberculous mycobacterial (NTM) infections. Matinas BioPharma's MAT2501 is an investigational oral formulation of Amikacin specifically targeting NTM. Phage therapy offers a fundamentally different and potentially superior approach to treating these difficult-to-treat infections, with several companies and academic groups advancing products in clinical trials. If successful and widely adopted, phage therapy could significantly reduce the market need for new formulations of existing antibiotics like Amikacin for NTM, potentially disrupting the traditional antibiotic treatment paradigm for these indications.

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Matinas BioPharma (MTNB) is a clinical-stage biopharmaceutical company with lead product candidates targeting invasive fungal infections and severe hypertriglyceridemia.

MAT2203 (Invasive Fungal Infections)

The addressable market for invasive fungal infections (IFIs), which MAT2203 targets, is substantial and global. The global invasive fungal infection market was valued at approximately USD 7.55 billion in 2024 and is projected to reach USD 9.44 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.75%. Another estimate placed the global market size at USD 7.13 billion in 2022, with a projection to reach USD 9.83 billion by 2031 at a CAGR of 4.1%. North America is identified as a major region in this market, driven by a rising prevalence of immunocompromised patients and a well-established healthcare infrastructure.

MAT9001 (Severe Hypertriglyceridemia)

MAT9001 addresses the market for severe hypertriglyceridemia (SHTG). The total market size for SHTG across the 7 Major Markets (7MM), which include the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, was approximately USD 1.40 billion in 2023. The United States alone accounted for about USD 1.30 billion of this market in 2023, with expectations for continued growth. Globally, the severe hypertriglyceridemia treatment industry was valued at USD 950 million in 2025 and is forecasted to reach USD 3.61 billion by 2035, demonstrating a significant CAGR of 14.3%. Another report estimated the global severe hypertriglyceridemia market at USD 5.1 billion in 2024, with a projection to reach USD 8.9 billion by 2034, at a CAGR of 6.1% between 2025 and 2034.

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1. Sale of the MAT2203 Asset: Matinas BioPharma's board is actively evaluating the potential asset sale of MAT2203, its lead Phase 3-ready antifungal drug candidate for invasive fungal infections. A successful sale of this asset, which has demonstrated success in a Phase 2 study and has an agreed-upon Phase 3 trial design with the FDA, would represent a significant, albeit potentially one-time, revenue influx for the company.
2. Sale or Licensing of the Lipid Nanocrystal (LNC) Platform Technology: Matinas BioPharma's proprietary Lipid Nanocrystal (LNC) platform is a key competitive advantage that enhances the delivery of various small molecules and complex molecular cargos. If the company's assets are sold or its intellectual property is acquired, the LNC platform technology could be a valuable asset for sale or licensing to other pharmaceutical companies, potentially generating revenue through intellectual property transfers or future licensing agreements by an acquiring entity.
3. Potential Future Payments from Existing or Past Collaborations (highly uncertain): While Matinas BioPharma reported no revenue from collaborations in the first quarter of 2024, it previously generated revenue from research collaborations with partners like BioNTech and Genentech in earlier periods. Should the company's intellectual property or remaining assets be acquired, or if the company avoids complete dissolution, there remains a highly speculative possibility of receiving future milestone payments or royalties from any previously established collaboration agreements. However, given the cessation of product development and workforce reduction, the prospect of new collaborations directly initiated by Matinas BioPharma is currently dim.

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Share Issuance

• Matinas BioPharma completed a public offering on February 13, 2025, issuing 3,300 shares of Series C Convertible Preferred Stock and warrants for approximately $3.3 million in gross proceeds. This preferred stock is convertible into common stock at a conversion price of $0.586 per share.
• In April 2025, Matinas BioPharma filed to sell 16.9 million shares of common stock for holders.
• The number of shares outstanding increased by 12.64% in the one-year period leading up to November 5, 2025.

Inbound Investments

• On February 13, 2025, a group of investors agreed to purchase $3.3 million worth of Series C Convertible Preferred Stock and warrants from Matinas BioPharma.
• 111 Equity Group significantly increased its stake in Matinas BioPharma as of January 24, 2025, citing intentions to monetize assets such as MAT2203 and leverage the company's NYSE listing.

Capital Expenditures

• Capital expenditures reported by Matinas BioPharma were minimal, totaling $16,000 for Q3 2023, $202,000 for Q2 2023, $202,000 for Q1 2023, and $41,601 for FY 2022.
• As of November 5, 2025, capital expenditures were reported as "n/a" in recent cash flow statements.
• In October 2024, the company ceased all product development activities to conserve cash, which would impact future capital expenditure focus.