The company has reported zero commercial revenue over the last ten quarters, while SG&A expenses have consistently ranged between $1.6 million and $2.5 million per quarter.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 1.1M | 3.19M | 33K | 158.33K | 89.81K | 119.75K | 149.69K | 0 | 194.49K | 0 | 0 | 0 |
| Revenue Growth % | - | - | -100% | -65.62% | 9560.61% | -79.16% | 76.29% | -25% | -20% | - | -100% | - | - | - | - |
| Cost of Goods Sold | 227K | 456K | 972K | 941K | 16.68M | 14.58M | 14.36M | 11.23M | 6.79M | 9.01M | 52.64K | 5.29M | 5.18M | 0 | 0 |
| COGS % of Revenue | - | - | - | 85.86% | 523.15% | 44190.91% | 9068.81% | 12508.96% | 5668.04% | 6019.56% | - | 2721.01% | - | - | - |
| Gross Profit | -227K | -456K | -972K | 1.1M | -13.49M | -14.55M | -14.2M | -11.14M | -6.67M | -8.86M | -52.64K | -5.1M | -5.18M | 0 | 0 |
| Gross Margin % | - | - | - | 100% | -423.15% | -44090.91% | -8968.81% | -12408.96% | -5568.04% | -5919.56% | - | -2621.01% | - | - | - |
| Gross Profit Growth % | - | 53.09% | -188.69% | 108.12% | 7.29% | -2.46% | -27.42% | -67.14% | 24.75% | -16731.57% | 98.97% | 1.5% | - | - | - |
| Operating Expenses | 6.96M | 6.5M | 24.59M | 24.86M | 11.1M | 10.19M | 10.01M | 7.78M | 14.77M | 16.65M | 8.26M | 10.11M | 10.46M | 3.71M | 116.08K |
| OpEx % of Revenue | - | - | - | 2268.43% | 348.18% | 30863.64% | 6319.57% | 8658.42% | 12330.94% | 11124.61% | - | 5196.04% | - | - | - |
| Selling, General & Admin | 6.95M | 6.88M | 8.73M | 10.37M | 11.1M | 10.19M | 10.01M | 7.78M | 7.98M | 7.64M | 4.31M | 4.81M | 5.29M | 1.95M | 37.23K |
| SG&A % of Revenue | - | - | - | 946.44% | 348.18% | 30863.64% | 6319.57% | 8658.42% | 6662.9% | 5105.05% | - | 2475.04% | - | - | - |
| Research & Development | 0 | 85K | 11.43M | 14.49M | 16.68M | 14.58M | 14.36M | 11.23M | 6.79M | 9.01M | 3.95M | 5.29M | 5.18M | 1.76M | 78.85K |
| R&D % of Revenue | - | - | - | 1321.99% | 523.15% | 44190.91% | 9068.81% | 12508.96% | 5668.04% | 6019.56% | - | 2721.01% | - | - | - |
| Other Operating Expenses | 11K | -456K | 4.43M | 0 | -16.68M | -14.58M | -14.36M | -11.23M | 56.55K | 22.03K | -16.5K | 19.63K | -25.17K | -688 | 0 |
| Operating Income | -6.95M | -6.96M | -24.59M | -23.77M | -24.59M | -24.73M | -24.21M | -18.92M | -14.65M | -16.5M | -8.26M | -9.91M | -10.46M | -3.71M | -116.08K |
| Operating Margin % | - | - | - | -2168.43% | -771.33% | -74954.55% | -15288.38% | -21067.38% | -12230.94% | -11024.61% | - | -5096.04% | - | - | - |
| Operating Income Growth % | - | 71.7% | -3.48% | 3.35% | 0.59% | -2.18% | -27.93% | -29.18% | 11.25% | -99.86% | 16.69% | 5.29% | -181.89% | -3098.31% | - |
| EBITDA | -6.33M | -6.5M | -23.62M | -22.82M | -24.23M | -24.45M | -23.92M | -18.59M | -14.43M | -16.4M | -8.2M | -9.87M | -10.42M | -3.71M | 0 |
| EBITDA Margin % | - | - | - | -2082.57% | -760.16% | -74106.06% | -15105.21% | -20701.33% | -12048.63% | -10957.4% | - | -5073.68% | - | - | - |
| EBITDA Growth % | 68.89% | 72.47% | -3.49% | 5.81% | 0.9% | -2.25% | -28.64% | -28.86% | 12.03% | -99.91% | 16.86% | 5.33% | -180.86% | - | - |
| D&A (Non-Cash Add-back) | 621K | 456K | 972K | 941K | 356K | 280K | 290.02K | 328.76K | 218.31K | 100.61K | 52.64K | 43.5K | 41.58K | 1.13K | 116.08K |
| EBIT | -10.34M | -10.35M | -20.16M | -22.94M | -21M | -23.28M | -24.21M | -18.92M | -14.65M | -16.5M | -8.26M | -9.91M | -10.46M | -3.71M | 0 |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -4.28M | -3.38M | 262K | 824K | 3.59M | 1.45M | 1.76M | 1.55M | 56.55K | 658.96K | 658.4K | 776.1K | 243.95K | -688 | 0 |
| Pretax Income | -11.23M | -10.35M | -24.33M | -22.94M | -21M | -23.28M | -22.45M | -17.37M | -14.59M | -15.84M | -7.6M | -9.14M | -10.22M | -3.71M | -116.08K |
| Pretax Margin % | - | - | - | -2093.25% | -658.63% | -70554.55% | -14176.98% | -19343.35% | -12183.71% | -10584.38% | - | -4697.01% | - | - | - |
| Income Tax | 0 | 0 | -80K | 0 | 0 | 0 | 0 | 0 | -506.92K | -356.96K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0.33% | 0% | 0% | 0% | 0% | 0% | 3.47% | 2.25% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -11.23M | -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 |
| Net Margin % | - | - | - | -2093.25% | -658.63% | -70554.55% | -14176.98% | -19343.35% | -11760.4% | -10345.91% | - | -4697.01% | - | - | - |
| Net Income Growth % | 44.09% | 57.34% | -5.71% | -9.26% | 9.82% | -3.73% | -29.21% | -23.36% | 9.06% | -103.8% | 16.82% | 10.62% | -175.27% | -3098.9% | - |
| Net Income (Continuing) | -11.23M | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.75 | -2.00 | -4.98 | -5.28 | -3.00 | -5.04 | -5.23 | -5.37 | -7.18 | -8.56 | -6.59 | -8.87 | -15.93 | -5.80 | -0.58 |
| EPS Growth % | 50% | 59.84% | 5.68% | -76% | 40.48% | 3.63% | 2.61% | 25.21% | 16.12% | -29.89% | 25.7% | 44.32% | -174.66% | -900% | - |
| EPS (Basic) | - | -2.00 | -4.98 | -5.28 | -3.00 | -5.04 | -5.23 | -5.37 | -7.18 | -8.56 | -6.59 | -8.87 | -15.93 | -5.80 | -0.58 |
| Diluted Shares Outstanding | 6.41M | 5.47M | 4.87M | 4.35M | 4.34M | 4.2M | 3.94M | 2.9M | 1.96M | 1.81M | 1.15M | 1.03M | 641.53K | 640K | 200K |
| Basic Shares Outstanding | 6.41M | 5.47M | 4.87M | 4.35M | 4.34M | 4.2M | 3.94M | 2.9M | 1.96M | 1.81M | 1.15M | 1.03M | 641.53K | 640K | 200.01K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Immediate liquidity and dilution
As indicated by the company's financial statements, Matinas BioPharma has reported zero revenue across the last ten quarters, confirming its status as a pre-revenue clinical-stage entity entirely dependent on non-recurring collaboration payments or external capital to sustain its ongoing research and development activities and operational overhead.
The lack of top-line growth reflects the company's current focus on platform validation rather than commercial product sales. Investors should interpret this as a binary outcome scenario where future revenue generation is contingent upon successful clinical trial readouts or the expansion of existing feasibility partnerships.
Based on reported figures, the company's cost structure is dominated by research and development outlays, which have historically reached as high as $3.7 million in a single quarter, reflecting the significant capital intensity required to advance the Lipid Nanocrystal delivery platform through late-stage clinical development phases.
While R&D spending has fluctuated, the persistent operational losses underscore the company's reliance on external funding. The variability in these costs suggests that management is actively managing trial-related expenses, yet the lack of a commercial product means these costs remain purely additive to the company's deficit.
According to recent SEC filings, Matinas continues to operate with significant negative operating margins, as the company lacks the gross profit necessary to cover its fixed SG&A expenses, which have consistently hovered between $1.6 million and $2.5 million per quarter over the observed ten-quarter period.
The absence of operating leverage is a structural reality for a pre-revenue biotech firm. Without a commercialized asset to generate gross margin, the company's operating income will likely remain deeply negative, necessitating continued reliance on dilutive financing to fund ongoing administrative and research operations.
With a reported cash balance of approximately $4 million, the company faces a precarious financial position that warrants further investigation, as this level of liquidity may be insufficient to support the high burn rate required for upcoming Phase 3 clinical trial milestones and general corporate operations.
Short-term survival appears to be the primary risk, as the company may be forced to pursue highly dilutive equity offerings to bridge its funding gap. Investors should monitor the potential for a 'going concern' disclosure, as the current cash runway appears to be rapidly depleting.
Quick answers to the most common questions about buying MTNB stock.
For fiscal year 2025, Matinas BioPharma Holdings, Inc. (MTNB) reported total revenue of $0.0M.
Matinas BioPharma Holdings, Inc. (MTNB) reported a net loss of $10.3M for the fiscal year ending 2025.