aibioMatinas BioPharma receives NYSE American notice on three equity standards
Tickers MTNB
NYSE American says Matinas BioPharma is out of compliance with three stockholders' equity standards, with equity of $4.83 million at December 31, 2025, and a plan due by May 2, 2026.
Key facts
- Company
- Matinas Biopharma Holdings, Inc. (AMEX: MTNB)
- News type
- Listings
- Primary source
- Matinas Biopharma Holdings, Inc. 8-K (2026-04-03)
Matinas BioPharma Holdings, Inc. said on April 3, 2026 that it received a notice from NYSE American LLC on April 2, 2026, stating that the company is not in compliance with three of the exchange's continued listing standards for stockholders' equity. The company announced the notice in a press release furnished with a Form 8-K. The notice also says the company is not eligible for any exemption under Section 1003(a).
The three equity standards
The notice covers three sections of the Company Guide. Section 1003(a)(i) requires stockholders' equity of at least $2.0 million for a company that has reported losses from continuing operations or net losses in two of its three most recent fiscal years. Section 1003(a)(ii) requires at least $4.0 million for losses in three of the four most recent fiscal years. Section 1003(a)(iii) requires at least $6.0 million for losses in the five most recent fiscal years.
The release says the company had stockholders' equity of $4.83 million as of December 31, 2025, and that it has had losses in each of the five most recent fiscal years ended on that date. Because of the notice, the company is subject to the procedures and requirements of Section 1009 of the Company Guide.
The plan and the cure period
The company has until May 2, 2026 to submit a plan of actions it has taken or will take to regain compliance. The release says the company may be eligible for a cure period of up to 18 months from receipt of the notice. It also says there can be no assurance the company will achieve compliance within the cure period.
If the NYSE American accepts the plan, the company can continue its listing during the cure period, subject to periodic reviews, including quarterly monitoring, until it has regained compliance. If the plan is not accepted, the notice states that delisting proceedings will commence.
The release says the notice has no immediate impact on the listing, and the shares will continue to trade on NYSE American.
Going concern paragraph
The release notes that the independent registered public accounting firm's report on the company's 2025 financial statements includes an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern. The company says the disclosure is required by Section 610(b) of the Company Guide and does not amend any of its 2025 filings.
What the company does
In its annual report on Form 10-K filed March 31, 2026, Matinas describes itself as a clinical-stage biopharmaceutical company focused on delivering therapies with its lipid nanocrystal (LNC) platform. Its lead product candidate is MAT2203, an oral form of amphotericin B, an antifungal drug. The release describes MAT2203 as a potential oral broad-spectrum treatment for invasive fungal infections. It says MAT2203 met its primary endpoint in the completed Phase 2 EnACT study in patients with HIV and cryptococcal meningitis.
The pause and the partnership search
The annual report says that following an 80% reduction in workforce in late October 2024, the company paused further clinical development of MAT2203 while it talks with prospective partners. The company says it will require either a partnership transaction or additional capital before it can begin the ORALTO trial.
Financial position
The company's reported figures show research and development expense of $85,000 for the fiscal year ended December 31, 2025, compared with $11.4 million for 2024. The net loss was $10.3 million for 2025 and $24.3 million for 2024. Cash from operations was negative $7.0 million for 2025 and negative $15.9 million for 2024.
The risks ahead
The company still has to submit its plan to NYSE American by May 2, 2026, and the notice says delisting proceedings will start if the plan is not accepted. The release says there can be no assurance it will reach compliance within the cure period. Its auditor's report includes substantial doubt about its ability to continue as a going concern. Cash from operations was negative $7.0 million for 2025, and the company says it needs a partnership transaction or added capital to begin the ORALTO trial.