Matinas BioPharma Holdings, Inc. (MTNB): History, Ownership, Mission, How It Works & Makes Money

Matinas BioPharma Holdings, Inc. (MTNB) is a fascinating case study in clinical-stage biotech, but is its innovative Lipid Nano-Crystal (LNC) platform enough to overcome its current financial hurdles?

As of the third quarter of 2025, the company reported a net loss of roughly $16.87 million for the trailing twelve months, yet its proprietary LNC technology-designed to make drugs like the oral antifungal MAT2203 safer and more efficient-positions it for a high-impact licensing deal.

You need to understand how a company with a market capitalization of just over $5.39 million, as of November 2025, is strategically balancing its high insider ownership against the critical need for external partnership to fund its pipeline.

We'll break down the history and the unique business model that ties its future revenue to the success of its drug delivery system, not immediate product sales.

Matinas BioPharma Holdings, Inc. (MTNB) History

You need to understand the roots of Matinas BioPharma Holdings, Inc. to grasp its current trajectory, which is now heavily focused on its Lipid Nano-Crystal (LNC) platform. The company's story is one of strategic evolution, shifting from cardiovascular treatments to a specialized drug delivery system for infectious diseases and, more recently, gene therapies.

Given Company's Founding Timeline

Year established

Matinas BioPharma Holdings, Inc. officially commenced operations in 2013, building on foundational work that began in 2012.

Original location

The company is based in Bedminster, New Jersey, a key location in the US biotech corridor.

Founding team members

The core founding and early leadership team included Co-founder, Chairman, and Chief Executive Officer Jerome D. Jabbour, who joined in 2013, and former CEO Roelof Rongen, who was integral in laying the company's foundation. The first investor, Herbert J. Conrad, also played a crucial early role, serving on the Board until his retirement in February 2025.

Initial capital/funding

While the initial seed amount is not public, the company's early financing strategy, led by Jerome D. Jabbour, resulted in successfully raising more than $50 million by March 2018, demonstrating significant early investor confidence. In 2025, the company secured an additional $3.3 million in gross proceeds through a securities purchase agreement to fund operations and advance its lead drug candidate.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is defined by two major pivots that fundamentally changed its risk and opportunity profile. The first was the acquisition of the LNC platform itself, a novel method using lipid-crystal nano-particles to deliver drugs orally, which is safer and less toxic than traditional intravenous methods.

The second, and more recent, shift came in 2023. After successfully validating the platform with small molecules like the antifungal MAT2203, the leadership decided to focus the LNC platform on the future of medicine: nucleic acid and gene therapy delivery. This move is defintely a high-stakes bet, but it positions the company in a much larger, more lucrative market.

• Platform Acquisition: The 2013 acquisition of the cochleate lipid-crystal delivery technology was the single most important action, giving them the proprietary LNC platform.
• Strategic Pivot to Gene Therapy: The decision to prioritize nucleic acid delivery over solely small molecules in 2023 opened doors for high-profile collaborations, including one with BioNTech SE.
• 2025 Board Reinforcement: The appointments of Evelyn D'An, Dr. Robin L. Smith, Keith Murphy, and Edward Neugeboren to the Board in early 2025 signal a push for stronger financial oversight and deeper biotech industry expertise at a critical time.

For a detailed breakdown of the company's current financial position and what institutional owners like BlackRock, Inc. are doing, you should read Breaking Down Matinas BioPharma Holdings, Inc. (MTNB) Financial Health: Key Insights for Investors. Honestly, the 2025 financing and board changes show a clear intent to stabilize and accelerate the new gene therapy focus.

Matinas BioPharma Holdings, Inc. (MTNB) Ownership Structure

Matinas BioPharma Holdings, Inc. is controlled by a mix of institutional investors, company insiders, and the public, with the vast majority of shares held in the public float, which is typical for a clinical-stage biopharmaceutical company with a modest market capitalization.

Matinas BioPharma Holdings, Inc.'s Current Status

Matinas BioPharma Holdings, Inc. is a publicly traded, clinical-stage biopharmaceutical company. Its common stock trades on the NYSE American exchange under the ticker symbol MTNB. As of November 2025, the company's market capitalization stands at approximately $5.38 million, reflecting its stage of development and the inherent risks in the biotech sector. The company's focus remains on advancing its drug candidates using its proprietary lipid nanocrystal (LNC) platform delivery technology.

To be fair, this small market cap means the stock can be highly volatile, so any significant news-good or bad-will defintely move the price quickly. You should always check the total cash on hand, which was around $6.9 million as of late 2025, to gauge their runway. For a deeper dive into their financial stability, check out Breaking Down Matinas BioPharma Holdings, Inc. (MTNB) Financial Health: Key Insights for Investors.

Matinas BioPharma Holdings, Inc.'s Ownership Breakdown

The ownership structure is dominated by the public float, but the combined stake of insiders and institutions represents a significant portion of the decision-making power. This breakdown is based on the most recent fiscal year 2025 data available, providing a clear picture of stakeholder interests.

Matinas BioPharma Holdings, Inc.'s Leadership

The company is steered by a small executive team and an experienced Board of Directors, which includes seasoned biotech and finance professionals. This structure is intended to guide the clinical development and strategic partnering efforts of the LNC platform.

The key leadership figures as of November 2025 are:

• Jerome D. Jabbour: Co-founder, Chairman & Chief Executive Officer. He has extensive experience in the pharmaceutical and healthcare industries.
• Keith Kucinski, CPA, MBA: Chief Financial Officer. Note that Mr. Kucinski notified the company of his intention to resign, effective January 17, 2026, so a transition is currently underway.

The Board of Directors provides governance and strategic oversight, with recent appointments in 2025 aimed at strengthening the team's expertise. The board members include Evelyn D'An, Keith Murphy, Edward Neugeboren, and Robin L. Smith, MD, MBA.

Matinas BioPharma Holdings, Inc. (MTNB) Mission and Values

Matinas BioPharma Holdings' core mission is to fundamentally improve drug delivery, moving potent, life-changing therapeutics from intravenous (IV) to a safer, more efficient oral format using its proprietary Lipid Nano-Crystal (LNC) platform.

This commitment goes beyond a single drug, focusing on a platform technology that can maximize global clinical impact and patient access, especially in areas like infectious disease and oncology where current treatments have severe limitations.

Matinas BioPharma Holdings' Core Purpose

For a clinical-stage biopharmaceutical company like Matinas BioPharma Holdings, the core purpose is inextricably linked to its technology's potential. They are not chasing incremental gains; they are aiming to solve the fundamental problem of getting a drug where it needs to go safely.

Official mission statement

The company's mission centers on delivering groundbreaking therapies by overcoming the limitations of existing treatments, particularly through its LNC platform (Lipid Nano-Crystal platform), which is a novel oral drug delivery technology.

• Improve intracellular delivery: Safely and effectively get important therapeutics inside the cell, which is defintely a major hurdle in drug development.
• Maximize patient access: Enable oral delivery of drugs that are currently limited to IV infusion, making them more tolerable and accessible globally.
• Develop life-changing products: Focus on novel pharmaceutical products, such as MAT2203, an oral formulation of amphotericin B for serious invasive fungal infections (IFIs).

Here's the quick math on the need: if a drug is highly effective but requires a lengthy, expensive hospital stay for IV administration, its real-world value is capped. Converting that to an oral pill, as the LNC platform aims to do, exponentially increases its reach and lowers healthcare costs.

Vision statement

Matinas BioPharma Holdings' vision is to establish its LNC platform as a disruptive, foundational technology across the biopharma industry, moving beyond its initial infectious disease focus into new therapeutic areas like oncology and inflammation.

• Expand platform breadth: Grow the application of the LNC platform beyond the current clinical candidates.
• Increase clinical effectiveness: Formulate highly effective therapies to be safer, more efficient, and clinically superior to current standards.
• Drive shareholder value: Achieve this through platform validation and successful commercialization, which is crucial given the company's current market capitalization of approximately $5.18M as of November 2025.

To be fair, the company is still in the clinical stage, which means its vision is a long-term bet, but the recent approval to increase authorized shares from 250,000,000 to 500,000,000 in August 2025 shows a clear strategic move toward future financial flexibility for this vision.

Matinas BioPharma Holdings' slogan/tagline

While Matinas BioPharma Holdings does not publicly emphasize a single, formal slogan, their functional tagline is embedded in their core product promise: Improving the intracellular delivery of important therapeutics.

This concise statement captures the technical and clinical value proposition in one sentence. It's a precise way to communicate their unique selling proposition (USP) to both scientists and investors. For a deeper dive into the company's investor base and financial health, you should read Exploring Matinas BioPharma Holdings, Inc. (MTNB) Investor Profile: Who's Buying and Why?

Matinas BioPharma Holdings, Inc. (MTNB) How It Works

Matinas BioPharma Holdings, Inc. is a clinical-stage biopharmaceutical company that does one thing: it re-engineers drug delivery using its proprietary Lipid Nanocrystal (LNC) platform to get highly potent drugs safely inside the target cell. This LNC technology, often called a cochleate, essentially acts as an oral Trojan horse, protecting the therapeutic agent until it reaches the site of infection or disease, which is a huge deal for reducing toxicity.

You're looking at a company that is still pre-revenue, reporting $0.0 in revenue for the trailing twelve months ending September 30, 2025, which means its value is tied entirely to the platform's success in clinical trials and partnerships.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operations are laser-focused on advancing the LNC platform and securing partnerships, not commercial sales-honestly, that's the reality for most clinical-stage biotech firms.

• Drug Encapsulation: The LNC platform creates a layered, spiral crystal structure (cochleate) primarily made of phosphatidylserine, which fully encapsulates the drug molecule, shielding it from degradation by stomach acid and enzymes.
• Targeted Intracellular Delivery: The LNC is designed to target stressed cells, like those involved in infection or inflammation, which have high levels of externalized phosphatidylserine.
• Non-Destructive Release: Upon contact, the LNC fuses with the cell membrane in a non-destructive way, and the drug is released into the cell's interior, bypassing the need for systemic circulation at high concentrations.
• R&D Burn Rate: This R&D focus drives the net loss, which was approximately -$17.5 million for the trailing twelve months ending September 30, 2025.

The entire process is about maximizing the drug's punch while minimizing its systemic side effects. You can dig into the specifics of their financial health and burn rate in Breaking Down Matinas BioPharma Holdings, Inc. (MTNB) Financial Health: Key Insights for Investors.

Given Company's Strategic Advantages

Matinas BioPharma's competitive edge is all about solving the toughest problem in drug development: getting the therapeutic where it needs to go safely and conveniently.

• Oral Bioavailability and Patient Compliance: The LNC platform allows for oral administration of drugs that traditionally require intravenous (IV) delivery, like amphotericin B (MAT2203). This shift dramatically improves patient experience and compliance, especially for long-term treatments.
• Reduced Systemic Toxicity: By delivering the drug directly into the target cell and avoiding high plasma concentrations, the LNC platform significantly reduces the risk of serious side effects, such as the nephrotoxicity linked to IV amphotericin B.
• Platform Flexibility: The technology has shown it can successfully deliver both small molecules (like the antifungal drug) and larger, more complex nucleic acids (like ASOs and siRNA), positioning it for high-value therapeutic areas like gene therapy and inflammatory disease.
• Scalable Manufacturing: They have already started operating a scalable Good Manufacturing Practice (GMP) facility, which is defintely a necessary step for future commercialization and partnership deals.

The platform's ability to deliver nucleic acids orally, a major industry challenge, is their biggest strategic lever right now.

Matinas BioPharma Holdings, Inc. (MTNB) How It Makes Money

Matinas BioPharma Holdings, Inc. is a clinical-stage biopharmaceutical company, meaning it does not currently generate revenue from product sales; its financial engine is fueled by capital raises, grants, and strategic collaboration payments to fund the development of its drug candidates and proprietary Lipid Nanocrystal (LNC) platform.

The company's core value is its LNC platform, a drug delivery technology designed to improve the oral bioavailability and safety of therapeutics like its lead product, MAT2203. The business model is a classic biotech play: raise capital to advance clinical trials, then monetize the assets through a lucrative partnership or eventual direct sales upon regulatory approval.

Matinas BioPharma Holdings, Inc.'s Revenue Breakdown

As of the third quarter of 2025, Matinas BioPharma Holdings, Inc. reported $0 in total revenue, consistent with its focus on clinical development rather than commercial product sales. This means 100% of its current cash flow is derived from financing activities, not operational revenue. To illustrate the company's intended revenue model, we look at the two potential streams, both currently at a 0% contribution.

The 'Collaboration/Licensing Revenue' stream, which previously included payments from partners like BioNTech and Genentech, has essentially sunset, hence the $0 figure. This stream is poised for a potential increase if the company secures a partner for MAT2203's Phase 3 trial, which would likely involve an upfront payment and future milestones. The 'Product Sales' stream is purely aspirational until MAT2203, an oral formulation of amphotericin B, gains FDA approval, which is still years away.

Business Economics

You need to think of Matinas BioPharma Holdings, Inc.'s economics not in terms of profit margins, but in terms of cash runway and burn rate. This is a capital-intensive, high-risk, high-reward model. The main cost driver is research and development (R&D) for clinical trials, and the primary funding source is equity financing.

• Primary Cost Driver: R&D expenses, which are expected to be lower in 2025 compared to 2024 until the company secures funding to initiate the Phase 3 registration trial for MAT2203.
• Pricing Strategy: Not applicable yet, but the LNC platform is a premium technology. The oral formulation of a typically intravenous drug like amphotericin B (MAT2203) suggests a high-value proposition that could command a premium price due to improved patient convenience and reduced toxicity.
• Cash Conservation: The company is actively conserving cash, which is a clear signal of its near-term financial constraints. They are seeking non-dilutive capital (a partner) to fund the next, most expensive stage of development.
• Valuation Hinge: The entire business value hinges on the successful clinical advancement and monetization of the LNC platform, especially MAT2203. A partnership announcement would defintely re-rate the equity.

Here's the quick math on their recent burn: the net cash decrease from operating activities was about -$1.09 million for the third quarter of 2025. That's the cash burn, and it's what you need to track against their remaining cash on the balance sheet.

Matinas BioPharma Holdings, Inc.'s Financial Performance

The Q3 2025 financial results show a company in a deep strategic transition, focused on survival and securing a partnership to advance its lead asset. The key metric is the reduction of its net loss, a positive sign of cost control, but the overall financial health remains fragile.

• Net Loss: The net loss for the nine months ended September 30, 2025, was $8.43 million, a significant improvement from the $15.82 million loss reported in the same period in 2024. This shows management is cutting costs.
• Operating Expenses: Total operating expenses for Q3 2025 were reduced to $1.57 million, down substantially from $4.38 million in Q3 2024, reflecting cost-cutting measures.
• Balance Sheet Health: As of September 30, 2025, total assets stood at $9.69 million, a sharp contraction from the prior year. Total equity was $6.46 million.
• Liquidity Risk: The company's cash runway was previously guided to fund operations into Q2 2025, and while they are cutting expenses, they will need to generate significant new funding to initiate the Phase 3 trial for MAT2203 and continue as a going concern.

What this estimate hides is the potential for highly dilutive equity raises if a partnership doesn't materialize soon. The market capitalization is small, around $5.18 million as of November 2025, making any significant capital raise a substantial dilution event for existing shareholders. For a more in-depth look at who is betting on this turnaround, you should read Exploring Matinas BioPharma Holdings, Inc. (MTNB) Investor Profile: Who's Buying and Why?

Matinas BioPharma Holdings, Inc. (MTNB) Market Position & Future Outlook

Matinas BioPharma Holdings, Inc. (MTNB) is a high-risk, high-reward clinical-stage biotech whose future hinges entirely on validating its proprietary Lipid Nanocrystal (LNC) platform technology. The company's immediate position is precarious: it is a pre-commercial firm with no meaningful revenue, posting a Q2 2025 net loss of $11.54 million, but it holds a strong short-term liquidity position with a current ratio of 3.78x as of the most recent quarter. The LNC platform's success in delivering therapeutics orally and safely, especially its lead candidate MAT2203, is the single, defintely crucial determinant of its trajectory.

Competitive Landscape

Matinas BioPharma operates in the highly specialized and fragmented drug delivery and development space, competing less on market share of a final product and more on the promise of its platform versus other small-cap, platform-focused biotechs. Its relative market capitalization of $5.38 million (as of November 2025) positions it as a smaller player among its peers. Here's the quick math on how it stacks up against comparable small-cap companies, using market cap as a proxy for current market presence in this peer group.

Opportunities & Challenges

The company's future is a binary outcome: either the LNC platform is validated through a major partnership or clinical success, or the financial pressure forces a strategic retreat. The market for Amphotericin B alone, a drug MAT2203 targets, was valued at $69.41 million in 2024 and is growing, representing a clear market opportunity for a safer, oral alternative.

Industry Position

Matinas BioPharma Holdings, Inc. is positioned as a niche technology innovator, not a broad-market therapeutic leader. Its core asset is the LNC platform, which aims to solve the decades-old problem of safely delivering potent drugs like Amphotericin B, which is known for its severe nephrotoxicity (kidney damage) when administered intravenously.

• LNC Platform: The technology is differentiated by its ability to achieve oral intracellular delivery and target 'stressed' cells using phosphatidylserine, bypassing the systemic toxicity and immune response issues of traditional delivery methods like liposomes.
• Clinical Focus: The company's pipeline is focused on high-unmet-need areas, specifically invasive fungal infections (MAT2203) and multidrug-resistant bacterial infections (MAT2501).
• Financial Health: Despite a current ratio of 3.78x providing a cash cushion, the company's long-term viability is challenged by its negative P/E ratio and the explicit mention in filings of considering a company winddown. You need to watch for partnership announcements or major clinical data readouts to change this narrative.

For a detailed look at the numbers driving these risks and opportunities, you should read Breaking Down Matinas BioPharma Holdings, Inc. (MTNB) Financial Health: Key Insights for Investors.