2016 Q3 Form 10-Q Financial Statement
#000114420416119395 Filed on August 15, 2016
Income Statement
| Concept | 2016 Q3 | 2016 Q2 | 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 | $835.3K | $642.6K | |
| YoY Change | -4.99% | -52.57% | |
| % of Gross Profit | |||
| Depreciation & Amortization | $10.00K | $13.00K | $10.00K |
| YoY Change | 0.0% | 30.0% | -200.0% |
| % of Gross Profit | |||
| Operating Expenses | $1.835M | $1.620M | |
| YoY Change | -17.29% | -34.64% | |
| Operating Profit | -$1.835M | -$1.620M | |
| YoY Change | -14.99% | -32.54% | |
| Interest Expense | |||
| YoY Change | |||
| % of Operating Profit | |||
| Other Income/Expense, Net | -$3.325K | -$3.656K | |
| YoY Change | -180.26% | 33.53% | |
| Pretax Income | |||
| YoY Change | |||
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$1.838M | -$1.624M | |
| YoY Change | -14.67% | -32.47% | |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | |||
| COMMON SHARES | |||
| Basic Shares Outstanding | 57.59M shares | 57.59M shares | 57.21M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2016 Q3 | 2016 Q2 | 2015 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $6.220M | $580.0K | $3.230M |
| YoY Change | 42.66% | -91.23% | 24.71% |
| Cash & Equivalents | $6.220M | $578.3K | $3.227M |
| Short-Term Investments | |||
| Other Short-Term Assets | $310.0K | $200.0K | $330.0K |
| YoY Change | -29.55% | -9.09% | 57.14% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $6.530M | $770.0K | $3.559M |
| YoY Change | 33.68% | -88.81% | 26.88% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $370.0K | $380.0K | $377.7K |
| YoY Change | 1.22% | 4.63% | 11.1% |
| Goodwill | $1.336M | $1.336M | |
| YoY Change | -3.48% | ||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $50.00K | $50.00K | $120.0K |
| YoY Change | -77.27% | -77.27% | -45.45% |
| Total Long-Term Assets | $4.780M | $4.790M | $4.847M |
| YoY Change | -4.1% | -3.85% | 771.27% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $6.530M | $770.0K | $3.559M |
| Total Long-Term Assets | $4.780M | $4.790M | $4.847M |
| Total Assets | $11.31M | $5.560M | $8.406M |
| YoY Change | 14.6% | -53.13% | 150.07% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $210.0K | $480.0K | $497.8K |
| YoY Change | -25.56% | -35.62% | 83.6% |
| Accrued Expenses | $940.0K | $850.0K | $610.2K |
| YoY Change | 70.91% | 150.12% | -23.99% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $190.0K | $0.00 | $0.00 |
| YoY Change | 1800.0% | -100.0% | |
| Long-Term Debt Due | $10.00K | $10.00K | $10.00K |
| YoY Change | -50.0% | -66.67% | -75.0% |
| Total Short-Term Liabilities | $1.360M | $1.340M | $1.129M |
| YoY Change | 55.83% | 17.94% | 0.92% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $20.00K | $20.00K | $0.00 |
| YoY Change | -100.0% | ||
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $20.00K | $20.00K | $0.00 |
| YoY Change | -97.44% | -97.62% | -100.0% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $1.360M | $1.340M | $1.129M |
| Total Long-Term Liabilities | $20.00K | $20.00K | $0.00 |
| Total Liabilities | $2.580M | $2.567M | $2.334M |
| YoY Change | -11.27% | -20.52% | 105.87% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$27.06M | -$23.19M | |
| YoY Change | 42.2% | 65.01% | |
| Common Stock | $5.793K | $5.760K | $5.719K |
| YoY Change | 1.24% | 1.09% | 77.06% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $8.720M | $2.997M | $6.072M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $11.31M | $5.565M | $8.406M |
| YoY Change | 14.6% | -53.09% | 150.07% |
Cashflow Statement
| Concept | 2016 Q3 | 2016 Q2 | 2015 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$1.838M | -$1.624M | |
| YoY Change | -14.67% | -32.47% | |
| Depreciation, Depletion And Amortization | $10.00K | $13.00K | $10.00K |
| YoY Change | 0.0% | 30.0% | -200.0% |
| Cash From Operating Activities | -$1.360M | -$1.100M | -$1.110M |
| YoY Change | -37.04% | -50.45% | -53.94% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$30.00K | -$30.00K | |
| YoY Change | -25.0% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cash From Investing Activities | $30.00K | -$30.00K | -$30.00K |
| YoY Change | -400.0% | -25.0% | |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 6.980M | 30.00K | 10.00K |
| YoY Change | -10071.43% | -99.29% | |
| NET CHANGE | |||
| Cash From Operating Activities | -1.360M | -1.100M | -1.110M |
| Cash From Investing Activities | 30.00K | -30.00K | -30.00K |
| Cash From Financing Activities | 6.980M | 30.00K | 10.00K |
| Net Change In Cash | 5.650M | -1.100M | -1.130M |
| YoY Change | -352.23% | -155.56% | -53.11% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.360M | -$1.100M | -$1.110M |
| Capital Expenditures | -$30.00K | -$30.00K | |
| Free Cash Flow | -$1.070M | -$1.080M | |
| YoY Change | -50.92% | -55.19% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q2 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
30047278 | USD |
| CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-23187164 | USD |
| CY2016Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-27055659 | USD |
| CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6072403 | USD |
| CY2015Q4 | us-gaap |
Liabilities
Liabilities
|
2333675 | USD |
| CY2016Q2 | us-gaap |
Goodwill
Goodwill
|
1336488 | USD |
| CY2015Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
29253848 | USD |
| CY2016Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2997379 | USD |
| CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
8406078 | USD |
| CY2016Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
5564708 | USD |
| CY2015Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
100326 | USD |
| CY2016Q2 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
55557 | USD |
| CY2016Q2 | us-gaap |
Liabilities
Liabilities
|
2567329 | USD |
| CY2015Q4 | us-gaap |
Goodwill
Goodwill
|
1336488 | USD |
| CY2016Q2 | us-gaap |
Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
|
3017377 | USD |
| CY2015Q4 | us-gaap |
Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
|
3017377 | USD |
| CY2016Q2 | us-gaap |
Deferred Rent Credit Current
DeferredRentCreditCurrent
|
10967 | USD |
| CY2016Q2 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
1205141 | USD |
| CY2016Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
578313 | USD |
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3226997 | USD |
| CY2015Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
87000 | USD |
| CY2016Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
496000 | USD |
| CY2015Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
465000 | USD |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
794000 | USD | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
734000 | USD | |
| CY2013Q4 | us-gaap |
Lessor Leasing Arrangements Operating Leases Term Of Contract
LessorLeasingArrangementsOperatingLeasesTermOfContract
|
P7Y | |
| CY2016Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2016Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | shares |
| CY2016Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
642576 | USD |
| CY2015Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1124066 | USD |
| CY2016Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
977653 | USD |
| us-gaap |
Proceeds From Long Term Capital Lease Obligations
ProceedsFromLongTermCapitalLeaseObligations
|
19036 | USD | |
| us-gaap |
Proceeds From Long Term Capital Lease Obligations
ProceedsFromLongTermCapitalLeaseObligations
|
0 | USD | |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
2590713 | USD |
| CY2015Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6605498 | USD |
| CY2015Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1354728 | USD |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0185 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0134 | pure | |
| CY2015Q2 | us-gaap |
Revenues
Revenues
|
77000 | USD |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
47520694 | shares | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
46005361 | shares | |
| us-gaap |
Goodwill Subsequent Recognition Of Deferred Tax Asset
GoodwillSubsequentRecognitionOfDeferredTaxAsset
|
48186000 | USD | |
| CY2015Q1 | mtnb |
Percentage Of Approval Shareholders
PercentageOfApprovalShareholders
|
1 | pure |
| CY2015Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
2478794 | USD |
| CY2016Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
1620229 | USD |
| CY2015Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2404532 | USD |
| CY2016Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1623885 | USD |
| CY2015Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.04 | |
| CY2016Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.03 | |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
55942013 | shares |
| CY2016Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
57593414 | shares |
| CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2401794 | USD |
| CY2016Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1620229 | USD |
| CY2015Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-2738 | USD |
| CY2016Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-3656 | USD |
| CY2016Q2 | us-gaap |
Revenues
Revenues
|
0 | USD |
| mtnb |
Proceeds From Issuance Of Common Stock Net
ProceedsFromIssuanceOfCommonStockNet
|
8500000 | USD | |
| CY2016Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
114000 | USD |
| CY2016Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
39250000 | shares |
| 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 |
| CY2014Q2 | mtnb |
Sharebased Compensation Arrangement By Sharebased Payment Award Increase Of Shares Offering Date
SharebasedCompensationArrangementBySharebasedPaymentAwardIncreaseOfSharesOfferingDate
|
January 1, 2015 | |
| CY2016Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
401000 | USD |
| CY2015Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
401000 | USD |
| CY2016Q2 | us-gaap |
Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
92976 | USD |
| CY2016Q2 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
160012 | USD |
| CY2016Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
162948 | USD |
| CY2016Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
165896 | USD |
| CY2016Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
168220 | USD |
| CY2016Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
84544 | USD |
| CY2016Q2 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
834596 | USD |
| CY2016Q2 | us-gaap |
Security Deposit
SecurityDeposit
|
300000 | USD |
| CY2014Q2 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
12723 | USD |
| CY2014Q2 | mtnb |
Increase Decrease In Lease Rental Expense
IncreaseDecreaseInLeaseRentalExpense
|
14200 | USD |
| CY2016Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
2287 | USD |
| dei |
Document Type
DocumentType
|
10-Q | ||
| dei |
Amendment Flag
AmendmentFlag
|
false | ||
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2016-06-30 | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2016 | ||
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
Matinas BioPharma Holdings, Inc. | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001582554 | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | ||
| dei |
Trading Symbol
TradingSymbol
|
MTNB | ||
| CY2016Q3 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
57593414 | shares |
| CY2015Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2015Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
57180148 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
57180148 | shares |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>NOTE A – Nature of Business</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> [1]</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> Corporate History</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">Matinas BioPharma Holdings Inc. (“Holdings”) is a Delaware corporation formed in 2013. Holdings is the parent company of Matinas BioPharma, Inc. (“BioPharma”), and Aquarius Biotechnologies, Inc., its operating subsidiaries (“Aquarius”, and together with “Holdings” and “BioPharma”, “the Company” or “we” or “our” or “us”). The Company is a development stage biopharmaceutical company with a focus on identifying and developing novel pharmaceutical products. </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">On January 29, 2015, we completed the acquisition of Aquarius (“Aquarius Merger”), 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 “cochleate delivery technology.” 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">On March 31, 2015 and April 10, 2015, we completed a private placement (“2015 Private Placement”), 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. On July 29, 2016, we conducted a closing of a private placement offering (“2016 Private Placement”) and issued and sold an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 880,058</font> shares (the “Series A Preferred Shares”) of the Company’s Series A Preferred Stock, par value $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.001</font> per share (the “Series A Preferred Stock”) resulting in net proceeds to us of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.8</font> million, after deducting the placement agent fees described below (see Note J) and other estimated offering expenses.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> [2]</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> 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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">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 invasive candidiasis 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 has been granted a QIDP designation and Orphan Drug designation by the U.S. FDA for the treatment of Nontuberculous Mycobacteria (NTM).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">In addition, the Company is exploring development and partnership options for MAT9001, a prescription-only omega-3 fatty acid-based composition under development for hypertriglyceridemia.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| 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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> [2]</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> <strong>Use of Estimates</strong></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| 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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> [4]</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> <strong>Concentration of Credit Risk</strong></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company’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 (“FDIC”) up to regulatory limits. At all times throughout the six months ended June 30, 2016, the Company’s cash balances exceeded the FDIC insurance limit. The Company has not experienced any losses in such accounts.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| mtnb |
Security Deposits Reduced By Straight Line Basis Description
SecurityDepositsReducedByStraightLineBasisDescription
|
This deposit was reduced by $100,000 in 2015 and $100,000 in June 2016, down to $100,000 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
|
0.911 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0115 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.01375 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
|
granted at prices not less than 100% of the fair value | ||
| 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 | ||
| CY2015 | us-gaap |
Net Income Loss
NetIncomeLoss
|
9100000 | USD |
| CY2016Q2 | us-gaap |
Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
|
20681 | USD |
| mtnb |
Revenue Recognition Milestone Fee On Achieving Sales Threshold
RevenueRecognitionMilestoneFeeOnAchievingSalesThreshold
|
100000 | USD | |
| CY2016Q1 | mtnb |
Capitalized Leasing Term
CapitalizedLeasingTerm
|
P36Y | |
| us-gaap |
Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
|
204 | USD | |
| CY2016Q1 | us-gaap |
Description Of Lessee Leasing Arrangements Capital Leases
DescriptionOfLesseeLeasingArrangementsCapitalLeases
|
The payments under the lease are accounted for as interest and payments under capital lease using 3 year amortization. | |
| CY2015Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
5719 | USD |
| CY2016Q2 | us-gaap |
Common Stock Value
CommonStockValue
|
5760 | USD |
| mtnb |
Stock Issuance Cost For Private Placement
StockIssuanceCostForPrivatePlacement
|
71805 | USD | |
| mtnb |
Stock Issuance Cost For Private Placement
StockIssuanceCostForPrivatePlacement
|
0 | USD | |
| CY2015Q4 | us-gaap |
Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
|
0 | USD |
| CY2016Q2 | us-gaap |
Leveraged Lease Investment
LeveragedLeaseInvestment
|
50000 | USD |
