Matinas Biopharm Financials

MTNB

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

1/9

Matinas Biopharm passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.66x

For every $1 of reported earnings, Matinas Biopharm generates $0.66 in operating cash flow (-$15.9M OCF vs -$24.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Matinas Biopharm (MTNB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

N/A

EBITDA

-$24.2M

YoY-3.6%

Matinas Biopharm's EBITDA was -$24.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.6% from the prior year.

Free Cash Flow

N/A

Net Income

-$24.3M

YoY-5.7%

Matinas Biopharm reported -$24.3M in net income in fiscal year 2024. This represents a decrease of 5.7% from the prior year.

EPS (Diluted)

$-4.98

YoY+5.7%

Matinas Biopharm earned $-4.98 per diluted share (EPS) in fiscal year 2024. This represents an increase of 5.7% from the prior year.

Cash & Debt

$7.3M

YoY+52.2%

5Y CAGR-20.0%

10Y CAGR+10.9%

Matinas Biopharm held $7.3M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+17.1%

Matinas Biopharm had 5M shares outstanding in fiscal year 2024. This represents an increase of 17.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$11.4M

YoY-21.1%

5Y CAGR+0.4%

10Y CAGR+8.2%

Matinas Biopharm invested $11.4M in research and development in fiscal year 2024. This represents a decrease of 21.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

MTNB Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	$1.1M-65.6%	$3.2M+9560.6%	$33K-79.2%	$158K+76.3%	$90K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$11.4M-21.1%	$14.5M-13.1%	$16.7M+14.4%	$14.6M+1.6%	$14.4M+27.8%	$11.2M
SG&A Expenses	$8.7M-15.8%	$10.4M-6.5%	$11.1M+9.0%	$10.2M+1.8%	$10.0M+28.7%	$7.8M
Operating Income	-$24.6M-3.5%	-$23.8M+3.4%	-$24.6M+0.6%	-$24.7M-2.2%	-$24.2M-27.9%	-$18.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$80K	N/A	N/A	N/A	N/A	N/A
Net Income	-$24.3M-5.7%	-$22.9M-9.3%	-$21.0M+9.8%	-$23.3M-3.7%	-$22.4M-29.2%	-$17.4M
EPS (Diluted)	$-4.98+5.7%	$-5.28	$-0.10	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	$85K-96.2%	$2.2M-33.6%	$3.4M-2.2%	$3.4M	N/A	$3.3M
SG&A Expenses	$1.6M-14.2%	$1.8M-1.3%	$1.9M-13.1%	$2.1M-13.2%	$2.5M+0.5%	$2.5M	N/A	$2.8M
Operating Income	-$1.6M+14.2%	-$1.8M+5.6%	-$1.9M+55.6%	-$4.4M+25.0%	-$5.8M+1.1%	-$5.9M	N/A	-$6.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$1.5M+70.8%	-$5.2M-216.7%	-$1.7M+61.3%	-$4.3M+25.2%	-$5.7M+1.8%	-$5.8M	N/A	-$6.1M
EPS (Diluted)	$-0.40+61.2%	$-1.03-212.1%	$-0.33+61.2%	$-0.85	$-1.15+14.2%	$-1.34	N/A	$-1.39

MTNB Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$12.6M-49.6%	$25.1M-44.0%	$44.8M-26.9%	$61.3M-13.6%	$71.0M+76.4%	$40.2M
Current Assets	$8.0M-48.4%	$15.5M-55.0%	$34.5M-32.3%	$51.0M-17.2%	$61.6M+105.7%	$29.9M
Cash & Equivalents	$7.3M+52.2%	$4.8M-29.9%	$6.8M-67.5%	$21.0M+69.2%	$12.4M-43.9%	$22.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	$1.3M0.0%	$1.3M0.0%	$1.3M0.0%	$1.3M0.0%	$1.3M
Total Liabilities	$5.1M-13.8%	$5.9M-28.4%	$8.2M-7.4%	$8.8M+22.0%	$7.2M+0.7%	$7.2M
Current Liabilities	$2.7M+1.7%	$2.6M-38.8%	$4.3M-1.4%	$4.3M+21.9%	$3.6M+15.2%	$3.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$7.6M-60.6%	$19.2M-47.5%	$36.6M-30.2%	$52.5M-17.6%	$63.7M+92.8%	$33.1M
Retained Earnings	-$199.8M-13.8%	-$175.6M-15.0%	-$152.6M-16.0%	-$131.6M-22.4%	-$107.5M-27.4%	-$84.4M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$9.7M-15.1%	$11.4M-5.1%	$12.0M-4.8%	$12.6M-48.1%	$24.4M+24.2%	$19.6M-21.9%	$25.1M-15.7%	$29.8M
Current Assets	$5.7M-22.2%	$7.3M-3.7%	$7.5M-6.0%	$8.0M-47.5%	$15.3M+48.6%	$10.3M-33.8%	$15.5M-22.2%	$20.0M
Cash & Equivalents	$5.4M-16.7%	$6.5M-5.8%	$6.9M-4.9%	$7.3M+72.8%	$4.2M+293.7%	$1.1M-77.6%	$4.8M-25.3%	$6.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	$1.3M0.0%	$1.3M0.0%	$1.3M0.0%	$1.3M0.0%	$1.3M
Total Liabilities	$3.2M-13.7%	$3.7M-35.0%	$5.8M+14.1%	$5.1M-4.0%	$5.3M+4.2%	$5.1M-13.8%	$5.9M-11.8%	$6.6M
Current Liabilities	$1.5M-16.2%	$1.8M-20.9%	$2.3M-15.4%	$2.7M+11.5%	$2.4M+19.7%	$2.0M-23.8%	$2.6M-18.8%	$3.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.5M-15.8%	$7.7M+22.4%	$6.3M-17.4%	$7.6M-60.3%	$19.1M+31.2%	$14.6M-24.4%	$19.2M-16.9%	$23.1M
Retained Earnings	-$208.9M-1.0%	-$206.7M-2.6%	-$201.5M-0.8%	-$199.8M-6.8%	-$187.1M-3.2%	-$181.4M-3.3%	-$175.6M-3.1%	-$170.3M

MTNB Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$15.9M-4.0%	-$15.3M+20.2%	-$19.2M-25.8%	-$15.2M+12.3%	-$17.4M-23.2%	-$14.1M
Capital Expenditures	N/A	$218K-75.6%	$892K+243.1%	$260K+4422.5%	$6K-98.6%	$406K
Free Cash Flow	N/A	-$15.5M+22.7%	-$20.0M-29.5%	-$15.5M+10.9%	-$17.4M-19.8%	-$14.5M
Investing Cash Flow	$9.2M-30.5%	$13.2M+171.5%	$4.9M-70.9%	$16.8M+141.2%	-$40.7M-576.5%	-$6.0M
Financing Cash Flow	$9.2M+131157.1%	-$7K-108.9%	$79K-98.9%	$7.0M-85.5%	$48.0M+61.0%	$29.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$1.5M+27.1%	-$2.0M-0.7%	-$2.0M+42.8%	-$3.5M-13.0%	-$3.1M+46.2%	-$5.8M-26.0%	-$4.6M-3.6%	-$4.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$16K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$4.6M-3.2%	-$4.4M
Investing Cash Flow	N/A	N/A	N/A	$500K+117.0%	-$2.9M-246.9%	$2.0M-32.4%	$3.0M+173.1%	$1.1M
Financing Cash Flow	$64K-96.1%	$1.6M-1.5%	$1.6M+164800.0%	-$1K-100.0%	$9.2M+17237.7%	$53K+5400.0%	-$1K0.0%	-$1K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MTNB Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-2168.4%-1397.1pp	-771.3%+74183.2pp	-74954.5%-59666.2pp	-15288.4%+5779.0pp	-21067.4%
Net Margin	N/A	-2093.3%-1434.6pp	-658.6%+69895.9pp	-70554.5%-56377.6pp	-14177.0%+5166.4pp	-19343.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-191.8%-100.5pp	-91.4%-44.5pp	-46.9%-8.9pp	-38.0%-6.3pp	-31.6%+11.5pp	-43.2%
Current Ratio	3.01-2.9	5.93-2.1	8.06-3.7	11.73-5.5	17.25+7.6	9.66
Debt-to-Equity	0.67+0.4	0.30+0.1	0.22+0.1	0.17+0.1	0.11-0.1	0.22
FCF Margin	N/A	-1413.9%-785.0pp	-628.9%+46289.3pp	-46918.2%-35945.4pp	-10972.8%+5169.4pp	-16142.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-15.8%+30.1pp	-45.9%-32.1pp	-13.8%+7.0pp	-20.8%+2.7pp	-23.5%+6.2pp	-29.7%	N/A	-20.3%
Current Ratio	3.78-0.3	4.07+0.7	3.35+0.3	3.01-3.4	6.39+1.2	5.15-0.8	5.93-0.3	6.19
Debt-to-Equity	0.50+0.0	0.49-0.4	0.92+0.3	0.67+0.4	0.28-0.1	0.35+0.0	0.30+0.0	0.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Lyra Therapeutics, Inc. LYRA

$2.5M

Bolt Biotherapeutics, Inc. BOLT

$9.5M

Processa Pharmaceuticals Inc PCSA

$5.0M

Cyclacel Phar Pr CYCCP

$9.6M

Aprea Therapeutics, Inc. APRE

$4.3M

Frequently Asked Questions

Is Matinas Biopharm profitable?

No, Matinas Biopharm (MTNB) reported a net income of -$24.3M in fiscal year 2024.

What is Matinas Biopharm's earnings per share (EPS)?

Matinas Biopharm (MTNB) reported diluted earnings per share of $-4.98 for fiscal year 2024. This represents a 5.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Matinas Biopharm's EBITDA?

Matinas Biopharm (MTNB) had EBITDA of -$24.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Matinas Biopharm's operating cash flow?

Matinas Biopharm (MTNB) generated -$15.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Matinas Biopharm's total assets?

Matinas Biopharm (MTNB) had $12.6M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Matinas Biopharm spend on research and development?

Matinas Biopharm (MTNB) invested $11.4M in research and development during fiscal year 2024.

How many shares does Matinas Biopharm have outstanding?

Matinas Biopharm (MTNB) had 5M shares outstanding as of fiscal year 2024.

What is Matinas Biopharm's current ratio?

Matinas Biopharm (MTNB) had a current ratio of 3.01 as of fiscal year 2024, which is generally considered healthy.

What is Matinas Biopharm's debt-to-equity ratio?

Matinas Biopharm (MTNB) had a debt-to-equity ratio of 0.67 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Matinas Biopharm's return on assets (ROA)?

Matinas Biopharm (MTNB) had a return on assets of -191.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Matinas Biopharm's cash runway?

Based on fiscal year 2024 data, Matinas Biopharm (MTNB) had $7.3M in cash against an annual operating cash burn of $15.9M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Matinas Biopharm's Piotroski F-Score?

Matinas Biopharm (MTNB) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Matinas Biopharm's earnings high quality?

Matinas Biopharm (MTNB) has an earnings quality ratio of 0.66x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.