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Matinas BioPharma (MTNB) is like "Dyson for drug delivery," innovating with its unique lipid nanocrystal (LNC) platform to make medicines safer, more effective, and often turning IV treatments into convenient oral pills. It's also like "Carvana for challenging IV drugs," taking complex, difficult-to-administer intravenous medications and transforming them into simpler, patient-friendly oral versions using their advanced LNC platform.

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• LYPDISO: A prescription-only omega-3 free fatty acid-based composition for treating cardiovascular and metabolic conditions.
• MAT2203: An oral formulation of amphotericin B in Phase II clinical trials for preventing invasive fungal infections.
• MAT2501: An orally administered formulation of the broad-spectrum antibiotic amikacin for treating various multidrug-resistant bacterial infections.
• LNC Platform Technology: A lipid nanocrystal delivery technology used for the development and delivery of various therapeutic molecules.

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As a clinical-stage biopharmaceutical company, Matinas BioPharma (MTNB) is focused on the research and development of product candidates that are currently in various phases of clinical trials (Phase I, Phase II). At this stage, the company does not have commercially approved products available for sale and therefore does not have major commercial customers in the traditional sense (either other companies like distributors or pharmacies, or individual end-users).

Their business model currently involves advancing their pipeline and engaging in research collaborations. The company has a research collaboration with the National Institute of Allergy and Infectious Diseases and a feasibility collaboration with Genentech, Inc. (a subsidiary of Roche Holding AG, symbol: RHHBY). These are development partners rather than customers purchasing finished products.

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Jerome D. Jabbour, Co-founder, Chairman, President, Chief Executive Officer, and Interim Chief Financial Officer

• Mr. Jabbour is a co-founder of Matinas BioPharma.
• He has served as CEO since March 2018, Chairman of the Board since March 2025, and President since March 2016. He assumed the duties of interim Chief Financial Officer in January 2026, following the resignation of the previous CFO.
• His prior roles include Executive Vice President and General Counsel at MediMedia USA, Senior Vice President and Head of Global Legal Affairs for Wockhardt Limited, and senior legal positions at Reliant Pharmaceuticals (a GlaxoSmithKline subsidiary) and Alpharma, Inc.
• At Reliant Pharmaceuticals, he was directly involved with the in-licensing of Omacor®/Lovaza® and played a key role in its strategic purchase by GlaxoSmithKline for $1.65 billion in 2007.

Theresa Matkovits, Ph.D., Chief Development Officer

• Dr. Matkovits joined Matinas BioPharma as Chief Development Officer in October 2018.
• She brings extensive global drug development and commercialization experience from various pharmaceutical and biotech settings.
• Previously, she served as Chief Operating Officer of ContraVir Pharmaceuticals (now Hepion), where she was instrumental in building out its global development organization and leading antiviral portfolio development.
• Prior to ContraVir, she was Global Program Leader at NPS Pharmaceuticals, where she led the integration of commercial assets acquired from Takeda and the successful U.S. approval of Natpara.
• Before NPS, she was Vice President, Innovation Leader at The Medicines Company, where she led the global development and registration of oritavancin (ORBACTIV). Earlier in her career, she held various global leadership positions at Novartis.

Roelof Rongen, Co-founder (former President and Chief Executive Officer)

• Mr. Rongen co-founded Matinas BioPharma and was integral in progressing it into a public company.
• He served as President and Chief Executive Officer of Matinas BioPharma until March 2018.
• He was involved in the development and commercialization of blockbuster products such as Humira® and Lovaza®.
• Before founding Matinas BioPharma, he was the architect behind Trygg Pharma.
• He also served as VP for IP and Portfolio Management at Reliant Pharmaceuticals (acquired by GlaxoSmithKline), where he in-licensed Lovaza®. Earlier in his career, he was Global Product Director for Humira® at BASF Pharma (acquired by Abbott/AbbVie).

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The key risks to Matinas BioPharma (MTNB) largely revolve around its immediate financial viability and the significant setbacks in its product development pipeline.

1. Financial Viability and Going Concern Risk

   Matinas BioPharma is facing severe financial challenges, with its ability to continue as a going concern explicitly in doubt. The company's cash and cash equivalents, as of September 30, 2025, were insufficient to fund operations for the subsequent twelve months, following net losses and negligible revenue. This precarious financial position led the company to implement an 80% workforce reduction and cease all product development activities to conserve cash. Furthermore, Matinas BioPharma received a NYSE American noncompliance notice in January 2025 for failing to hold its annual meeting of stockholders for the fiscal year ending December 31, 2024.

2. Discontinuation of Lead Product Candidate Development and Loss of Pipeline Progress

   A significant blow to the company's prospects was the termination of negotiations for global rights to MAT2203, its lead product candidate. This has resulted in the discontinuation of MAT2203's development and a halt to all other product development activities, including those related to LYPDISO and MAT2501, to preserve capital. This effectively stalls the company's pipeline, which previously represented its primary source of future value.

3. Inability to Secure Strategic Alternatives or Partnerships

   With internal product development largely halted, Matinas BioPharma's future hinges on its ability to successfully sell MAT2203 or pursue other strategic alternatives, such as mergers, acquisitions, or in-licensing new assets. There is no assurance that the company will be able to find a suitable partner or execute these transactions on favorable terms, or at all. The evaluation of "other alternatives, including but not limited to winddown and dissolution of the Company" further highlights the critical nature of this risk.

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Matinas BioPharma (MTNB) operates in addressable markets related to its key product candidates, LYPDISO, MAT2203, and MAT2501. The market sizes for these products or services are outlined below, with regional information provided where available.

• LYPDISO (formerly MAT9001): This prescription-only omega-3 free fatty acid-based composition is intended for the treatment of cardiovascular and metabolic conditions, specifically severe hypertriglyceridemia. The global omega-3 prescription drugs market was valued at approximately USD 1.25 billion in 2023 and is projected to reach around USD 2.77 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 8.29% from 2024 to 2033. Other estimates place the global market size at about USD 1.4 billion in 2023, with an anticipated CAGR of 8.2% from 2024 to 2032, reaching USD 2.8 billion by 2032. Within this market, the cardiovascular diseases segment alone accounted for USD 643.9 million in 2023. North America held a significant share, with the U.S. omega-3 prescription drugs market valued at USD 0.49 billion in 2024 and expected to reach USD 0.82 billion by 2032, growing at a CAGR of 6.74%.

• MAT2203: An oral formulation of amphotericin B, MAT2203 is being developed for the prevention and treatment of invasive fungal infections, including cryptococcal meningitis and invasive aspergillosis, in immunosuppressed patients. The global invasive fungal infections market was valued at USD 7.55 billion in 2024 and is projected to grow with a CAGR of 3.75% through 2026-2030. Another report indicates the market reached USD 7.4 billion in 2024, with a projected expansion to USD 11.2 billion by 2033, at a CAGR of 4.9% from 2025 to 2033. In 2025, North America was the largest regional market for invasive fungal infections.

• MAT2501: This orally administered formulation of the broad-spectrum aminoglycoside antibiotic amikacin is being developed to treat various types of multidrug-resistant bacteria, including non-tuberculous mycobacterium (NTM) infections, as well as multidrug-resistant gram-negative and intracellular bacterial infections.

  • Non-tuberculous Mycobacterial (NTM) Infections: The total Nontuberculous Mycobacterial Treatment Market in the U.S. was approximately USD 360 million in 2023 and is projected to increase through 2024–2034. Globally, the Nontuberculous Mycobacterial Infection market size is expected to reach $21.01 billion by 2030, growing at a CAGR of 7.3%. North America was identified as the largest region in the NTM market in 2025.
  • Multidrug-Resistant (MDR) Bacterial Infections (including gram-negative): The global multidrug-resistant bacteria market size was valued at USD 12.19 billion in 2024 and is projected to reach USD 18.85 billion by 2032, at a CAGR of 5.60% from 2025 to 2032. The global Multiple Drug Resistance Bacterial Infection Treatment Market was valued at USD 6,584.2 million in 2024 and is projected to reach USD 11,578.5 million by 2032, with a CAGR of 7.27%. Specifically for gram-negative bacterial infection therapeutics, the global market size was estimated at USD 5200.75 million (USD 5.2 billion) in 2025, with a projected CAGR of 4.85%. The global hospital-treated Gram-negative infections market size was valued at USD 10.87 billion in 2025 and is expected to reach USD 22.10 billion by 2033, at a CAGR of 9.28%. In 2025, North America dominated the hospital-treated Gram-negative infections market with a 37.2% revenue share.

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Matinas BioPharma (MTNB) is a clinical-stage biopharmaceutical company focusing on its lipid nanocrystal (LNC) platform technology for drug delivery and various product candidates. While the company is currently undergoing restructuring and has ceased product development activities to conserve cash following the termination of a key partnership for MAT2203, potential future revenue growth over the next 2-3 years could be driven by the following factors:

1. Proceeds and potential future royalties from the asset sale of MAT2203: Following the termination of negotiations for a global partnership for MAT2203 in October 2024, Matinas BioPharma announced its intention to retain an advisor to assist with the potential asset sale of MAT2203. A successful sale of this Phase 3-ready antifungal drug candidate could provide upfront payments and potentially future milestone or royalty revenues, contingent on the acquiring company's successful development and commercialization.

2. New collaborations leveraging the LNC platform technology: Despite the cessation of internal product development, Matinas BioPharma's proprietary lipid nanocrystal (LNC) platform technology remains a core asset, noted for its potential in delivering small molecules, nucleic acids, gene therapies, vaccines, proteins, and peptides. The company has previously engaged in research collaborations, generating revenue from agreements such as those with BioNTech and Genentech. Securing new partnerships that involve research funding, upfront payments, or milestones for the application of its LNC platform in new therapeutic areas, such as oncology and inflammation, could serve as a source of revenue.

3. Monetization of intellectual property related to the LNC platform: The LNC platform is described as a unique and proprietary delivery technology. Should direct product collaborations be challenging, Matinas BioPharma may pursue broader licensing agreements for its intellectual property associated with the LNC platform. Such agreements could generate licensing fees, technology access fees, and potential royalties, contributing to revenue growth without requiring the extensive capital investment of internal product development.

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Share Issuance

• In April 2024, Matinas BioPharma raised approximately $10 million through a registered direct offering to healthcare-focused institutional investors, involving the sale of over 33 million shares and associated warrants.
• The company entered into an agreement in February 2025 for the acquisition of Series C Convertible Preferred Stock and warrants, projected to yield aggregate gross proceeds of $3.3 million.

Inbound Investments

• Matinas BioPharma secured approximately $10 million in April 2024 from healthcare-focused institutional investors via a registered direct offering.
• In February 2025, the company obtained $3.3 million in gross proceeds from investors through the sale of Preferred Stock and warrants.
• The Cystic Fibrosis Foundation awarded Matinas BioPharma up to $3.75 million in 2021 to support the development of MAT2501 for nontuberculous mycobacterial lung disease.

Capital Expenditures

• Matinas BioPharma reported minimal capital expenditures over the past few years, with figures including $0.0 million in 2024, -$0.9 million in 2023, and -$0.3 million in 2022. This indicates that significant capital outlay for physical assets is not a primary focus for the company.