On January 25, Matinas BioPharma Holdings Inc. (MTNB) provided an ongoing program update along with the outlook for 2022. Consequently, the stock became bullish in the after hours.
During the regular trading session, MTNB suffered a loss of 16.22% at its close of $0.67. Following the announcement, the stock rebounded to add 7.42% in the after-hours. Hence, MNTB was trading at $0.72 per share at an after-hours volume of 146.37K, on Tuesday.
The clinical-stage biopharmaceutical company, Matinas BioPharma Holdings Inc. has a market capitalization of $172.93 million. Currently, it has 216.25 million shares outstanding in the market.
Program Updates and Milestones
The key updates and upcoming milestones of MTNB’s programs include:
MAT2203 Program
- Positive meeting with FDA in December 2021.
- CMC meeting with FDA in late Q1 2022 with expectations for late 2023 NDA submission.
- FDA meetup in Q2 2022 for expansion details of Cohort 5 of EnACT trial.
- Commencement of Cohort 4 EnACT with preliminary data expectation in Q3 2022.
- Data from additional preclinical studies is expected in late 2022.
- Request for Scientific Advice submission to EMA in Q2 of 2022.
LNC Platform
- Collaboration with National Institute of Allergy and Infectious Diseases (NIAID) along with Department of Epidemiology at UNC. Moreover, the initiation of the preclinical collaborative trial is estimated in Q1 and data in the second half of 2022.
- Extension of collaboration with Genentech, with additional data expected in 2022.
MAT2501 Program
- Data from ongoing SAD Mat2501 anticipated in Q2 2022.
- Additional grant award by Cystic Fibrosis Foundation (CFF) in Q4 of 2021, hence totaling $4.5 million for MAT2501.
- Long-term preclinical toxicology studies are intended in 2022.
- Phase 2 trial underworks with initiation expected in 2023 awaiting CFF support.
LYPDISOTM Program
Interest from various companies, with evaluation for partnership ongoing and update expected in Q2 2022.
MTNB’s Future Outlook
According to the preliminary, unaudited estimate, MTNB had cash, cash equivalents, and marketable securities of $49.9M approx., on December 31, 2021. Comparatively, the same was $58.7M the year before.
Thus, as per the company’s projections, MTNB expects the current cash position to lead the company’s operations into 2023.
MTNB’s Q3 Financial Highlight
In the third quarter of 2021, the company incurred a net loss of $6.8, against $5.7 million in Q3 of 2020. Resultantly, the net loss per basic and diluted share was $0.03 in Q3 of 2021 and 2020.
