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Pulmatrix(PULM) - 2024 Q3 - Quarterly Results
PULMPulmatrix(PULM)2024-11-08 13:05

Financial Performance - Revenues decreased approximately 1.4millionto1.4 million to 0.4 million for Q3 2024, compared to 1.8millionforQ32023,primarilyduetoreducedrevenueundertheCiplaAgreementrelatedtothewinddownofthePUR1900Phase2bclinicaltrial[6].−ThenetlossforQ32024wasapproximately1.8 million for Q3 2023, primarily due to reduced revenue under the Cipla Agreement related to the wind down of the PUR1900 Phase 2b clinical trial[6]. - The net loss for Q3 2024 was approximately 2.6 million, compared to a net loss of 3.8millionforQ32023[12].ResearchandDevelopment−Researchanddevelopmentexpensesdecreasedapproximately3.8 million for Q3 2023[12]. Research and Development - Research and development expenses decreased approximately 3.2 million to 0.8millionforQ32024,comparedto0.8 million for Q3 2024, compared to 4.0 million for Q3 2023, mainly due to reduced employment and operating costs following the MannKind cross-license agreement[7]. - The Phase 1 trial results for PUR3100 indicated that it achieved peak exposures in the targeted therapeutic range, with time to maximum concentration occurring at five minutes after dosing[2]. - Pulmatrix is exploring financing or partnership arrangements to develop and initiate a potential Phase 2 clinical study for PUR3100, which is positioned as Phase 2-ready following FDA acceptance of its IND application[2]. - The company plans to pursue partnership or other alternatives to monetize or advance PUR1800, which is a Narrow Spectrum Kinase Inhibitor for the treatment of acute exacerbations in chronic obstructive pulmonary disease[3]. Expenses - General and administrative expenses increased approximately 0.5millionto0.5 million to 2.2 million for Q3 2024, compared to 1.7millionforQ32023,primarilyduetoone−timeemployeeseparationcosts[8].CashPosition−ThetotalcashandcashequivalentsbalanceasofSeptember30,2024,was1.7 million for Q3 2023, primarily due to one-time employee separation costs[8]. Cash Position - The total cash and cash equivalents balance as of September 30, 2024, was 10.8 million, with a projected cash runway into Q4 2026[9]. Intellectual Property - As of September 30, 2024, Pulmatrix's patent portfolio related to iSPERSE™ included approximately 147 granted patents and 51 pending patent applications[5]. Clinical Trials - Pulmatrix completed all wind down activities for the PUR1900 Phase 2b study in Q3 2024, and will receive 2% royalties on any potential future net sales by Cipla outside the United States[4].