UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38022 MATINAS BIOPHARMA HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware No. 46-3011414 (State or other juri ...

Matinas BioPharma Holdings, Inc. (NYSE:MTNB) Q4 2022 Earnings Conference Call March 16, 2023 4:30 PM ET Company Participants Jody Cain - Investor Relations Jerry Jabbour - Chief Executive Officer Keith Kucinski - Chief Financial Officer Terry Matkovits - Chief Development Officer Conference Call Participants Greg Fraser - Truist Securities Operator Greetings and welcome to the Matinas BioPharma 2022 Fourth Quarter and Full Year Conference Call. [Operator Instructions] As a reminder, this conference is being ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38022 MATINAS BIOPHARMA HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware No. 46-3011414 (State or other jurisdicti ...

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common shareholders of approximately $5.5 million or $0.03 per share for Q3 2022, compared to a net loss of $6.8 million or $0.03 per share for the same period in 2021, indicating a reduction in loss [19] - Cash, cash equivalents, and marketable securities at September 30, 2022, were approximately $33.1 million, down from $49.6 million at December 31, 2021, but the company believes this is sufficient to fund operations through 2023 [19] Business Line Data and Key Metrics Changes - The company achieved significant milestones in its MAT2203 program, particularly in the Phase 2 EnACT trial for cryptococcal meningitis, which demonstrated unprecedented survival rates exceeding 90% [9][10] - MAT2203 is positioned for global development and registration, with the European Medicines Agency granting orphan drug designation for the treatment of cryptococcosis [10] Market Data and Key Metrics Changes - The World Health Organization highlighted the rising threat of invasive fungal diseases, particularly among immunocompromised populations, which aligns with the company's focus on developing MAT2203 [10] - The WHO's fungal priority pathogens list includes cryptococcal meningitis and aspergillosis as critical threats, indicating a growing market need for effective treatments [10] Company Strategy and Development Direction - The company plans to initiate a Phase 3 trial for MAT2203 in cryptococcal meningitis in Q1 2023, expanding clinical sites and potentially adding patients to offset unforeseen deaths [15] - The strategy includes securing multiple orphan indications for MAT2203 and maximizing regulatory exclusivities while exploring broader applications for the treatment of invasive fungal infections [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the MAT2203 program's potential, citing strong clinical data and positive feedback from key opinion leaders [10][28] - The company is focused on maintaining a strong cash position and exploring non-dilutive financing options to support its development efforts [21] Other Important Information - The company is actively engaged in licensing discussions with BioNTech regarding the oral delivery of nucleic acids, which is seen as a significant opportunity [20] - The company has expanded its intellectual property portfolio surrounding the LNC platform with multiple new provisional patent filings [22] Q&A Session Summary Question: Can you expand on the feedback from doctors at ID Week regarding MAT2203? - Management noted that survival and safety were key elements that resonated with physicians, highlighting the unprecedented survival rates and safety profile of MAT2203 [26][28] Question: Will the Phase 3 study for invasive fungal infections enroll patients with different infections? - The company plans to enroll patients suffering from various invasive fungal infections, focusing on mucor and aspergillosis, and aims for a streamlined basket study design [30][31] Question: What is the standard treatment protocol with amphotericin for mucor and aspergillosis? - Typically, IV amphotericin is restricted to one to two weeks of treatment due to associated toxicities, followed by step-down therapy with azoles or echinocandins [36] Question: Can you provide details on the harmonization of the EU Phase 3? - Early feedback from the European Medicines Agency was incorporated into the protocol planning for the Phase 3 study, ensuring alignment with regulatory requirements [38] Question: What is the status of the BioNTech collaboration? - Discussions with BioNTech are ongoing, with both parties recognizing the potential value of the collaboration, although specific hurdles remain to be addressed [43]

MATINAS BIOPHARMA Corporate Presentation September 2022 Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, cash flow and other statements that are predictive in nature, that depend upon or refer to future events or conditions. All statements other than statements of historical fact are ...

Matinas BioPharma Holdings, Inc. (NYSE:MTNB) Q2 2022 Earnings Conference Call August 11, 2022 8:30 AM ET Company Participants Peter Vozzo - Investor Relations Representative Jerry Jabbour - Chief Executive Officer Dr. Terry Matkovits - Chief Development Officer Keith Kucinski - Chief Financial Officer Dr. Raphael Mannino - Chief Scientific Officer Dr. Terry Ferguson - Chief Medical Officer Thomas Hoover - Chief Business Officer Conference Call Participants Bert Hazlett - BTIG Operator Hello. And welcome to ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20-%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) The unaudited condensed consolidated financial statements for June 30, 2022, reflect a decrease in total assets to **$52.4 million** and an increased net loss of **$11.9 million**, primarily due to higher R&D expenses and increased cash used in operations [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets decreased to **$52.4 million** from **$61.3 million** at year-end 2021, primarily due to a reduction in cash and cash equivalents, while total stockholders' equity also declined Condensed Consolidated Balance Sheet Data (Unaudited) | Account | June 30, 2022 ($) | December 31, 2021 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 10,398,544 | 21,029,806 | | Total current assets | 41,924,228 | 50,993,321 | | Total assets | 52,415,641 | 61,326,074 | | **Liabilities & Equity** | | | | Total current liabilities | 5,382,315 | 4,348,743 | | Total liabilities | 9,567,104 | 8,833,016 | | Total stockholders' equity | 42,848,537 | 52,493,058 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the six months ended June 30, 2022, the company reported an increased net loss of **$11.9 million**, up from **$9.7 million** in 2021, primarily driven by a significant rise in research and development expenses, partially offset by **$1.06 million** in new revenue Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2022 ($) | Six Months Ended June 30, 2021 ($) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,062,500 | - | 1,062,500 | 33,333 | | Research and development expense | 4,126,529 | 2,480,764 | 9,104,634 | 5,722,196 | | General and administrative expense | 2,861,421 | 2,308,926 | 5,605,616 | 5,453,936 | | Loss from operations | (5,925,450) | (4,789,690) | (13,647,750) | (11,142,799) | | Net loss | (5,922,584) | (4,791,105) | (11,900,857) | (9,747,425) | | Net loss per share – basic and diluted | (0.03) | (0.02) | (0.05) | (0.05) | [Condensed Consolidated Statements of Cash Flow](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) For the six months ended June 30, 2022, net cash used in operating activities significantly increased to **$9.9 million**, while net cash provided by investing activities reversed to a **$0.8 million** outflow, and financing activities sharply decreased to **$87,289** Cash Flow Summary (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2022 ($) | Six Months Ended June 30, 2021 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | (9,887,912) | (5,515,768) | | Net cash (used in) provided by investing activities | (830,639) | 16,470,652 | | Net cash provided by financing activities | 87,289 | 6,964,994 | | Net (decrease)/increase in cash | (10,631,262) | 17,919,878 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the company's liquidity, with **$38.5 million** in cash and equivalents expected to fund operations through 2023, alongside significant collaboration agreements and manufacturing commitments - The company is a clinical-stage biopharmaceutical firm that has incurred net losses since inception, with an accumulated deficit of approximately **$143.5 million** as of June 30, 2022[21](index=21&type=chunk)[22](index=22&type=chunk) - As of June 30, 2022, the company had approximately **$10.4 million** in cash and cash equivalents and **$28.1 million** in marketable securities, which management believes is sufficient to fund planned operations through 2023[25](index=25&type=chunk) - In April 2022, the company entered into an exclusive research collaboration with BioNTech SE, receiving a **$2.75 million** exclusivity fee, with **$1.1 million** of revenue recognized from this agreement as of June 30, 2022[50](index=50&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) - The company entered into an agreement with Thermo Fisher Scientific in March 2022 for MAT2203 manufacturing, with estimated fees of approximately **$7.7 million** to be incurred over a two-year period[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's strategic focus on advancing its LNC platform and clinical assets, noting increased R&D expenses, **$1.1 million** in new collaboration revenue, and a liquidity position expected to fund operations through 2023 - The company's strategy is focused on advancing its LNC platform technology, progressing MAT2203 for cryptococcal meningitis and MAT2501 for NTM infections, and expanding collaborations like those with Genentech and BioNTech[76](index=76&type=chunk)[79](index=79&type=chunk) - The company expects R&D expenses to continue increasing as product candidates advance to later-stage clinical trials, which are generally more costly[81](index=81&type=chunk) - As of June 30, 2022, the company had cash, cash equivalents, and marketable securities totaling approximately **$38.5 million**, which is expected to fund operations through 2023[99](index=99&type=chunk)[104](index=104&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) For the first six months of 2022, revenue increased to **$1.1 million** due to the BioNTech collaboration, while R&D expenses significantly rose to **$9.1 million** driven by clinical trial and manufacturing costs Comparison of Operating Results (Six Months Ended June 30) | Metric | 2022 ($ in thousands) | 2021 ($ in thousands) | Change Driver | | :--- | :--- | :--- | :--- | | Revenues | 1,063 | 33 | New BioNTech research collaboration in 2022 | | R&D Expenses | 9,105 | 5,722 | Increased clinical trial and manufacturing costs for product candidates | | G&A Expenses | 5,605 | 5,454 | Higher compensation expense | | Sale of NOLs | 1,734 | 1,328 | Sale of NJ state tax credits | [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20capital%20resources) As of June 30, 2022, the company held **$38.5 million** in cash and equivalents, with **$9.9 million** net cash used in operations for H1 2022, expecting existing funds to last through 2023, with future needs met by external financing - Net cash used in operating activities increased to **$9.9 million** for the first half of 2022, compared to **$5.5 million** in the same period of 2021, due to higher R&D expenses and a larger net loss[100](index=100&type=chunk)[101](index=101&type=chunk) - Net cash provided by financing activities dropped to **$0.1 million** in the first half of 2022 from **$7.0 million** in 2021, primarily due to no At-The-Market (ATM) sales in 2022[103](index=103&type=chunk) - The company anticipates expenses will increase substantially due to ongoing clinical studies for MAT2203 and MAT2501, development of new candidates, and manufacturing scale-up[104](index=104&type=chunk)[106](index=106&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section is not applicable for the company as a smaller reporting company - The company has indicated that quantitative and qualitative disclosures about market risk are not applicable[109](index=109&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting identified during Q2 2022 - Based on an evaluation as of June 30, 2022, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[110](index=110&type=chunk) - There were no changes in internal control over financial reporting during the second quarter of 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[112](index=112&type=chunk) [PART II - OTHER INFORMATION](index=27&type=section&id=PART%20-%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=27&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company reported no legal proceedings during the period - None[113](index=113&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.RISK%20FACTORS) No material changes were reported from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 - No material changes were reported from the risk factors set forth in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021[115](index=115&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities during the period - None[116](index=116&type=chunk) [Other Information](index=28&type=section&id=Item%205.%20OTHER%20INFORMATION) Dr. Raphael Mannino, Chief Scientific Officer, announced his retirement effective December 31, 2022, and will transition to a strategic advisor role under a one-year consulting agreement - Dr. Raphael Mannino, the Chief Scientific Officer, notified the company of his intent to retire effective December 31, 2022[119](index=119&type=chunk) - The company entered into a consulting agreement with Dr. Mannino for at least one year following his retirement, where he will act as a strategic advisor for a monthly rate of **$15,000** and receive an extension on the vesting and exercisability of his outstanding stock options and warrants[119](index=119&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20EXHIBITS) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including certifications from the CEO and CFO, and Inline XBRL documents

MATINAS 1 BIOPHARMA Corporate Presentation May 2022 Forward-Looking Statement This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, cash flow and other statements that are predictive in nature, that depend upon or refer to future events or conditions. All statements other than statements of historical fact are stat ...

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common shareholders of approximately $6 million or $0.03 per share for Q1 2022, compared to a net loss of $5.2 million or $0.03 per share for the same period in 2021 [40]. - Research and development expenses increased to approximately $5 million in Q1 2022 from approximately $3.2 million in Q1 2021, primarily due to higher development expenses and increased personnel costs [41]. - Cash, cash equivalents, and marketable securities were approximately $43.9 million as of March 31, 2022, down from $49.6 million at December 31, 2021, with sufficient cash projected to fund operations through 2023 [42]. Business Line Data and Key Metrics Changes - The MAT2203 program, an oral LNC formulation of amphotericin B, is currently in a Phase II trial for HIV patients with cryptococcal meningitis, with 50% of patients enrolled in Cohort 4 [16][17]. - MAT2501, an oral LNC delivered amikacin product, has completed a clinical single ascending dose trial with no serious adverse events reported, and the company anticipates starting a Phase II trial in 2023 [30][31][76]. Market Data and Key Metrics Changes - The partnership with BioNTech is expected to enhance the company's visibility in the messenger RNA space and potentially lead to a formal license agreement [11][55]. - The company is also expanding its collaboration with Genentech to include a third compound, indicating a growing interest in optimizing oral formulations of biologics [34][85]. Company Strategy and Development Direction - The company aims to validate its LNC platform delivery technology through consistent clinical data and external collaborations, focusing on expanding its drug delivery capabilities [10][12]. - The regulatory strategy for MAT2203 includes a streamlined development pathway that may allow for a single Phase III trial for NDA submission, which is a significant improvement over traditional requirements [22][68]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of MAT2203 to save patients' lives and the importance of aligning with pharmaceutical giants to leverage the LNC platform [46][47]. - The company is focused on optimizing the design of its Phase III trial to meet both FDA and EMA regulatory requirements, which is crucial for global registration [68][70]. Other Important Information - The company has initiated pre-clinical studies for MAT2203 to support potential label expansion into other invasive fungal infections [24][25]. - The collaboration with BioNTech is seen as a significant opportunity to advance the delivery of messenger RNA vaccines and therapeutics [11][36]. Q&A Session Summary Question: General terms for the BioNTech collaboration - Management discussed the importance of collaboration with BioNTech and the potential for a license agreement, focusing on exclusivity and the breadth of the relationship [55]. Question: Safety and efficacy readouts for MAT2203 - Management highlighted the significance of Cohort 4 in demonstrating the impact of an all-oral regimen and anticipated data readouts in Q3 2022 [62][63]. Question: Next steps for MAT2501 - The company plans to initiate a Phase II trial for MAT2501 in Q2 or Q3 of 2023, pending the completion of long-term toxicity studies [76]. Question: Urgency of advancing LNC remdesivir - Management acknowledged the importance of the oral remdesivir program and the need for data from ongoing studies before further engagement with Gilead [84]. Question: Evolution of the Genentech collaboration - Management expressed the goal of formalizing the relationship with Genentech as data becomes available, indicating a positive outlook for future collaboration [88][89].

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) The company's unaudited condensed consolidated financial statements for Q1 2022 show a net loss of $6.0 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets decreased to $55.8 million and stockholders' equity fell to $47.7 million by March 31, 2022 Condensed Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $19,328 | $21,030 | | Marketable securities | $24,542 | $28,592 | | Total current assets | $45,119 | $50,993 | | **Total assets** | **$55,785** | **$61,326** | | **Liabilities & Equity** | | | | Total current liabilities | $3,768 | $4,349 | | Total liabilities | $8,103 | $8,833 | | **Total stockholders' equity** | **$47,682** | **$52,493** | | **Total liabilities and stockholders' equity** | **$55,785** | **$61,326** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The company reported a Q1 2022 net loss of $6.0 million, widened by increased research and development expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenue | $0 | $33 | | Research and development expense | $4,978 | $3,241 | | General and administrative expense | $2,744 | $3,145 | | Loss from operations | ($7,722) | ($6,353) | | **Net loss** | **($5,978)** | **($4,956)** | | Net loss per share - basic and diluted | ($0.03) | ($0.03) | [Condensed Consolidated Statements of Cash Flow](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Net cash used in operations was $4.8 million, with significantly lower cash provided by investing and financing activities Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | ($4,756) | ($4,651) | | Net cash provided by investing activities | $2,961 | $8,817 | | Net cash provided by financing activities | $93 | $6,785 | | **Net (decrease)/increase in cash** | **($1,702)** | **$10,950** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes disclose a history of losses, sufficient cash through 2023, and key collaborations with BioNTech and Thermo Fisher - The company has a history of net losses, with an **accumulated deficit of approximately $137.6 million** as of March 31, 2022[22](index=22&type=chunk) - Management believes cash, cash equivalents, and marketable securities of **$43.9 million** are sufficient to fund operations through 2023[25](index=25&type=chunk) - On March 7, 2022, the company entered an agreement with Thermo Fisher Scientific for scale-up and commercial manufacturing of MAT2203, with **estimated fees of approximately $7.7 million** over a two-year period[66](index=66&type=chunk) - Subsequent to the quarter end, on April 8, 2022, the company entered into an exclusive research collaboration with BioNTech SE, receiving a **$2.75 million exclusivity fee**[67](index=67&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses its LNC delivery platform, clinical candidates, and financial results, confirming liquidity through 2023 [Overview](index=19&type=section&id=Overview) The company is a clinical-stage biopharmaceutical firm focused on its lipid nanocrystal (LNC) delivery platform - The company's core focus is its **lipid nanocrystal (LNC) delivery platform technology** for intracellular delivery of nucleic acids and small molecules[73](index=73&type=chunk) - Key strategic elements include advancing clinical assets MAT2203 and MAT2501, expanding the LNC platform, and leveraging collaborations with partners like **Genentech and BioNTech**[77](index=77&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) R&D expenses increased by $1.8 million while G&A expenses decreased by $0.4 million compared to Q1 2021 Comparison of Results for the Three Months Ended March 31 (in thousands) | Item | 2022 | 2021 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $0 | $33 | ($33) | No contract research revenue in Q1 2022 | | **Research and development** | $4,978 | $3,241 | $1,737 | Increased clinical trial activity and higher compensation | | **General and administrative** | $2,744 | $3,145 | ($401) | Non-recurring compensation expense in Q1 2021 | [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20capital%20resources) The company's $43.9 million in cash and securities is expected to fund operations and capital expenditures through 2023 - The company's cash, cash equivalents, and marketable securities totaled **approximately $43.9 million** as of March 31, 2022[95](index=95&type=chunk) - Existing cash is expected to be **sufficient to fund operating expenses** and capital expenditure requirements through 2023[100](index=100&type=chunk) - Financing activities in Q1 2022 provided only **$0.1 million**, a sharp decrease from $6.8 million in Q1 2021[99](index=99&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section is not applicable to the company for the reporting period - The company has determined that quantitative and qualitative disclosures about market risk are **not applicable**[105](index=105&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - Management concluded that the company's disclosure controls and procedures were **effective** at a reasonable assurance level as of March 31, 2022[106](index=106&type=chunk) - **No changes** in internal control over financial reporting occurred during the first quarter of 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[108](index=108&type=chunk) [PART II - OTHER INFORMATION](index=25&type=section&id=PART%20-%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company reported no legal proceedings during the period - The company has **no legal proceedings** to report[109](index=109&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.RISK%20FACTORS) No material changes were made to risk factors previously disclosed in the company's Annual Report on Form 10-K - **No material changes** were reported from the risk factors set forth in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021[110](index=110&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities during the period - The company reports **no unregistered sales** of equity securities[111](index=111&type=chunk)