Matinas BioPharma Reports Second Quarter 2024 Financial Results and Provides a Business Update

Core Insights - Matinas BioPharma has signed a non-binding term sheet granting global rights to develop and commercialize MAT2203, an oral formulation of amphotericin B, for invasive aspergillosis and potentially other invasive fungal infections [1][4][17] - The company is experiencing increased demand for MAT2203, with 31 patients enrolled in the Compassionate/Expanded Use Access Program and 6 additional patients under evaluation [2][5] - Financial results for Q2 2024 show a net loss of $5.7 million, a decrease from $6.1 million in Q2 2023, with total costs and expenses of $5.8 million [11][12] MAT2203 Program Updates - MAT2203 is intended for patients with invasive aspergillosis who have limited or no treatment options, with preparations ongoing for the ORALTO Phase 3 registration trial [4][17] - In the Compassionate/Expanded Use Access Program, 31 patients have been treated, with 7 patients showing positive results for invasive aspergillosis [5][6] - Of the 15 patients who completed treatment, 8 had a complete response and 7 showed improvement, indicating the efficacy of MAT2203 [6] LNC Platform Developments - The LNC platform has shown potential in delivering small oligonucleotides and small molecule oncology drugs, with ongoing evaluations to maximize shareholder returns [3][7] - Recent studies demonstrated tumor growth inhibition in various cancer models using LNC-docetaxel, and further studies are being conducted to improve therapeutic indices [7][8] - An LNC formulation of miriplatin has shown strong cellular uptake and tumor cell-killing capabilities in vitro, with effective tumor size reduction observed in vivo [8] Financial Performance - The company reported no revenue for both Q2 2024 and Q2 2023, with total costs and expenses decreasing from $6.2 million to $5.8 million year-over-year [11][12] - For the first six months of 2024, the net loss was $11.5 million, consistent with the loss of $11.6 million in the same period of 2023 [13][14] - Cash, cash equivalents, and marketable securities as of June 30, 2024, were $14.3 million, an increase from $13.8 million at the end of 2023 [14]