Matinas BioPharma Receives Notice of Non-Compliance with NYSE American Continued Listing Standards

Matinas BioPharma Holdings, Inc. (NYSE American: MTNB) said it received a notice from NYSE American LLC on April 2, 2026 indicating the company is not in compliance with the exchange’s continued listing standards related to stockholders’ equity.

Reason for the NYSE American notice

The notice cites multiple provisions of the NYSE American Company Guide, which require minimum stockholders’ equity levels depending on the company’s history of losses. The company reported stockholders’ equity of $4.83 million as of December 31, 2025 and has had losses in the most recent five fiscal years ended December 31, 2025. The notice also states the company is not currently eligible for any exemption under Section 1003(a) of the Company Guide.

Next steps and potential timeline

Matinas BioPharma is now subject to the procedures under Section 1009 of the Company Guide. The company has until May 2, 2026 to submit a plan describing actions it has taken or will take to regain compliance with the continued listing standards.

The company may be eligible for up to an 18-month cure period from receipt of the notice to regain compliance. If NYSE American accepts the plan, the company will continue to be listed during the cure period and will be subject to periodic reviews, including quarterly monitoring for compliance with the plan.

If the plan is not accepted, the notice states that delisting proceedings will commence. The company may appeal a staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide.

Market and operational impact

The company said the notice has no immediate impact on the listing of its common stock, which will continue to be traded on the NYSE American, provided the company complies with other listing requirements. The company also said the notice does not affect its ongoing business operations or its reporting requirements with the Securities and Exchange Commission.

Going-concern disclosure in the 10-K

The company noted that, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025, the independent registered public accounting firm’s report includes an explanatory paragraph regarding substantial doubt about the company’s ability to continue as a going concern. The company said the release of this information is required by Section 610(b) of the NYSE American Company Guide and does not represent a change or amendment to its filings for the fiscal year ended December 31, 2025.

Company background

Matinas BioPharma is a biopharmaceutical company focused on delivering therapies using its lipid nanocrystal (LNC) platform delivery technology.

MAT2203 program overview

MAT2203 is described as a potential oral broad-spectrum treatment for invasive deadly fungal infections. The company said amphotericin B is fungicidal but is currently available only via intravenous administration, which is associated with safety issues including renal toxicity and anemia due to very high circulating levels of amphotericin B.

Matinas said MAT2203 is designed to overcome limitations of existing amphotericin B products through targeted oral delivery, combining comparable fungicidal activity with targeted delivery to lower the risk of toxicity.

The company said MAT2203 was evaluated in the completed Phase 2 EnACT study in HIV patients with cryptococcal meningitis, meeting its primary endpoint and achieving robust survival. It was planned for further evaluation in a single Phase 3 registration trial as an oral step-down monotherapy following treatment with AmBisome (liposomal amphotericin B) versus standard of care in patients with invasive aspergillosis who have limited treatment options.

Forward-looking statements

The company stated that the release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements related to plans for regaining compliance with NYSE American continued listing standards. It said such statements involve risks and uncertainties, and that actual results may differ from expectations. The company also said the statements speak only as of the date made and it undertakes no obligation to update them.