MeritValue

Matinas BioPharma Holdings, Inc.

MTNBdata completeness 63%13 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Matinas BioPharma Holdings, Inc. earns about -2463% on invested capital, and has bought back 97% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$33,0001$3.19M2$1.1M3——
Net income−$23.3M4−$21M5−$22.9M6−$24.3M7−$10.3M7
Operating cash flow−$15.2M8−$19.2M9−$15.3M10−$15.9M11−$7.01M11
Capital expenditure$260,00012$892,00013$218,00014——
Free cash flow (derived)−$15.5M8−$20M9−$15.5M10——
Total debt—————
Cash & equivalents$21M15$6.83M16$4.79M17$7.28M17$4M17
Diluted shares210.2M216.8M4.3M4.9M5.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$8.82
your share of equity
Profit it earned you last year
−$18.9
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $8.82 of net worth that earned you −$18.9 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2463% avg · 5y
FY21 —FY22 —FY23 -125%FY24 -6282%FY25 -983%

It earned an average -2463% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-007726 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011493 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004882 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-007726 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-011493 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-004882 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-014132 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-007726 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-011493 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-004882 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-014132 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-007726 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-011493 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-004882 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-24-011493 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001641172-25-004882 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001493152-26-014132 (CashAndCashEquivalentsAtCarryingValue)