2016 Q2 Form 10-Q Financial Statement

#000114420416101865 Filed on May 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q4
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $642.6K $921.7K
YoY Change -52.57% -36.36%
% of Gross Profit
Depreciation & Amortization $13.00K $12.89K $10.00K
YoY Change 30.0% 18.75% -200.0%
% of Gross Profit
Operating Expenses $1.620M $2.237M
YoY Change -34.64% -14.8%
Operating Profit -$1.620M -$2.237M
YoY Change -32.54% -12.89%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$3.656K -$7.122K
YoY Change 33.53% 377.03%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$1.624M -$2.245M
YoY Change -32.47% -12.66%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 57.59M shares 57.18M shares 57.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $580.0K $1.670M $3.230M
YoY Change -91.23% -63.85% 24.71%
Cash & Equivalents $578.3K $1.673M $3.227M
Short-Term Investments
Other Short-Term Assets $200.0K $240.0K $330.0K
YoY Change -9.09% 26.32% 57.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $770.0K $1.912M $3.559M
YoY Change -88.81% -60.51% 26.88%
LONG-TERM ASSETS
Property, Plant & Equipment $380.0K $364.8K $377.7K
YoY Change 4.63% 7.61% 11.1%
Goodwill $1.336M $1.336M $1.336M
YoY Change -3.48% -3.48%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.00K $120.0K $120.0K
YoY Change -77.27% -45.45% -45.45%
Total Long-Term Assets $4.790M $4.834M $4.847M
YoY Change -3.85% -2.49% 771.27%
TOTAL ASSETS
Total Short-Term Assets $770.0K $1.912M $3.559M
Total Long-Term Assets $4.790M $4.834M $4.847M
Total Assets $5.560M $6.746M $8.406M
YoY Change -53.13% -31.15% 150.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $480.0K $620.6K $497.8K
YoY Change -35.62% 32.99% 83.6%
Accrued Expenses $850.0K $689.2K $610.2K
YoY Change 150.12% -11.73% -23.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $10.00K $0.00 $10.00K
YoY Change -66.67% -100.0% -75.0%
Total Short-Term Liabilities $1.340M $1.320M $1.129M
YoY Change 17.94% 0.93% 0.92%
LONG-TERM LIABILITIES
Long-Term Debt $20.00K $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $20.00K $0.00 $0.00
YoY Change -97.62% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.340M $1.320M $1.129M
Total Long-Term Liabilities $20.00K $0.00 $0.00
Total Liabilities $2.567M $2.525M $2.334M
YoY Change -20.52% -25.84% 105.87%
SHAREHOLDERS EQUITY
Retained Earnings -$27.06M -$25.43M -$23.19M
YoY Change 42.2% 53.0% 65.01%
Common Stock $5.760K $5.760K $5.719K
YoY Change 1.09% 23.1% 77.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.997M $4.220M $6.072M
YoY Change
Total Liabilities & Shareholders Equity $5.565M $6.746M $8.406M
YoY Change -53.09% -31.15% 150.07%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income -$1.624M -$2.245M
YoY Change -32.47% -12.66%
Depreciation, Depletion And Amortization $13.00K $12.89K $10.00K
YoY Change 30.0% 18.75% -200.0%
Cash From Operating Activities -$1.100M -$1.540M -$1.110M
YoY Change -50.45% -33.62% -53.94%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00 -$30.00K
YoY Change -25.0% -100.0%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$30.00K $0.00 -$30.00K
YoY Change -25.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K -10.00K 10.00K
YoY Change -99.29% -100.23%
NET CHANGE
Cash From Operating Activities -1.100M -1.540M -1.110M
Cash From Investing Activities -30.00K 0.000 -30.00K
Cash From Financing Activities 30.00K -10.00K 10.00K
Net Change In Cash -1.100M -1.550M -1.130M
YoY Change -155.56% -176.35% -53.11%
FREE CASH FLOW
Cash From Operating Activities -$1.100M -$1.540M -$1.110M
Capital Expenditures -$30.00K $0.00 -$30.00K
Free Cash Flow -$1.070M -$1.540M -$1.080M
YoY Change -50.92% -33.76% -55.19%

Facts In Submission

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CY2016Q1 us-gaap Nature Of Operations
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <b><font style="COLOR: black; FONT-SIZE: 10pt">NOTE A &#150; Nature of Business</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="COLOR: black; FONT-SIZE: 10pt">&#160;</font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="COLOR: black; FONT-SIZE: 10pt">[1]</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Corporate History</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Matinas BioPharma Holdings Inc. (&#8220;Holdings&#8221;) is a Delaware corporation formed in 2013. Holdings is the parent company of Matinas BioPharma, Inc. (&#8220;BioPharma&#8221;), and Aquarius Biotechnologies, Inc., its operating subsidiaries (&#8220;Aquarius&#8221;, and together with &#8220;Holdings&#8221; and &#8220;BioPharma&#8221;, &#8220;the Company&#8221; or &#8220;we&#8221; or &#8220;our&#8221; or &#8220;us&#8221;). The Company is a development stage biopharmaceutical company with a focus on identifying and developing novel pharmaceutical products.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <font style="COLOR: black; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">On January 29, 2015, we completed the acquisition of Aquarius (&#8220;Aquarius Merger&#8221;), a New Jersey-based, early-stage pharmaceutical company focused on the development of differentiated and orally delivered therapeutics based on a proprietary, lipid-based, drug delivery platform called &#8220;cochleate delivery technology.&#8221; Following the Aquarius Merger, we are a clinical-stage biopharmaceutical company focused on identifying and developing safe and effective broad spectrum antifungal and anti-bacterial therapeutics for the treatment of serious and life-threatening infections, using our innovative lipid-crystal nano-encapsulation drug delivery platform. See Note D for additional information on this transaction.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">On March 31, 2015 and April 10, 2015, we completed a private placement (&#8220;2015 Private Placement&#8221;), under which the Company sold an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20,000,000</font> shares of common stock and warrants to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20,000,000</font> shares of common stock (see Note E for additional details) resulting in net proceeds of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8.5</font> million after offering expenses.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="COLOR: black; FONT-SIZE: 10pt">[2]</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Proprietary Products and Technology Portfolios</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Our proprietary cochleate lipid-crystal nano-particle delivery technology platform, licensed from Rutgers University on an exclusive worldwide basis, is designed specifically for the targeted and safe delivery of orally bioavailable pharmaceuticals directly to the site of infection or inflammation. This license comprises a range of issued patents and patent applications, as well as the use of proprietary know-how with respect to the manufacturing and testing of products using this technology.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Our lead product candidate using the cochleate delivery technology is MAT2203, an oral formulation of the broad spectrum intravenous(IV)-delivered anti-fungal agent amphotericin B. MAT2203 is under development for serious fungal infections and a single-escalating-dose Phase 1 study with MAT2203 has been completed. The Company is developing MAT2203 in collaboration with the National Institute of Allergy and Infectious Diseases, or NIAID, of the National Institutes of Health, or NIH. The U.S. Food and Drug Administration (FDA) has designated MAT2203 as a Qualified Infectious Disease Product (QIDP) with Fast Track status for the treatment of aspergillus. We are developing a pipeline of targeted delivery formulations by applying our cochleate oral delivery technology to a potentially broad array of proven medications, including MAT2501. MAT2501 is an oral cochleate formulation of the broad spectrum intravenous (IV)-delivered aminoglycoside antibiotic called amikacin, which is most often used for treating severe, hospital-acquired infections, including Gram-negative bacterial infections. The Company has an open Investigational New Drug (IND) application for MAT2501. MAT2501 &#160;has been granted a QIDP designation and Orphan Drug designation by the U.S. FDA.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">In addition, the Company is exploring development and partnership options for MAT9001, a&#160;prescription-only omega-3 fatty acid-based composition under development for hypertriglyceridemia.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="COLOR: black; FONT-SIZE: 10pt">[2]</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><font style="COLOR: black; FONT-SIZE: 10pt">Use of Estimates</font></strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Certain accounting principles require subjective and complex judgments to be used in the preparation of financial statements. Accordingly, a different financial presentation could result depending on the judgments, estimates, or assumptions that are used. Such estimates and assumptions include, but are not specifically limited to, those required in the assessment of the impairment of intangible assets, all acquired assets and liabilities, the valuation of Level 3 financial instruments and determination of stock-based compensation.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="COLOR: black; FONT-SIZE: 10pt">[4]</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><font style="COLOR: black; FONT-SIZE: 10pt">Concentration of Credit Risk</font></strong></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">The Company&#8217;s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. Cash balances are maintained principally at one major U.S. financial institution and are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to regulatory limits. At all times throughout the three months ended March 31, 2016, the Company&#8217;s cash balances exceeded the FDIC insurance limit. The Company has not experienced any losses in such accounts.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Description Of Lessee Leasing Arrangements Capital Leases
DescriptionOfLesseeLeasingArrangementsCapitalLeases
The payments under the lease were accounted for as interest and payments under capital lease using 2-year amortization.
CY2013Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11828912 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.04 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
granted at prices not less than 100% of the fair value
CY2016Q1 mtnb Security Deposits Reduced By Straight Line Basis Description
SecurityDepositsReducedByStraightLineBasisDescription
This deposit was reduced by $100,000 in 2015 and can be reduced by $100,000 on an annual basis going forward, down to $50,000, as long as the Company makes timely rental payments.
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.9469 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0122 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.01375 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0165 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0193 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0 pure
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3226997 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2590713 USD
CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1673185 USD
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4616529 USD
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-9100000 USD
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2014Q2 mtnb Sharebased Compensation Arrangement By Sharebased Payment Award Increase Of Shares Offering Date
SharebasedCompensationArrangementBySharebasedPaymentAwardIncreaseOfSharesOfferingDate
January 1, 2015
CY2016Q1 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
138730 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
160012 USD
CY2016Q1 mtnb Issuance Of Warrants Description
IssuanceOfWarrantsDescription
The Company may call the Warrants, other than the Placement Agent Warrants, at any time the common stock trades above $5.00 (for 13 million warrants issued in 2013) or above $ 3.00 (for 20 million warrants issued in 2015) for twenty (20) consecutive days following the effectiveness of the registration statement covering the resale of the shares of common stock underlying
CY2016Q1 mtnb Effectiveness Of Registration Statement Description
EffectivenessOfRegistrationStatementDescription
The Registration Statement was filed on June 9, 2015 and declared effective on July 23, 2015. The Company is required to keep the registration statement continuously effective under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), for a period of one year from the date it is declared effective by the SEC or for such shorter period ending on the earlier of the date when all the registrable securities covered by the registration statement have been sold or such time as all of the securities covered by the registration statement can be sold under Rule 144 without any volume limitations (the &#8220;Effectiveness Period&#8221;). If the Company does not maintain the effectiveness of the registration statement during the Effectiveness Period, subject to certain limitations and the right of the Company to suspend the use of the prospectus for certain periods, the Company shall pay to each holder of registrable securities purchased in 2015 Private Placement an amount in cash equal to half of one percent (0.5%) of such holder&#8217;s investment amount, subject to a maximum penalty equal to six percent (6%) of such holder&#8217;s investment amount, on every thirty (30) day anniversary of such failure to maintain the registration statement until such failure was cured; provided however that such liquidated damages shall be paid only with respect to registrable securities that cannot then be immediately resold in reliance on Rule 144.

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