Shares of Matinas BioPharma Holdings Inc. (MTNB) rose 7.81% to $0.83 in premarket trading on Tuesday. MTNB stock declined -1.05% to finish the last trading session at $0.77. There were 0.61 million shares traded for MTNB stock on the last day, below the daily average of 1.13 million shares for the last 50 days. MTNB stock rose 1.30% in the past five days; however, it has gained 0.38% in the last month. This year, MTNB has lost -43.39% and added 0.05% over the past three months. Since announcing its financial results, MTNB stock has gained traction.
For which quarter has MTNB Stock released its results?
Matinas introduces a paradigm-shifting lipid nanocrystal (LNC) delivery platform that allows for improved intracellular delivery of critical therapeutics. The MTNB team is working with pharmaceutical companies to create new formulations that fully utilize the capabilities of the LNC platform and is developing its own internal portfolio of products.
It was announced today that Matinas reported financial results for its second quarter ended June 30, 2021, along with an update on the company.
Financial Results for the second quarter of 2021:
- MTNB had cash, cash equivalents, and marketable securities valued at $59.8 million as of the last day of the quarter, compared to $58.7 million as of December 31, 2020.
- Current projections indicate that MTNB will have sufficient cash on hand to fund operations through 2024.
- MTNB common shareholders suffered a net loss of $5.0 million during the second quarter of 2021, or a loss of $0.02 per basic and diluted share, compared to a net loss of $5.8 million during the same period of 2020, or a loss of $0.03 per basic and diluted share.
- Reduced research and development expenses were the main reason for the decrease. MTNB spent $2.5 million on research and development during the second quarter of 2021, compared with $3.4 million during the same period in 2020.
- In January 2021, LYPDISO’s ENHANCE-IT study concluded, resulting in the decrease.
- The second quarter of 2021 saw General and Administrative expenses of MTNB falling to $2.3 million, about the same as those of $2.4 million for the same period of 2020.
For a live discussion of these results, MTNB will host a webcast and conference call at 8:00 am ET. In order to participate, callers should dial (877) 407-5976 (Toll-Free) or (412) 902-0031 (Toll) and reference conference ID 13720567. A live webcast of MTNB’s earnings call will be available on its Investors section and archiving will be available for 90 days.
The LNC Platform of MTNB:
In the future, Matinas BioPharma (MTNB) believes its LNC platform can be used for intracellular drug delivery that is both safe and effective. As a result of MAT2203 and MAT2501, MTNB has made great progress towards making these technologies commercially viable. EnACT’s second cohort finishing represents a major milestone for MTNB’s LNC platform, as well as a validation of its functionality.
