Matinas BioPharma Holdings, Inc. reported a net loss of $24.3 million for the fiscal year ending December 31, 2024, compared to a loss of $22.9 million in the previous year. The company did not generate any revenue in 2024, a decline from $1.1 million in 2023, which was primarily derived from contract research collaborations. As of December 31, 2024, Matinas had cash and cash equivalents of approximately $7.3 million, which the company believes will not be sufficient to fund operations beyond the next twelve months, raising substantial doubt about its ability to continue as a going concern.
In a significant operational shift, Matinas announced an 80% workforce reduction in October 2024, following the termination of partnership negotiations for its lead product candidate, MAT2203. This decision was part of a broader cost-cutting strategy that included pausing the clinical development of MAT2203 while the company evaluates strategic alternatives, including potential licensing or sale transactions. The company is actively seeking partners to advance MAT2203 into a Phase 3 registration trial, which is critical for its future development.
Research and development expenses decreased to $11.4 million in 2024 from $14.5 million in 2023, reflecting reduced clinical trial costs and a decrease in compensation expenses due to the workforce reduction. General and administrative expenses also fell to $8.7 million from $10.4 million, attributed to lower compensation and consulting fees. The company recorded impairment charges of $4.4 million in 2024, primarily due to the halted development of MAT2203 and related cost-cutting measures.
Matinas is currently focused on securing additional funding through various means, including public or private equity offerings and potential collaborations. The company has expressed its intention to conserve cash while exploring strategic options for MAT2203 and other assets. The overall global antifungal market is projected to grow from approximately $15.8 billion in 2023 to $20.5 billion by 2030, indicating a significant opportunity for MAT2203 if it can successfully navigate the regulatory landscape and secure necessary partnerships.
Looking ahead, Matinas faces numerous challenges, including the need for substantial additional funding and the successful completion of clinical trials for MAT2203. The company has indicated that it may not be able to resume development activities without securing a partnership or additional capital. The ongoing evaluation of strategic alternatives and the potential for a winddown or dissolution of the company remain critical considerations for stakeholders as Matinas navigates its financial and operational hurdles.
About Matinas BioPharma Holdings, Inc.
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