Matinas BioPharma(MTNB) - 2024 Q2 - Quarterly Report

Financial Performance - For the six months ended June 30, 2024, the net loss was $11,543, compared to a net loss of $11,573 for the same period in 2023[61]. - No revenue was generated during the three and six months ended June 30, 2024, while $1,096 was generated in contract research revenue during the same periods in 2023[62]. - Total revenues for the six months ended June 30, 2024, were $0, compared to $1,096 in the same period of 2023, primarily due to the absence of contract research revenue[78]. - Cash used in operating activities for the six months ended June 30, 2024, was $(8,875), an increase from $(6,280) in the same period of 2023[81]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $9,242, compared to $(5) in the prior year, driven by proceeds from a registered direct offering[84]. Research and Development Expenses - Total research and development expenses for the three months ended June 30, 2024, were $3,371, a decrease of 5.3% from $3,559 in the same period of 2023[74]. - The total research and development expenses for the six months ended June 30, 2024, were $6,817, compared to $7,530 for the same period in 2023, reflecting a decrease of 9.5%[65]. - Research and Development (R&D) expenses for the six months ended June 30, 2024, were $6,817, a decrease of 9.5% from $7,530 in the same period of 2023[77]. - Research and development expenses are anticipated to increase over time as product candidates move into later stages of clinical development[66]. General and Administrative Expenses - General and administrative expenses for the three months ended June 30, 2024, were $2,468, down from $2,600 in the same period of 2023[67]. - General and Administrative (G&A) expenses for the six months ended June 30, 2024, were $4,925, down 7.3% from $5,311 in the prior year[77]. Future Outlook and Concerns - The company expects to incur additional operating losses for the foreseeable future and has substantial doubt about its ability to continue as a going concern[61]. - The company has incurred operating losses since inception and does not expect to generate product revenue for many years[62]. - The company expects to incur significant expenses and increasing operating losses for the foreseeable future, particularly related to clinical studies and product development[85]. - There is substantial doubt about the company's ability to continue as a going concern beyond the next twelve months without additional funding[86]. - The company anticipates financing its cash needs through a combination of equity offerings, debt financings, and collaborations[87]. Funding and Cash Position - As of June 30, 2024, the company had unrestricted cash, cash equivalents, and marketable debt securities totaling $14,313[78]. - The company raised a total of $166,907 in gross proceeds from equity securities since inception, with net proceeds of $153,445[78]. - The company relies on collaborations and licensing arrangements to fund operations, which may not be available on acceptable terms[61]. - The company plans to advance MAT2203 into the ORALTO trial for the treatment of invasive aspergillosis, aiming to establish a pharmacodynamic bridge for further indications[58].