Matinas BioPharma Holdings, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. The company, which focuses on developing novel pharmaceutical products, recorded no revenue during the current period, a decline from $1.1 million in the same period of 2023.

For the three months ended September 30, 2024, total costs and expenses decreased to $4.4 million from $6.1 million in 2023. The loss from operations for this quarter was $(4.4 million), an improvement from $(6.1 million) in the prior year. The net loss for the quarter was $(4.3 million), compared to $(6.1 million) in 2023, resulting in a net loss per share of $(0.85), down from $(1.39).

For the nine months ended September 30, 2024, total costs and expenses were $16.1 million, down from $19 million in 2023. The net loss for this period was $(15.8 million), an improvement from $(17.6 million) in the previous year, with a net loss per share of $(3.30), compared to $(4.06) in 2023.

As of September 30, 2024, the company reported cash and cash equivalents of $10.3 million, a significant increase from $4.8 million at the end of 2023. Total assets decreased to $20.6 million from $25.1 million, while total liabilities also declined to $4.8 million from $5.9 million. The accumulated deficit increased to $(191.4 million) from $(175.6 million) at the end of 2023.

In terms of strategic developments, Matinas executed a 1-for-50 reverse stock split on August 30, 2024, reducing the number of authorized shares from 500 million to 250 million. The company also raised approximately $9.2 million in net proceeds from a registered direct offering in April 2024. However, in October 2024, Matinas announced an 80% workforce reduction and the cessation of all product development activities, citing the need to conserve cash. This decision followed the termination of negotiations for global rights to its product MAT2203.

The company anticipates continued losses and has substantial doubt about its ability to continue as a going concern without additional funding. Future financing needs may be addressed through equity offerings, debt financings, and collaborations, which could dilute existing stockholder ownership.