Matinas BioPharma Holdings Inc (NYSE American: MTNB) is a clinical-stage biopharmaceutical company developing drug delivery technology based on its lipid nanocrystal (LNC) platform. The company generates no product revenue and funds operations through equity issuances, including an at-the-market sales agreement with BTIG, LLC under which it may sell up to $50 million in common stock at a 3% commission. As of December 31, 2025, approximately $44.2 million of capacity remained under that facility. R&D spending is concentrated on MAT2203, an oral formulation of amphotericin B using the LNC platform, targeting invasive fungal infections (IFIs) caused by Candida, Aspergillus, and Cryptococcus. The company exclusively licenses foundational LNC chemistry patents from Rutgers University, with protection extending at least to 2033. As of January 31, 2026, the combined in-licensed and Matinas-owned patent portfolio included 7 U.S. patents or applications and more than 70 foreign patents and applications across Europe, China, Japan, Canada, Brazil, and other jurisdictions. No dividends have been paid or declared.

Revenue model

No commercial product revenue as of the 10-K filed 2026-03-31. Operations are financed through at-the-market equity sales via BTIG, LLC (3% commission on gross proceeds). During FY2024, the company sold 218,000 shares generating $56 thousand in gross proceeds; no shares were sold under the agreement during FY2025.

Products and services

MAT2203: oral amphotericin B formulated using the proprietary LNC (lipid nanocrystal) platform, in clinical development for invasive fungal infections including invasive candidiasis, invasive aspergillosis, and cryptococcal meningitis. The LNC platform is the underlying drug delivery technology applied to MAT2203 and potentially other active pharmaceutical ingredients.

Customers and end markets

No commercial customers as of the filing date. Target end market is the treatment and prophylaxis of invasive fungal infections (IFIs). The global antifungal market was valued at approximately $15.8 billion in 2023. The global invasive fungal infection segment was valued at more than $7.2 billion in 2021. Estimated annual U.S. incidence includes approximately 46,000 cases of invasive candidiasis, 15,000 of invasive aspergillosis, and 4,900 of cryptococcal meningitis.

Value-chain role

Pre-commercial drug developer and platform licensor. Conducts clinical trials through contract research organizations (CROs). Holds an exclusive license to foundational LNC chemistry from Rutgers University. No manufacturing or commercial sales operations disclosed in the filing.

Geographic exposure

Incorporated and headquartered in the United States. Patent protection in-licensed and owned across Europe, China, India, Brazil, Russia, Canada, Japan, Korea, Australia, and Mexico, as of January 31, 2026.

Source: SEC 10-K, filed 2026-03-31

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