Matinas Biopharma (MTNB) Q2 Earnings call transcript Aug 14, 2024

Matinas BioPharma, a biopharmaceutical company, recently held a conference call to discuss its second-quarter 2024 financial results. The call, led by CEO Jerry Jabbour and CFO Keith Kucinski, provided insights into the company's progress in drug development, financial performance, and strategic partnerships.

One of the most significant highlights of the call was the announcement of a nonbinding term sheet for the licensing of global rights to develop, manufacture, and commercialize MAT2203, an oral formulation of the antifungal amphotericin B. The company's focus on partnering this asset is a clear indication of its potential value and the confidence the management has in its ability to make a positive impact on patients' lives. The discussions with potential partners have been productive, covering a wide range of topics from development strategy and commercial manufacturing to regulatory and commercial positioning.

Another key theme that emerged from the call was the progress of the Compassionate/Expanded Access Program. This program, which provides MAT2203 to patients with invasive fungal infections, has shown promising results, with 31 patients enrolled so far and 15 of them completing the treatment course. The program's success underscores the need for effective treatments for invasive fungal infections and the potential of MAT2203 to address this unmet medical need.

In terms of financial performance, the company reported a net loss of $5.7 million for the second quarter of 2024, a decrease from the previous year. The decrease in costs and expenses, particularly in clinical development and administrative areas, is a positive sign of the company's cost management efforts. However, the company has yet to generate any revenue, indicating that the focus remains on research and development.

Looking ahead, the company is optimistic about its strategic partnerships and the potential for MAT2203 to transform the treatment landscape for invasive fungal infections. The ongoing discussions with potential partners are expected to result in a definitive agreement soon, paving the way for the initiation of the ORALTO Phase III registration trial. The company's LNC platform, which has shown promise in delivering small oligonucleotides and small molecule oncology drugs, is another area of focus. Recent studies have shown that LNC-docetaxel, a formulation of the widely used chemotherapeutic agent docetaxel, has demonstrated varying degrees of tumor growth inhibition in animal models.

In conclusion, Matinas BioPharma's second-quarter 2024 financial results highlight the company's progress in drug development, particularly in the area of invasive fungal infections, and its strategic focus on partnerships to maximize the value of its assets. The company's financial performance, while still in the red, shows a positive trend, indicating effective cost management. Looking ahead, the successful partnership for MAT2203 and the potential of the LNC platform in oncology are key areas of focus for Matinas BioPharma.