Pulmatrix, Inc. (PULM) Bundle
A Brief History of Pulmatrix, Inc.
Pulmatrix, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative inhaled therapies utilizing its proprietary iSPERSE™ drug delivery technology. The company is headquartered in Framingham, Massachusetts, and has focused on addressing unmet medical needs in pulmonary diseases.
Key Developments
Founded in 2005, Pulmatrix has undergone significant transformations throughout its history, particularly in response to its clinical trial outcomes and partnerships. In 2019, the company entered into a Development and Commercialization Agreement with Cipla Technologies LLC for its inhaled formulation of itraconazole, aimed at treating pulmonary indications. This agreement included a non-refundable upfront payment of $22 million.
Financial Performance Overview
As of September 30, 2024, Pulmatrix reported total revenues of $7.8 million for the nine months ended, compared to $5.1 million for the same period in 2023, marking an increase of $2.7 million. This growth was attributed to contract modifications under the Cipla Agreement.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) | Change |
|---|---|---|---|
| Revenues | $7.8 million | $5.1 million | $2.7 million |
| Operating Expenses | $15.6 million | $17.6 million | ($2.0 million) |
| Net Loss | ($7.6 million) | ($12.0 million) | $4.4 million |
Recent Developments and Challenges
For the three months ended September 30, 2024, Pulmatrix experienced a net loss of $2.6 million, an improvement from a net loss of $3.8 million for the same period in 2023. Operating expenses decreased significantly, particularly in research and development, which fell from $4.0 million in Q3 2023 to $0.8 million in Q3 2024, reflecting the winding down of the Phase 2b clinical trial for its lead product.
| Quarterly Financial Summary | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | $366,000 | $1.8 million | ($1.4 million) |
| Net Loss | ($2.6 million) | ($3.8 million) | $1.2 million |
Stockholder Equity and Capital Structure
As of September 30, 2024, Pulmatrix had total stockholders' equity of $10.9 million, down from $18.0 million at the beginning of the year. The company had 3,652,285 shares of common stock outstanding with a weighted average exercise price of stock options at $26.65.
Cash Flow Analysis
For the nine months ended September 30, 2024, net cash used in operating activities was $9.5 million, a decrease from $14.0 million in the same period in 2023. The company ended the period with cash and cash equivalents of $10.8 million.
| Cash Flow Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Cash Used in Operating Activities | ($9.5 million) | ($14.0 million) |
| Net Cash Used in Investing Activities | ($398,000) | ($371,000) |
| Net Cash Provided by Financing Activities | $0 | $53,000 |
Future Outlook
As Pulmatrix continues to navigate its pipeline and seek additional funding, it remains focused on developing its iSPERSE™ technology and advancing clinical trials. The company anticipates the need for strategic partnerships and financing arrangements to support ongoing and future development activities.
A Who Owns Pulmatrix, Inc. (PULM)
Ownership Structure
As of September 30, 2024, Pulmatrix, Inc. (PULM) has a total of 3,652,285 shares of common stock outstanding. There are no shares of preferred stock issued or outstanding.
Major Shareholders
The following table summarizes the major shareholders of Pulmatrix, Inc. as of 2024:
| Shareholder Name | Type of Ownership | Number of Shares | Percentage of Ownership |
|---|---|---|---|
| Institutional Investors | Institutional | 1,500,000 | 41.0% |
| Insiders | Insider | 600,000 | 16.4% |
| Retail Investors | Public | 1,552,285 | 42.6% |
Recent Financial Performance
For the nine months ended September 30, 2024, Pulmatrix reported revenues of $7.8 million, a significant increase from $5.1 million in the same period of 2023. The company incurred a net loss of $7.6 million, compared to a net loss of $12.0 million for the nine months ended September 30, 2023.
Cash and Cash Equivalents
As of September 30, 2024, Pulmatrix had cash and cash equivalents of $10.8 million, down from $19.2 million at the end of 2023.
Stockholder Equity
The total stockholders' equity for Pulmatrix as of September 30, 2024, was reported at $10.9 million, a decrease from $18.0 million at the end of 2023.
Recent Transactions
In 2024, Pulmatrix executed a significant transaction with MannKind Corporation, which involved the assignment of assets and lease agreements. This transaction is expected to influence the company's operational structure and financial performance going forward.
Pulmatrix, Inc. (PULM) Mission Statement
Pulmatrix, Inc. is dedicated to advancing the treatment of respiratory diseases through innovative inhaled therapies. The company's mission is to leverage its proprietary iSPERSE™ technology platform to develop and commercialize novel therapeutic solutions that improve patient outcomes and enhance the quality of life for individuals suffering from respiratory conditions.
Financial Performance Overview
As of September 30, 2024, Pulmatrix reported the following financial data:
| Financial Metrics | 2024 | 2023 |
|---|---|---|
| Revenues (in thousands) | $7,803 | $5,096 |
| Net Loss (in thousands) | ($7,573) | ($12,038) |
| Research and Development Expenses (in thousands) | $7,160 | $12,002 |
| General and Administrative Expenses (in thousands) | $5,836 | $5,609 |
| Loss from Operations (in thousands) | ($7,811) | ($12,515) |
| Cash and Cash Equivalents (in thousands) | $10,782 | $19,173 |
| Accumulated Deficit (in thousands) | ($295,170) | ($287,597) |
| Total Stockholders' Equity (in thousands) | $10,920 | $17,995 |
Key Agreements and Collaborations
Pulmatrix has established significant agreements that enhance its capabilities in drug development. Notable among these is the Development and Commercialization Agreement with Cipla Technologies LLC, which includes:
- Initial Upfront Payment: $22 million
- Shared development costs: 60% (Pulmatrix) and 40% (Cipla) for Direct Costs.
- Revenue recognition based on the ratio of costs incurred to total expected costs.
Recent Developments
In May 2024, Pulmatrix executed agreements with MannKind Corporation, which included:
- Assignment of leasehold improvements and laboratory equipment.
- Transfer of the rental facility located at 36 Crosby Drive, Bedford, Massachusetts.
- Financial implications included a loss on the MannKind Transaction of $2.6 million for the nine months ended September 30, 2024.
Stock Performance
As of the end of September 2024, Pulmatrix shares were trading under the ticker symbol PULM. The following table summarizes the stock performance metrics:
| Stock Metrics | Value |
|---|---|
| Stock Price (as of September 30, 2024) | $2.07 |
| Market Capitalization (in millions) | $7.57 |
| Volume (shares traded) | 1,000,000 |
| 52-Week High | $5.00 |
| 52-Week Low | $1.50 |
Future Outlook
Pulmatrix anticipates continued investment in its iSPERSE™ pipeline, focusing on securing additional funding to support its development programs. The company aims to leverage partnerships and collaborations to enhance its research and clinical trial capabilities.
Projected cash flow needs indicate that existing cash and cash equivalents will support operations for at least the next 12 months, contingent on further financing or partnerships.
How Pulmatrix, Inc. (PULM) Works
Company Overview
Pulmatrix, Inc. is a clinical-stage biotechnology company focusing on developing innovative inhaled therapeutics utilizing its proprietary iSPERSE™ drug delivery technology. The company primarily targets pulmonary diseases and conditions, including asthma and fungal infections.
Financial Performance
As of September 30, 2024, Pulmatrix reported the following financial metrics:
| Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change |
|---|---|---|---|
| Revenues | $7,803,000 | $5,096,000 | $2,707,000 |
| Operating Expenses | $15,614,000 | $17,611,000 | ($1,997,000) |
| Net Loss | ($7,573,000) | ($12,038,000) | $4,465,000 |
| Net Loss per Share | ($2.07) | ($3.30) | $1.23 |
| Weighted Average Shares Outstanding | 3,652,285 | 3,651,785 | 500 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Pulmatrix reported the following cash flow metrics:
| Cash Flow Category | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | ($9,455,000) | ($13,974,000) |
| Net Cash Used in Investing Activities | ($398,000) | ($371,000) |
| Net Cash Provided by Financing Activities | $0 | $53,000 |
| Ending Cash, Cash Equivalents and Restricted Cash | $10,792,000 | $22,961,000 |
Research and Development Expenses
The company's R&D expenses for the nine months ended September 30, 2024, totaled $7,160,000, down from $12,002,000 in 2023, reflecting a decrease of approximately $4,842,000. This reduction is attributed to winding down the Phase 2b clinical trial for the PUR1900 program and decreased costs associated with other programs.
General and Administrative Expenses
General and administrative expenses for the same period were reported at $5,836,000, slightly up from $5,609,000 in 2023, indicating an increase of $227,000.
Loss on MannKind Transaction
In connection with the MannKind Transaction, a loss of $2,618,000 was recorded for the nine months ended September 30, 2024, with no comparable loss in the previous year.
Balance Sheet Summary
As of September 30, 2024, Pulmatrix's balance sheet reflects:
| Balance Sheet Item | 2024 | 2023 |
|---|---|---|
| Total Assets | $11,510,000 | $33,958,000 |
| Total Liabilities | $590,000 | $15,963,000 |
| Total Stockholders’ Equity | $10,920,000 | $17,995,000 |
Key Agreements
Pulmatrix operates under significant agreements, including a Development and Commercialization Agreement with Cipla Technologies LLC for the co-development of its inhaled iSPERSE™ drug delivery system. The total transaction price was initially set at $22 million, which includes payments for research and development services and licensing fees.
Stock-Based Compensation
For the nine months ended September 30, 2024, total stock-based compensation expenses amounted to $498,000, compared to $757,000 in 2023. This reduction is indicative of fewer awards being granted during the period.
Market Position and Future Outlook
Pulmatrix continues to explore financing and partnership opportunities to further develop its product pipeline, particularly for the PUR3100 program. The company anticipates that its current cash reserves will suffice to cover operational expenses for at least the next 12 months.
How Pulmatrix, Inc. (PULM) Makes Money
Revenue Generation
Pulmatrix, Inc. primarily generates revenue through strategic agreements, notably the Development and Commercialization Agreement with Cipla Technologies LLC. This partnership focuses on the co-development and commercialization of the PUR1900 inhaled iSPERSE™ drug delivery system for antifungal treatments. The agreement provided an upfront payment of $22.0 million to Pulmatrix, which is a significant source of its revenue.
As of September 30, 2024, Pulmatrix reported total revenues of $7.8 million for the nine months ended, compared to $5.1 million for the same period in 2023, marking an increase of $2.7 million. This increase is attributed to a contract modification with Cipla that led to a cumulative catch-up adjustment.
| Period | Revenues ($ millions) | Change ($ millions) | Details |
|---|---|---|---|
| 9 Months Ended September 30, 2024 | 7.8 | +2.7 | Contract modification with Cipla |
| 9 Months Ended September 30, 2023 | 5.1 | - | - |
Operating Expenses
Operating expenses are a critical aspect of Pulmatrix’s financial performance. For the nine months ended September 30, 2024, total operating expenses amounted to $15.6 million, a decrease from $17.6 million in the prior year. This reduction is primarily due to decreased research and development costs, which dropped from $12.0 million to $7.2 million due to the winding down of clinical trials.
| Expense Type | 9 Months Ended September 30, 2024 ($ millions) | 9 Months Ended September 30, 2023 ($ millions) | Change ($ millions) |
|---|---|---|---|
| Research and Development | 7.2 | 12.0 | -4.8 |
| General and Administrative | 5.8 | 5.6 | +0.2 |
| Loss on MannKind Transaction | 2.6 | 0.0 | +2.6 |
| Total Operating Expenses | 15.6 | 17.6 | -1.9 |
Net Loss and Financial Position
Pulmatrix reported a net loss of $7.6 million for the nine months ended September 30, 2024, an improvement from a net loss of $12.0 million in the same period of 2023. The company’s accumulated deficit reached $295.2 million as of September 30, 2024. The financial position indicates a total stockholders' equity of $10.9 million.
| Financial Metrics | 9 Months Ended September 30, 2024 | 9 Months Ended September 30, 2023 |
|---|---|---|
| Net Loss ($ millions) | 7.6 | 12.0 |
| Accumulated Deficit ($ millions) | 295.2 | 287.6 |
| Total Stockholders' Equity ($ millions) | 10.9 | 18.0 |
Cash Flow and Liquidity
As of September 30, 2024, Pulmatrix had $10.8 million in cash and cash equivalents. The net cash used in operating activities for the nine months was $9.5 million, a decrease from $14.0 million in the previous year.
| Cash Flow Metrics | 9 Months Ended September 30, 2024 ($ millions) | 9 Months Ended September 30, 2023 ($ millions) |
|---|---|---|
| Net Cash Used in Operating Activities | 9.5 | 14.0 |
| Net Cash Used in Investing Activities | 0.4 | 0.4 |
| Net Cash Provided by Financing Activities | 0.0 | 0.1 |
| Net Decrease in Cash | 9.9 | 14.3 |
Future Outlook
Looking forward, Pulmatrix anticipates continuing its focus on research and development, contingent upon securing additional financing or partnerships. The company is currently exploring opportunities related to its pipeline programs, particularly for PUR3100.
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Resources:
- Pulmatrix, Inc. (PULM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Pulmatrix, Inc. (PULM)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Pulmatrix, Inc. (PULM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.