Equity has plummeted from $19.2 million in 2023Q4 to $3.0 million in 2026Q1, with $2.3 million of the remaining $5.9 million in total assets comprised of potentially impaired goodwill.
Matinas BioPharma Holdings, Inc. (MTNB) balance sheet — 14-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 1.14M | 4.08M | 8.03M | 15.54M | 34.53M | 50.99M | 61.55M | 29.92M | 13.09M | 7.96M | 4.57M | 3.56M | 2.81M | 10.92M | 424.36K |
| Cash & Short-Term Investments | 761K | 4M | 7.28M | 13.76M | 28.81M | 49.62M | 58.68M | 27.77M | 12.45M | 7.31M | 4.11M | 3.23M | 2.59M | 10.84M | 424.36K |
| Cash Only | 761K | 4M | 7.28M | 4.79M | 6.88M | 21.03M | 12.43M | 22.17M | 12.45M | 7.31M | 4.11M | 3.23M | 2.59M | 10.84M | 424.36K |
| Short-Term Investments | 0 | 0 | 0 | 8.97M | 21.93M | 28.59M | 46.25M | 5.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 50K | 76K | 741K | 50K | 5.72M | 49.53K | 136K | 250K | 100K | 155.43K | 155.61K | 100.33K | 100K | 0 | 0 |
| Total Non-Current Assets | 2.27M | 3.13M | 4.62M | 9.56M | 44.33M | 10.33M | 9.41M | 10.32M | 6.86M | 6.46M | 5.25M | 4.85M | 556.31K | 408.83K | 0 |
| Property, Plant & Equipment | 9K | 673K | 2.16M | 5.01M | 5.73M | 5.78M | 4.86M | 5.63M | 2.04M | 1.57M | 356K | 378K | 340K | 93K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | 0.22x | 0.56x | 0.01x | 0.03x | 0.02x | 0.06x | 0.10x | - | 0.51x | - | - | - |
| Goodwill | 0 | 0 | 0 | 1.34M | 1.34M | 1.34M | 1.34M | 1.34M | 1.34M | 1.34M | 1.34M | 1.34M | 0 | 0 | 0 |
| Intangible Assets | 2.26M | 2.26M | 2.26M | 3.02M | 3.02M | 3.02M | 3.02M | 3.02M | 3.02M | 3.02M | 3.02M | 3.02M | 0 | 0 | 0 |
| Long-Term Investments | 600K | 200K | 200K | 0 | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 200K | 0 | 200K | 199.95K | 336K | 460.89K | 535.86K | 540.99K | 115.09K | 216.31K | 315.83K | 0 |
| Total Assets | 3.41M | 7.21M | 12.64M | 25.1M | 78.87M | 61.33M | 70.97M | 40.24M | 19.94M | 14.42M | 9.82M | 8.41M | 3.36M | 11.33M | 424.36K |
| Asset Turnover | 0.00x | - | - | 0.04x | 0.04x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | - | 0.02x | - | - | - |
| Asset Growth % | -217.19% | -42.98% | -49.65% | -68.17% | 28.6% | -13.59% | 76.36% | 101.77% | 38.27% | 46.94% | 16.78% | 150.07% | -70.34% | 2570.76% | - |
| Total Current Liabilities | 1.35M | 1.46M | 2.67M | 2.62M | 4.29M | 4.35M | 3.57M | 3.1M | 2.84M | 2.22M | 1.44M | 1.13M | 1.12M | 858.97K | 84.43K |
| Accounts Payable | 845K | 315K | 95K | 514K | 618K | 937K | 349.94K | 679.31K | 295.65K | 582.87K | 475.6K | 497.84K | 271.15K | 396.77K | 60.33K |
| Days Payables Outstanding | 1.66K | 252.14 | 35.67 | 199.37 | 13.53 | 23.45 | 8.9 | 22.07 | 15.9 | 23.61 | 3.3K | 34.34 | 19.12 | - | - |
| Short-Term Debt | 0 | 696K | 0 | 0 | 569K | 0 | 0 | 0 | 199.84K | 170.24K | 118.05K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 809K | 33K | 643K | 100K | -83.25K | 29.94K | 0 | 608.17K | 758.38K | 0 | 0 |
| Other Current Liabilities | 0 | 452K | 4K | 271K | 585K | 899K | 329 | 862K | 1.63M | 0 | 11.48K | 9.22K | 0 | 0 | 24.1K |
| Current Ratio | 0.85x | 2.79x | 3.01x | 5.93x | 8.06x | 11.73x | 17.25x | 9.66x | 4.61x | 3.58x | 3.16x | 3.15x | 2.51x | 12.72x | 5.03x |
| Quick Ratio | 0.85x | 2.79x | 3.01x | 5.93x | 8.06x | 11.73x | 17.25x | 9.66x | 4.61x | 3.58x | 3.16x | 3.15x | 2.51x | 12.72x | 5.03x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 262K | 915K | 2.38M | 3.24M | 37.94M | 4.48M | 3.67M | 4.09M | 961.63K | 1.52M | 1.22M | 1.21M | 15.29K | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.75B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.62M | 658K | 2.13M | 2.9M | 3.56M | 4.14M | 3.33M | 3.75M | 107.66K | 67.68K | 16.45K | 0 | 15.29K | 0 | 0 |
| Deferred Tax Liabilities | 1.03M | 257K | 257K | 341K | 34.39M | 341K | 341.26K | 341K | 341.26K | 848.18K | 1.21M | 1.21M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.75B | 512.7K | 601.14K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.61M | 2.38M | 5.05M | 5.86M | 42.23M | 8.83M | 7.24M | 7.19M | 3.8M | 3.74M | 2.67M | 2.33M | 1.13M | 858.97K | 84.43K |
| Total Debt | 6K | 1.35M | 2.89M | 3.56M | 4.12M | 4.7M | 3.75M | 4.23M | 390.74K | 264.89K | 144.43K | 11.26K | 59.65K | 0 | 0 |
| Net Debt | -755K | -2.65M | -4.39M | -1.23M | -2.76M | -16.33M | -8.68M | -17.94M | -12.06M | -7.04M | -3.96M | -3.22M | -2.53M | -10.84M | -424.36K |
| Debt / Equity | 0.00x | 0.28x | 0.38x | 0.18x | 0.11x | 0.09x | 0.06x | 0.13x | 0.02x | 0.02x | 0.02x | 0.00x | 0.03x | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.12x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 1.8M | 4.83M | 7.59M | 19.25M | 36.64M | 52.49M | 63.73M | 33.05M | 16.14M | 10.68M | 7.15M | 6.07M | 2.23M | 10.47M | 339.94K |
| Equity Growth % | -223.77% | -36.36% | -60.56% | -47.47% | -30.21% | -17.63% | 92.83% | 104.76% | 51.11% | 49.4% | 17.75% | 172.56% | -78.73% | 2981.39% | - |
| Book Value per Share | 4.21 | 13.23 | 23.40 | 66.44 | 126.74 | 187.32 | 242.76 | 170.72 | 123.40 | 88.55 | 93.01 | 5.90 | 3.47 | 16.37 | 1.70 |
| Total Shareholders' Equity | 1.8M | 4.83M | 7.59M | 19.25M | 36.64M | 52.49M | 63.73M | 33.05M | 16.14M | 10.68M | 7.15M | 6.07M | 2.23M | 10.47M | 339.94K |
| Common Stock | 1K | 1K | 1K | 22K | 22K | 22K | 20.01K | 16K | 11.33K | 9.34K | 5.82K | 5.72K | 3.23K | 3.2K | 1K |
| Retained Earnings | -214.03M | -210.79M | -199.82M | -175.57M | -152.63M | -131.63M | -107.51M | -84.38M | -65.94M | -51.27M | -35.18M | -23.19M | -14.05M | -3.83M | -117.59K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -221K | -824K | -145K | 228.17K | -1K | -439K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MTNB stock.
As of 2025, Matinas BioPharma Holdings, Inc. (MTNB) had total assets of $7.2M including $4.1M in current assets.
Matinas BioPharma Holdings, Inc. (MTNB) carries total debt of $1.4M, offset by $4.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Matinas BioPharma Holdings, Inc. (MTNB) has total shareholders' equity (book value) of $4.8M ($13.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Matinas BioPharma Holdings, Inc. (MTNB) reported a current ratio of 2.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Immediate liquidity and dilution
Metrics are mathematically derived from official filings.
Asset Base Rapidly Eroding
As reported in financial statements, Matinas BioPharma's total assets have declined from $25.1 million in 2023Q4 to $5.9 million in 2026Q1, signaling a significant contraction in the company's resource base as it continues to fund clinical development without a corresponding inflow of commercial revenue.
The consistent downward trend in total assets reflects the ongoing consumption of capital to support R&D activities. This trajectory suggests that the company is nearing a critical inflection point where the current asset base may no longer support the scale of its clinical ambitions.
Liquidity Buffer Nearing Exhaustion
Based on the most recent 2026Q1 data, the company's cash position has dwindled to $2.4 million, representing a sharp decrease from the $10.3 million reported in 2024Q3, which indicates an increasingly precarious runway for a firm with no recurring revenue streams to offset its operational burn.
The current ratio of 1.32, while technically above parity, masks the reality that the company's primary assets are highly illiquid and tied to long-term clinical development. Investors should monitor the company's ability to secure non-dilutive funding, as the current cash balance appears insufficient to sustain operations through the next major clinical milestone.
Equity Erosion Through Accumulated Losses
According to recent SEC filings, the company's equity has plummeted from $19.2 million in 2023Q4 to $3.0 million in 2026Q1, a trend driven primarily by the relentless accumulation of losses which reached -$212.7 million as of the most recent quarter.
The persistent negative retained earnings highlight the significant capital destruction inherent in the current business model. This erosion of equity suggests that future financing will likely be heavily dilutive, as the company has little remaining book value to leverage for traditional debt instruments.
Goodwill Valuation Risks Persist
Data from financial filings reveals that $2.3 million of the company's $5.9 million in total assets is comprised of goodwill, which warrants further investigation given the company's lack of commercial success and the potential for future impairment charges to further weaken the balance sheet.
The presence of significant goodwill on the balance sheet appears disconnected from the company's current market valuation and clinical progress. If management is forced to write down these intangible assets, it would further erode the already thin equity base and potentially trigger restrictive covenants on existing debt.