Pulmatrix Announces Third Quarter 2024 Financial Results and Provides Corporate Update

Core Insights - Pulmatrix, Inc. is focusing on leveraging its iSPERSE™ technology and optimizing the potential of its clinical assets, particularly PUR3100, while pursuing strategic alternatives [1][2] - The company has completed the wind down of the PUR1900 program and has closed transactions with MannKind Corporation, validating the potential value of its technology [1][2] Financial Performance - For Q3 2024, Pulmatrix reported revenues of $0.4 million, a decrease of approximately$1.4 million from $1.8 million in Q3 2023, primarily due to reduced revenue from the Cipla Agreement related to the PUR1900 wind down [7] - Research and development expenses decreased to$0.8 million in Q3 2024 from $4.0 million in Q3 2023, attributed to cost savings following the MannKind transaction and the completion of the PUR1900 program [8] - General and administrative expenses increased to$2.2 million in Q3 2024 from $1.7 million in Q3 2023, mainly due to one-time employee separation costs [9] - As of September 30, 2024, the company had cash and cash equivalents of$10.8 million, projected to fund operations into Q4 2026 [10] Clinical Development Updates - PUR3100, an inhaled dihydroergotamine for acute migraine, is Phase 2-ready following FDA acceptance of its IND application, with plans for a Phase 2 clinical study [3] - The Phase 1 trial results for PUR3100 indicated that it achieved peak exposures in the therapeutic range with a lower incidence of nausea compared to IV-administered DHE [3] - PUR1800, a Narrow Spectrum Kinase Inhibitor for acute exacerbations in COPD, has shown safety and tolerability in Phase 1b studies, and the company plans to pursue partnerships for its advancement [4] Strategic Partnerships and Licensing - The company has entered into a cross-license agreement with MannKind, granting exclusive licenses for various iSPERSE formulations, including those for insulin and treatments for nontuberculous mycobacteria lung disease [6] - Pulmatrix will receive 2% royalties on potential future net sales of PUR1900 by Cipla outside the U.S., while both companies will seek to monetize the product within the U.S. [5] Patent Portfolio - As of September 30, 2024, Pulmatrix holds approximately 147 granted patents related to iSPERSE™, with 18 granted U.S. patents and 51 pending applications [7]