Free cash flow remains persistently negative, with outflows reaching as high as $5.8 million in 2024Q1, highlighting a total reliance on external financing to fund operations.
Matinas BioPharma Holdings, Inc. (MTNB) cash flow statement — 14-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -6.42M | -7.01M | -15.88M | -15.28M | -19.16M | -15.22M | -17.37M | -14.09M | -10.32M | -11.46M | -6.12M | -7.81M | -7.96M | -2.99M | -57.26K |
| Operating CF Margin % | - | - | - | -1393.98% | -600.88% | -46130.3% | -10969.18% | -15690.63% | -8618.96% | -7655.6% | - | -4017.81% | - | - | - |
| Operating CF Growth % | 144.28% | 55.86% | -3.97% | 20.24% | -25.84% | 12.35% | -23.25% | -36.54% | 9.93% | -87.28% | 21.7% | 1.84% | -166.45% | -5117.65% | - |
| Net Income | -7.31M | -10.35M | -24.25M | -22.94M | -21M | -23.28M | -22.45M | -17.37M | -14.08M | -15.49M | -7.6M | -9.14M | -10.22M | -3.71M | -116.08K |
| Depreciation & Amortization | 615K | 456K | 972K | 941K | 898K | 781K | 774.59K | 780.82K | 218.31K | 100.61K | 52.64K | 43.5K | 41.58K | 1.13K | 0 |
| Stock-Based Compensation | 574K | 1.02M | 3.19M | 4.95M | 5.23M | 4.29M | 4.56M | 2.99M | 3.83M | 3.6M | 1.52M | 1.59M | 1.97M | 325.74K | 0 |
| Deferred Taxes | 0 | 0 | -84K | 0 | 0 | 0 | 8.48K | 6.42K | -506.92K | -356.96K | 0 | 0 | -1.97M | -325.74K | 0 |
| Other Non-Cash Items | -531K | 3.37M | 4.41M | 108K | 504K | 1.45M | 239.83K | 140 | 57.15K | 157.35K | 2.26K | 9.22K | 1.97M | 325.74K | 58.81K |
| Working Capital Changes | -387K | -1.51M | -131K | 1.67M | -4.79M | 1.53M | -508.69K | -492.07K | 160.24K | 528.57K | -93.79K | -324.1K | 244.12K | 398.42K | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.64K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 678K | 220K | -419K | -103K | -321K | 588K | -329.37K | 383.66K | -287.21K | 107.27K | -22.24K | -73.73K | -125.61K | 336.44K | 0 |
| Cash from Investing | 335K | 335K | 9.21M | 13.24M | 4.88M | 16.77M | -40.67M | -6.01M | -535.92K | -942.18K | 0 | -5.42K | -288.52K | -94.19K | 0 |
| Capital Expenditures | 0 | 0 | 0 | -218K | -892K | -260K | -5.75K | -405.6K | -535.92K | -942.18K | 0 | -76.18K | -288.52K | -94.19K | 0 |
| CapEx % of Revenue | - | - | - | 19.89% | 27.98% | 787.88% | 3.63% | 451.61% | 447.53% | 629.43% | - | 39.17% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 8.48M | 0 | 0 | 0 | 0 | 70.75K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 335K | 335K | 0 | 0 | 0 | 0 | -8.48M | -5.61M | -535.92M | -942.18M | 0 | -5.42M | -399.61M | 0 | 0 |
| Cash from Financing | 121K | 3.39M | 9.17M | -7K | 79K | 6.96M | 48.05M | 29.85M | 15.87M | 15.6M | 7M | 8.46M | 0 | 13.5M | 479.63K |
| Debt Issued (Net) | -8K | -9K | -5K | -7K | -20K | -30K | -54.67K | -81.72K | -59.18K | -17.13K | -15.94K | -48.39K | 0 | 0 | 0 |
| Equity Issued (Net) | 129K | 3.43M | 9.18M | 0 | 99K | 5.58M | 46.7M | 0 | 0 | 1.12M | 8M | 0 | 0 | 15.88M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -682.8M | -2.23B | -587.14M | -608.34M | -4.39B | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2K |
| Other Financing | 0 | -29K | 0 | 0 | 0 | 1.42M | 684.2M | 2.26B | 603.07M | 622.84M | 4.39B | 8.5M | 0 | -2.38M | 479.63K |
| Net Change in Cash | -5.96M | -3.29M | 2.5M | -2.04M | -14.2M | 8.51M | -9.99M | 9.75M | 5.01M | 3.2M | 878.45K | 636.28K | -8.25M | 10.42M | 422.36K |
| Free Cash Flow | -6.42M | -7.01M | -15.88M | -15.5M | -20.05M | -15.48M | -17.37M | -14.5M | -10.86M | -12.4M | -6.12M | -7.89M | -8.25M | -3.08M | -57.26K |
| FCF Margin % | - | - | - | -1413.87% | -628.86% | -46918.18% | -10972.81% | -16142.24% | -9066.49% | -8285.03% | - | -4056.98% | - | - | - |
| FCF Growth % | 41.84% | 55.86% | -2.51% | 22.71% | -29.48% | 10.88% | -19.84% | -33.53% | 12.45% | -102.68% | 22.46% | 4.35% | -167.67% | -5282.13% | - |
| FCF per Share | -15.03 | -19.21 | -48.97 | -53.49 | -69.35 | -55.25 | -66.18 | -74.89 | -83.00 | -102.80 | -79.60 | -7.66 | -12.86 | -4.82 | -0.29 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.68x | 0.66x | 0.67x | 0.91x | 0.65x | 0.77x | 0.81x | 0.73x | 0.74x | 0.81x | 0.86x | 0.78x | 0.80x | 0.49x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 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.
Matinas BioPharma Holdings, Inc. (MTNB) generated $-7.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Matinas BioPharma Holdings, Inc. (MTNB) reported negative free cash flow of $7.0M in 2025, indicating capital requirements exceeded cash from operations.
Matinas BioPharma Holdings, Inc. (MTNB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Immediate liquidity and dilution
Metrics are mathematically derived from official filings.
Earnings Disconnect Masks Cash Burn
As reported in financial statements, the OCF/NI ratio has fluctuated significantly, ranging from 0.39 to 1.21, which suggests that net income is a poor proxy for the actual cash consumption required to sustain the company's ongoing clinical development and research activities over the last ten quarters.
The volatility in the relationship between net income and operating cash flow appears driven by non-cash adjustments and working capital swings rather than operational efficiency. Investors should monitor this divergence, as it indicates that accounting losses may not fully capture the immediate liquidity pressure facing the firm.
Persistent Negative Free Cash Flow
Based on Matinas's reported figures, the company has generated negative free cash flow in every observed quarter, with outflows reaching as high as $5.8 million, confirming that the business remains entirely reliant on external financing to fund its research-heavy operational model and clinical trial milestones.
The absence of positive free cash flow is consistent with a pre-revenue biotech profile, yet the magnitude of these outflows relative to the current $4 million cash balance warrants further investigation. This trajectory suggests that the company may be approaching a critical juncture where capital access becomes the primary determinant of survival.
Working Capital Volatility Impacts Liquidity
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $1.4 million inflow in 2024Q2 to a $500,000 outflow in 2025Q1, which complicates the predictability of the company's short-term cash requirements and highlights the instability of its current operational funding cycle.
These fluctuations may indicate timing differences in clinical trial payments or partner-related feasibility study settlements. Such variability in working capital management appears to exacerbate the company's liquidity constraints, making it difficult to forecast the exact date of potential capital exhaustion.
SBC Obscures True Cash Outflow
Data from financial filings reveals that stock-based compensation has historically been a significant non-cash add-back, peaking at $1.3 million in 2023Q4, which effectively masks the true economic cost of talent retention and the dilutive impact on existing shareholders during this period of intense cash burn.
While stock-based compensation preserves cash in the short term, it represents a deferred cost that dilutes equity holders without providing the immediate liquidity needed for clinical operations. Analysts should adjust for these non-cash expenses to better understand the underlying cash-outflow reality of the business.