Full Press Release Details
Announces First Quarter 2022 Financial Results and Provides Corporate Update
Q1 with $47.5 million in cash and cash equivalents; Extends cash runway into Q2 2024
Mass., May 12, 2022 - Pulmatrix, Inc. (NASDAQ: PULM), a clinical-stage biopharmaceutical company developing innovative inhaled
therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE technology, today announced first
quarter financial results for 2022 and provided a corporate update.
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."
Quarter 2022 and Recent Program Highlights
Quarter Corporate Highlights
Quarter 2022 Financial Results
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.
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.
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.
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.
STATEMENTS OF OPERATIONS (unaudited)
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 |
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 |
is a clinical-stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary
disease using its patented iSPERSE technology. The Company's proprietary product pipeline includes treatments for serious
lung diseases, such as allergic bronchopulmonary aspergillosis ("ABPA"), Chronic Obstructive Pulmonary Disease ("COPD"),
and neurologic disorders such as acute migraine. 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.
statements in this letter that are forward-looking and not statements of historical fact are forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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", "extended",
"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 impact of the novel coronavirus
(COVID-19) on the Company's ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on 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 SEC, 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.
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.