Matinas BioPharma files NT 10-K, says it needs more time to complete 2024 annual report

Matinas BioPharma Holdings, Inc. (MTNB) filed a Form NT 10-K on March 31, 2025. The filing is a notice to the Securities and Exchange Commission that the company cannot file its annual report on Form 10-K for the year ended December 31, 2024 by the due date. A Form NT 10-K, also called Form 12b-25, is the notice a company files when it expects to be late with its annual report. The company says it needs more time to complete the review of its financial statements for the quarter and year ended December 31, 2024.

What the notice says

The notice says Matinas cannot file the 10-K by the prescribed due date without unreasonable effort or expense, and that it plans to file as soon as practicable and within the fifteen calendar day period that Rule 12b-25 allows. The company checked the box for relief under Rule 12b-25(b), which covers annual reports filed within that extra fifteen days. It anticipates that it will meet the extended deadline.

The notice gives no reason beyond the need to finish the review. It does not describe any accounting issue, restatement or audit question. A late 10-K is a signal that the year-end work is not finished, and the notice does not say what remains.

On the form's other questions, Matinas answered yes to having filed all other periodic reports over the past twelve months. It answered no to whether it expects a significant change in results of operations from the prior year. Keith A. Kucinski, Chief Financial Officer, is the contact and signed the form.

The going concern record

The company's last full annual report, a Form 10-K filed March 27, 2024 for the year ended December 31, 2023, carries a going concern paragraph from its independent auditor. The auditor said recurring net losses and net cash flow used in operations raise substantial doubt about the company's ability to continue as a going concern. The 10-K reports a net loss of $22,942 thousand for 2023 and $20,997 thousand for 2022, and an accumulated deficit of $175,573 thousand through December 31, 2023.

Management's own discussion says the company does not believe its cash, cash equivalents and marketable debt securities are sufficient to fund planned operations beyond the next twelve months from the filing date, and concludes that substantial doubt exists about its ability to continue as a going concern. At December 31, 2023 the company had cash and cash equivalents of $4,787 thousand, marketable debt securities of $8,969 thousand and restricted cash of $250 thousand. The 10-K says financing alternatives may not be available on acceptable terms or at all.

The program the money is for

Matinas described itself then as a clinical-stage biopharmaceutical company focused on delivering therapies through its lipid nanocrystal (LNC) platform. Its lead candidate, MAT2203, is an oral amphotericin B. The company says that after the EnACT Phase 2 trial in cryptococcal meningitis, MAT2203 is positioned for a single Phase 3 registration trial, called ORALTO, in invasive aspergillosis. The 10-K also says the company agreed with the FDA in February 2024 on the design of that trial.

The 10-K said research and development expenses in 2024 would be lower until the company secures additional funding to support starting the Phase 3 registration trial for MAT2203 and advancing its LNC platform delivery technology. The company also describes discovery programs in oncology and in small oligonucleotides for inflammation, and the LNC platform relies in part on an exclusive worldwide license from Rutgers University.

Report an error

Companies in this story

MTNBMatinas Biopharma Holdings, Inc.AMEX · United StatesOpen the starter desk