Detailed financial statements for Matinas BioPharma Holdings, Inc. (MTNB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Matinas BioPharma Holdings, Inc. is a biopharmaceutical firm in the clinical development phase, dedicated to identifying and advancing a range of potential therapeutic products. The company's innovative Lipid Nanocrystal (LNC) platform technology underpins its product development efforts.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.17, MTNB has negative trailing earnings (P/E not meaningful) and an ROE of -181.45%. Market capitalisation stands at $1M.
Balance sheet quality for MTNB: current ratio of 2.8, net cash position of $2.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $149687 | $119750 | $89812 | $158333 | $33000 | $3.2M | $1.1M | 0 | 0 |
| Cost of Revenue | $52644 | $9.0M | $6.8M | $11.2M | $14.4M | $14.6M | $16.7M | $941000 | $972000 | $456000 |
| Gross Profit | -$52644 | -$8.9M | -$6.7M | -$11.1M | -$14.2M | -$14.6M | -$13.5M | $155000 | -$972000 | -$456000 |
| Research & Development | $3.9M | $9.0M | $6.8M | $11.2M | $14.4M | $14.6M | $16.7M | $14.5M | $11.4M | $85000 |
| Selling, General & Admin | $4.3M | $7.6M | $8.0M | $7.8M | $10.0M | $10.2M | $11.1M | $9.4M | $7.8M | $6.9M |
| Operating Expenses | $8.3M | $16.7M | $14.8M | $7.8M | $10.0M | $10.2M | $11.1M | $23.9M | $19.2M | $6.5M |
| Operating Income | -$8.3M | -$16.5M | -$14.6M | -$18.9M | -$24.2M | -$24.7M | -$24.6M | -$23.8M | -$20.2M | -$7.0M |
| EBITDA | -$8.2M | -$16.4M | -$14.4M | -$18.6M | -$23.9M | -$23.0M | -$20.6M | -$22.0M | -$19.2M | -$9.9M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$7.6M | -$15.8M | -$14.6M | -$17.4M | -$22.4M | -$23.3M | -$21.0M | -$22.9M | -$24.3M | -$10.3M |
| Income Tax | 0 | -$356956 | -$506920 | 0 | 0 | 0 | 0 | 0 | -$80000 | 0 |
| Net Income | -$7.6M | -$15.5M | -$14.1M | -$17.4M | -$22.4M | -$23.3M | -$21.0M | -$22.9M | -$24.3M | -$10.3M |
| EPS | $-6.59 | $-8.56 | $-7.18 | $-5.37 | $-5.23 | $-5.04 | $-3.00 | $-5.28 | $-4.98 | $-2.00 |
| EPS (Diluted) | $-6.59 | $-8.56 | $-7.18 | $-5.37 | $-5.23 | $-5.04 | $-3.00 | $-5.28 | $-4.98 | $-2.00 |
| Shares Outstanding (Diluted) | $1.2M | $1.8M | $2.0M | $2.9M | $3.9M | $4.2M | $4.3M | $4.3M | $4.9M | $5.5M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.1M | $7.3M | $12.4M | $22.2M | $12.4M | $21.0M | $6.9M | $4.8M | $7.3M | $4.0M |
| Short-term Investments | 0 | 0 | 0 | $5.6M | $46.2M | $28.6M | $21.9M | $9.0M | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.6M | $8.0M | $13.1M | $29.9M | $61.6M | $51.0M | $34.5M | $15.5M | $8.0M | $4.1M |
| Property, Plant & Equipment | $356000 | $1.6M | $2.0M | $5.6M | $4.9M | $5.8M | $5.7M | $5.0M | $2.2M | $673000 |
| Goodwill | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | 0 | 0 |
| Intangible Assets | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $2.3M | $2.3M |
| Total Assets | $9.8M | $14.4M | $19.9M | $40.2M | $71.0M | $61.3M | $78.9M | $25.1M | $12.6M | $7.2M |
| Accounts Payable | $475602 | $582867 | $295652 | $679310 | $349941 | $937000 | $618000 | $514000 | $95000 | $315000 |
| Short-term Debt | $118046 | $170236 | $199842 | 0 | 0 | 0 | $569000 | 0 | 0 | $696000 |
| Total Current Liabilities | $1.4M | $2.2M | $2.8M | $3.1M | $3.6M | $4.3M | $4.3M | $2.6M | $2.7M | $1.5M |
| Long-term Debt | 0 | 0 | 0 | $3.75B | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.7M | $3.7M | $3.8M | $7.2M | $7.2M | $8.8M | $42.2M | $5.9M | $5.1M | $2.4M |
| Retained Earnings | -$35.2M | -$51.3M | -$65.9M | -$84.4M | -$107.5M | -$131.6M | -$152.6M | -$175.6M | -$199.8M | -$210.8M |
| Total Equity | $7.1M | $10.7M | $16.1M | $33.1M | $63.7M | $52.5M | $36.6M | $19.2M | $7.6M | $4.8M |
| Total Debt | $144428 | $264894 | $390743 | $4.2M | $3.8M | $4.7M | $4.1M | $3.6M | $2.9M | $1.4M |
| Net Debt | -$4.0M | -$7.0M | -$12.1M | -$23.5M | -$54.9M | -$44.9M | -$24.7M | -$10.2M | -$4.4M | -$2.6M |
| Working Capital | $3.1M | $5.7M | $10.2M | $26.8M | $58.0M | $46.6M | $30.2M | $12.9M | $5.4M | $2.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$7.6M | -$15.5M | -$14.1M | -$17.4M | -$22.4M | -$23.3M | -$21.0M | -$22.9M | -$24.3M | -$10.3M |
| Depreciation & Amortization | $52644 | $100605 | $218308 | $780816 | $774587 | $781000 | $898000 | $941000 | $972000 | $452000 |
| Stock-based Compensation | $1.5M | $3.6M | $3.8M | $3.0M | $4.6M | $4.3M | $5.2M | $4.9M | $3.2M | $1.0M |
| Change in Working Capital | -$93787 | $528574 | $160238 | -$492066 | -$508688 | $1.5M | -$4.8M | $1.7M | -$131000 | -$1.5M |
| Operating Cash Flow | -$6.1M | -$11.5M | -$10.3M | -$14.1M | -$17.4M | -$15.2M | -$19.2M | -$15.3M | -$15.9M | -$7.0M |
| Capital Expenditure | 0 | -$942180 | -$535916 | -$405604 | -$5749 | -$260000 | -$892000 | -$218000 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | $8.5M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$4.39B | -$608.3M | -$587.1M | -$2.23B | -$682.8M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.1M | -$12.4M | -$10.9M | -$14.5M | -$17.4M | -$15.5M | -$20.0M | -$15.5M | -$15.9M | -$7.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -20.0% | -25.0% | +76.3% | -79.2% | +9560.6% | -65.6% | -100.0% | |||
| Net Income Growth (YoY) | -103.8% | +9.1% | -23.4% | -29.2% | -3.7% | +9.8% | -9.3% | -5.7% | +57.3% | |
| EPS Growth (YoY) | -29.9% | +16.1% | +25.2% | +2.6% | +3.6% | +40.5% | -76.0% | +5.7% | +59.8% | |
| Shares Change (YoY) | +56.9% | +8.4% | +48.0% | +35.6% | +6.7% | +3.2% | +0.2% | +12.0% | +12.5% | |
| FCF Growth (YoY) | -102.7% | +12.5% | -33.5% | -19.8% | +10.9% | -29.5% | +22.7% | -2.5% | +55.9% | |
| Gross Margin | -5919.6% | -5568.0% | -12409.0% | -8968.8% | -44090.9% | -423.1% | 14.1% | |||
| Operating Margin | -11024.6% | -12230.9% | -21067.4% | -15288.4% | -74954.5% | -771.3% | -2168.4% | |||
| EBITDA Margin | -10957.4% | -12048.6% | -20701.3% | -15105.2% | -69706.1% | -647.5% | -2007.4% | |||
| Net Margin | -10345.9% | -11760.4% | -19343.4% | -14177.0% | -70554.5% | -658.6% | -2093.2% | |||
| FCF Margin | -8285.0% | -9066.5% | -16142.2% | -10972.8% | -46918.2% | -628.9% | -1413.9% | |||
| Effective Tax Rate | -0.0% | 2.3% | 3.5% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.3% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-5.31 | $-6.85 | $-5.53 | $-4.99 | $-4.41 | $-3.68 | $-4.62 | $-3.57 | $-3.26 | $-1.28 |
| Dividends Per Share | $3810.44 | $336.19 | $299.25 | $769.46 | $173.39 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.2M | $1.8M | $2.0M | $2.9M | $3.9M | $4.2M | $4.3M | $4.3M | $4.9M | $5.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -181.45% |
| Return on Invested Capital | -323.22% |
| Return on Assets | -214.21% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.85 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -42.88 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -10.62 | -6.78 | -4.14 | -21.14 | -13.00 | -10.02 | -8.33 | -2.05 | -0.10 | -0.29 |
| P/B | 11.29 | 9.83 | 3.62 | 9.97 | 4.20 | 4.04 | 2.96 | 2.44 | 0.33 | 0.66 |
| P/S | 0.00 | 701.14 | 487.44 | 3669.81 | 1691.22 | 6432.73 | 34.00 | 42.86 | 0.00 | 0.00 |
| Gross Margin | 0.0% | -5919.6% | -5568.0% | -12409.0% | -8968.8% | -44090.9% | -423.1% | 14.1% | 0.0% | 0.0% |
| Operating Margin | 0.0% | -11024.6% | -12230.9% | -21067.4% | -15288.4% | -74954.5% | -771.3% | -2168.4% | 0.0% | 0.0% |
| Net Margin | 0.0% | -10345.9% | -11760.4% | -19343.4% | -14177.0% | -70554.5% | -658.6% | -2093.2% | 0.0% | 0.0% |
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