FRAMINGHAM, Mass., Aug. 13, 2024 /PRNewswire/ -- Pulmatrix, Inc. ("Pulmatrix" or the "Company") (Nasdaq: PULM), a clinical-stage biopharmaceutical company developing innovative inhaled therapies to address serious central nervous system and pulmonary disease using its patented dry powder inhalation iSPERSE™ technology, today announced second quarter financial results for 2024 and provided a corporate update on its clinical assets.
Peter Ludlum, Interim Chief Executive Officer of Pulmatrix, commented, "Our focus in the second quarter has been to continue our cost saving measures, to complete the transactions with MannKind and to continue the wind down of the Phase 2b study for PUR1900. We believe that this has allowed us to reposition ourselves as a virtual company while continuing to focus on strategic alternatives that leverage the potential of PUR3100 and our iSPERSE™ technology."
Second Quarter 2024 and Recent Program and Corporate Highlights
PUR3100
PUR1800
PUR1900
Second Quarter 2024 Financial Results
Revenues decreased approximately $0.3 million to $1.6 million for the three months ended June 30, 2024, compared to $1.8 million for the three months ended June 30, 2023. The decrease is primarily related to the continued winding down of the PUR1900 Phase 2b clinical trial, for which the Company incurred fewer expenses eligible for reimbursement under its Agreement with Cipla as compared to the corresponding period in the previous year.
Research and development expenses decreased approximately $1.3 million to $2.8 million for the three months ended June 30, 2024, compared to $4.2 million for the three months ended June 30, 2023. The decrease was primarily due to winding down the PUR1900 Phase 2b clinical trial.
General and administrative expenses increased approximately $0.3 million to $2.0 million for the three months ended June 30, 2024, compared to $1.7 million for the three months ended June 30, 2023. The increase was primarily due to an increase in incurred legal costs.
The company recognized a $2.6 million loss on its disposal group of held for sale assets as of June 30, 2024, representing the current period write-down for the fair value of certain assets to be transferred to MannKind Corporation in the third quarter of 2024.
The Company's total cash and cash equivalents balance as of June 30, 2024, was $12.4 million plus $1.4 million in short-term restricted cash, which was released in August 2024, providing additional cash available to use in operations. The Company anticipates that its cash position, based on operational efficiencies and prioritization of spending, is sufficient to fund its operations into the fourth quarter of 2026.
PULMATRIX, INC. | ||||||||
Consolidated Balance Sheets | ||||||||
(in thousands, except share and per share data) | ||||||||
June 30, 2024 | December 31, 2023 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 12,379 | $ | 19,173 | ||||
Restricted cash | 1,421 | - | ||||||
Accounts receivable | 635 | 928 | ||||||
Prepaid expenses and other current assets | 1,201 | 742 | ||||||
Total current assets | 15,636 | 20,843 | ||||||
Property and equipment, net | - | 1,158 | ||||||
Operating lease right-of-use asset | - | 10,309 | ||||||
Long-term restricted cash | 51 | 1,472 | ||||||
Other long-term assets | 93 | 176 | ||||||
Total assets | $ | 15,780 | $ | 33,958 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 393 | $ | 1,915 | ||||
Accrued expenses and other current liabilities | 1,783 | 947 | ||||||
Operating lease liability | 24 | 429 | ||||||
Deferred revenue | 270 | 618 | ||||||
Total current liabilities | 2,470 | 3,909 | ||||||
Deferred revenue, net of current portion | - | 3,727 | ||||||
Operating lease liability, net of current portion | - | 8,327 | ||||||
Total liabilities | 2,470 | 15,963 | ||||||
Stockholders' equity: | ||||||||
Preferred stock, $0.0001 par value — 500,000 shares authorized; 6,746 shares designated Series A convertible preferred stock; no shares issued and outstanding at June 30, 2024 and December 31, 2023 | - | - | ||||||
Common stock, $0.0001 par value — 200,000,000 shares authorized; 3,652,285 shares issued and outstanding at June 30, 2024 and December 31, 2023 | - | - | ||||||
Additional paid-in capital | 305,893 | 305,592 | ||||||
Accumulated deficit | (292,583) | (287,597) | ||||||
Total stockholders' equity | 13,310 | 17,995 | ||||||
Total liabilities and stockholders' equity | $ | 15,780 | $ | 33,958 | ||||
PULMATRIX, INC. | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 1,552 | $ | 1,844 | $ | 7,437 | $ | 3,343 | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 2,834 | 4,165 | 6,346 | 8,039 | ||||||||||||
General and administrative | 2,001 | 1,670 | 3,627 | 3,880 | ||||||||||||
Loss on disposal group held for sale | 2,618 | - | 2,618 | - | ||||||||||||
Total operating expenses | 7,453 | 5,835 | 12,591 | 11,919 | ||||||||||||
Loss from operations | (5,901) | (3,991) | (5,154) | (8,576) | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 133 | 236 | 293 | 458 | ||||||||||||
Other expense, net | (43) | (61) | (125) | (146) | ||||||||||||
Total other income (expense), net | 90 | 175 | 168 | 312 | ||||||||||||
Net loss | $ | (5,811) | $ | (3,816) | $ | (4,986) | $ | (8,264) | ||||||||
Net loss per share attributable to common stockholders – basic and diluted | $ | (1.59) | $ | (1.04) | $ | (1.37) | $ | (2.26) | ||||||||
Weighted average common shares outstanding – basic and diluted | 3,652,285 | 3,652,285 | 3,652,285 | 3,651,531 | ||||||||||||
About Pulmatrix, Inc.
Pulmatrix is a clinical-stage biopharmaceutical company focused on the development of novel inhaled therapeutic products intended to prevent and treat central nervous system ("CNS"), respiratory and other diseases with important unmet medical needs using its patented iSPERSE™ technology. The Company's proprietary product pipeline includes treatments for CNS disorders such as acute migraine and serious lung diseases such as Chronic Obstructive Pulmonary Disease ("COPD") and allergic bronchopulmonary aspergillosis ("ABPA"). Pulmatrix's product candidates are based on its proprietary engineered dry powder delivery platform, iSPERSE™, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes.
For more on the Company's inhaled product candidates please visit: https://www.pulmatrix.com/pipeline.html.
Forward-Looking Statements
Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements of historical fact and may be identified by words such as "anticipates," "assumes," "believes," "can," "could," "estimates," "expects," "forecasts," "guides," "intends," "is confident that", "may," "plans," "seeks," "projects," "targets," and "would," and their opposites and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the Company's ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; the Company's ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; the ability to secure and enforce legal rights related to the Company's products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to the Company, is set forth in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Timothy McCarthy, CFA
917-679-9282
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| Daily Change: | 0.05 2.49 |
| Daily Volume: | 35,565 |
| Market Cap: | US$7.520M |
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