Investing.com
Published May 12, 2022 05:10AM ET
Updated May 12, 2022 09:42AM ET
Pulmatrix, Inc. (NASDAQ:PULM) today announced first quarter financial results for 2022 and provided a corporate update.
Ted Raad, Chief Executive Officer of Pulmatrix commented, "We have prioritized capital towards extending our cash runway through the Pulmazole Phase 2b top-line data anticipated in Q2 2024. We anticipate dosing for the Phase 2b study to begin in Q1 2023. Also in 2022, we will further analyze the PUR1800 Phase 1b data to finalize a potential Phase 2 study design while we execute to deliver PUR3100 Phase 1 top-line data in Q4 2022."
First Quarter 2022 and Recent Program Highlights
Pulmazole (PUR1900)
PUR3100
PUR1800
First Quarter Corporate Highlights
First Quarter 2022 Financial Results
Revenue was $1.2 million for the first quarter ended March 31, 2022, compared to $1.4 million for the same period in 2021, a decrease of $0.2 million. Revenue for 2022 from the collaboration and license agreement with Cipla on the Company's Pulmazole program increased, offset by no revenues from a previous JJEI License Agreement for the Company's PUR1800 kinase inhibitor.
For the three months ended March 31, 2022, research and development expenses were $4.1 million compared to $3.9 million for the same period in 2021, an increase of $0.3 million. The increase was primarily due to increased spend of $0.7 million in employment costs and $0.1 million in rent costs, partially offset by decreased spend of $0.3 million on preclinical costs related to our PUR1800 program and $0.2 million on clinical and manufacturing costs related to the Pulmazole program.
General and administrative expenses were $2.0 million for the three months ended March 31, 2022, compared to $1.6 million for the three months ended March 31, 2021, an increase of $0.4 million. The increase was primarily due to increased spend of $0.1 million in employment costs, $0.3 million on consulting and legal, and $0.1 million on audit, tax and public company expense, partially offset by decreased patent expense of $0.1 million.
Our total cash and cash equivalents balance as of March 31, 2022 was $47.5 million. We expect that our existing cash and cash equivalents as of March 31, 2022 will enable us to fund our projected operating expenses and capital expenditures into Q2 2024.
PULMATRIX, INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||
(in thousands, except share and per share data) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2022 | 2021 | |||||||||||
Revenues | $ | 1,160 | $ | 1,390 | ||||||||
Operating expenses: | ||||||||||||
Research and development | 4,149 | 3,856 | ||||||||||
General and administrative | 1,974 | 1,619 | ||||||||||
Total operating expenses | 6,123 | 5,475 | ||||||||||
Loss from operations | (4,963) | (4,085) | ||||||||||
Other income (expense): | ||||||||||||
Interest income | 1 | 3 | ||||||||||
Other expense, net | (11) | (22) | ||||||||||
Total other income (expense) | (10) | (19) | ||||||||||
Net loss | $ | (4,973) | $ | (4,104) | ||||||||
Net loss per share attributable to common stockholders - basic and diluted | $ | (1.51) | $ | (1.78) | ||||||||
Weighted average common shares outstanding - basic and diluted | 3,297,280 | 2,301,610 |
PULMATRIX, INC. | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(in thousands, except share and per share data) | ||||||||||
March 31, 2022 | December 31, 2021 | |||||||||
(unaudited) | ||||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 47,534 | $ | 53,840 | ||||||
Accounts receivable | 1,113 | 67 | ||||||||
Prepaid expenses and other current assets | 1,961 | 871 | ||||||||
Total current assets | 50,608 | 54,778 | ||||||||
Property and equipment, net | 319 | 321 | ||||||||
Operating lease right-of-use asset | 1,751 | 2,093 | ||||||||
Long-term restricted cash | 1,625 | 1,625 | ||||||||
Total assets | $ | 54,303 | $ | 58,817 | ||||||
Liabilities and stockholders' equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | 1,227 | 839 | ||||||||
Accrued expenses | 1,067 | 1,233 | ||||||||
Operating lease liability | 1,566 | 1,431 | ||||||||
Deferred revenue | 1,517 | 939 | ||||||||
Total current liabilities | 5,377 | 4,442 | ||||||||
Deferred revenue, net of current portion | 5,739 | 6,069 | ||||||||
Operating lease liability, net of current portion | 430 | 857 | ||||||||
Total liabilities | 11,546 | 11,368 | ||||||||
Commitments and contingencies (Note 12) | ||||||||||
Stockholders' equity: | ||||||||||
Series A convertible preferred stock, $0.0001 par value — 6,746 shares authorized at March 31, 2022 and December 31, 2021; 915 and 1,830 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 540 | 1,081 | ||||||||
Common stock, $0.0001 par value — 200,000,000 shares authorized at March 31,2022 and December 31, 2021; 3,310,922 and 3,222,037 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | - | - | ||||||||
Additional paid-in capital | 301,830 | 301,008 | ||||||||
Accumulated deficit | (259,613) | (254,640) | ||||||||
Total stockholders' equity | 42,757 | 47,449 | ||||||||
Total liabilities and stockholders' equity | $ | 54,303 | $ | 58,817 | ||||||
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.