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Dec 31, 2022
Matinas BioPharma Q4 2022 Earnings Report
Matinas BioPharma reported 2022 financial results and provided a business update.
Key Takeaways
Matinas BioPharma reported revenue of $3.2 million for the year ended December 31, 2022, primarily from the BioNTech SE collaboration. The net loss attributable to common shareholders for 2022 was $21.0 million, or $0.10 per share. Cash, cash equivalents, and marketable securities as of December 31, 2022, were $28.8 million, expected to fund operations into the second quarter of 2024.
Near-term data readouts from internal and collaborative programs are expected to support the advancement of the LNC platform for delivery of nucleic acids.
FDA feedback from the MAT2203 Type B meeting is expected to impact partnership discussions and facilitate potential non-dilutive BARDA and/or NIH funding.
Phase 2 MAT2203 clinical trial results demonstrated the ability of the platform to efficaciously deliver a safe, well-tolerated oral form of amphotericin B with dramatic survival results.
The company is preparing to meet with the FDA to seek guidance on a Phase 3 study with MAT2203 for the treatment of invasive fungal infections.
Matinas BioPharma
Matinas BioPharma
Forward Guidance
Matinas BioPharma anticipates several milestones in the second quarter and second half of 2023, including data readouts from collaborations, progress in internal programs, and potential BARDA grant for MAT2203 development.
Positive Outlook
- Data readouts from internal programs with smaller oligonucleotides are expected.
- Data relating to the delivery of larger oligonucleotides like mRNA through collaborations with BioNTech and National Resilience are expected.
- Meeting with the FDA to seek guidance on a Phase 3 study with MAT2203 for the treatment of invasive fungal infections (IFIs).
- Efforts to secure non-dilutive funding from the Biomedical Advanced Research and Development Authority (BARDA) and/or the National Institutes of Health (NIH).
- Advancing ongoing discussions with potential partners for further development of oral therapy for treating life-threatening fungal infections
Challenges Ahead
- Ability to obtain additional capital to meet liquidity needs
- Successfully complete research and further development and commercialization of product candidates
- Uncertainties inherent in clinical testing
- Timing, cost and uncertainty of obtaining regulatory approvals
- Ability to protect the Company’s intellectual property