stockrowMatinas Biopharma Holdings, Inc.
MTNB Healthcare Biotechnology
Matinas Biopharma Holdings, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $1.1 million, down 65.6% from fiscal 2022.
- EPS
- +79.6%
- Free cash flow
- +9.15%
- Total debt
- −54.5%
Quarter to June 2026, against a year earlier
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Matinas Biopharma Holdings, Inc. (MTNB) Altman Z-score
Matinas Biopharma Holdings, Inc.'s Altman Z-score for fiscal 2023 is −7.44, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −7.44 | (9.70) |
| FY2022 | 2.26 | (8.75) |
| FY2021 | 11.01 | (8.95) |
| FY2020 | 19.95 | (3.89) |
| FY2019 | 23.84 | 21.05 |
| FY2018 | 2.79 | (5.82) |
| FY2017 | 8.61 | 15.24 |
| FY2015 | −6.63 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.51 | — | 0.62 | |
| Retained earnings / total assets | (6.99) | — | −9.79 | |
| EBIT / total assets | (0.95) | — | −3.12 | |
| Market value of equity / total liabilities | 8.02 | — | 4.81 | |
| Sales / total assets | 0.04 | — | 0.04 | |
| Altman Z-score | Distress zone | −7.44 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −22.34 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BPTH Bio-Path Holdings, Inc. compare | 6.9× |
| ELAB PMGC Holdings Inc. compare | −3.6× |
| MTNB Matinas Biopharma Holdings, Inc. | −7.4× |
| BDRX Biodexa Pharmaceuticals PLC Unsponsored ADR compare | −21.3× |
| VBIO Valion Bio, Inc. compare | −22.0× |
| BBLG Bone Biologics Corp. compare | — |
| PTIX Atrinsic Inc. compare | — |
| ARTL Artelo Biosciences, Inc. compare | — |
| LABT Lakewood-Amedex Biotherapeutics Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets