$PULM
Pulmatrix, Inc.

2015 Q4 Form 10-Q Financial Statement

#000119312515374719 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $280.0K $651.0K $30.00K
YoY Change 2070.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.100M $3.120M $1.086M
YoY Change 91.43% 187.29% 117.64%
% of Gross Profit
Research & Development $2.470M $2.193M $1.929M
YoY Change 299.03% 13.69% 289.7%
% of Gross Profit
Depreciation & Amortization $50.00K $60.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $4.570M $5.312M $2.624M
YoY Change 166.32% 102.44% 163.98%
Operating Profit -$4.661M -$2.594M
YoY Change 79.68% 160.97%
Interest Expense -$220.0K $220.0K $7.885M
YoY Change -97.21%
% of Operating Profit
Other Income/Expense, Net -$20.00K -$51.00K $5.000K
YoY Change -600.0% -1120.0%
Pretax Income -$4.540M -$4.930M -$1.710M
YoY Change 165.5% 188.3% 72.73%
Income Tax
% Of Pretax Income
Net Earnings -$4.540M -$4.932M -$11.13M
YoY Change 165.19% -55.7% 1020.12%
Net Earnings / Revenue -1621.43% -757.6% -37113.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.068M -$3.354M -$9.000M
COMMON SHARES
Basic Shares Outstanding 14.52M shares 14.52M shares 4.804M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.90M $22.03M $12.88M
YoY Change 63.35% 71.04% 14211.11%
Cash & Equivalents $18.90M $22.03M $753.0K
Short-Term Investments
Other Short-Term Assets $206.0K $1.330M $20.00K
YoY Change 312.0% 6550.0% -90.48%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $20.46M $23.36M $13.17M
YoY Change 2362.33% 77.38% 4289.67%
LONG-TERM ASSETS
Property, Plant & Equipment $685.0K $558.0K $105.0K
YoY Change 45.74% 431.43%
Goodwill $15.94M $15.94M
YoY Change
Intangibles $7.534M $7.534M
YoY Change
Long-Term Investments
YoY Change
Other Assets $250.0K $18.00K
YoY Change
Total Long-Term Assets $24.41M $24.31M $105.0K
YoY Change 3290.42% 23047.62% -87.2%
TOTAL ASSETS
Total Short-Term Assets $20.46M $23.36M $13.17M
Total Long-Term Assets $24.41M $24.31M $105.0K
Total Assets $44.87M $47.66M $13.27M
YoY Change 2793.17% 259.08% 1085.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.090M $927.0K
YoY Change 404.63%
Accrued Expenses $1.486M $1.135M $570.0K
YoY Change -58.07% 99.12% 612.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.029M $413.0K
YoY Change
Total Short-Term Liabilities $3.605M $2.475M $575.0K
YoY Change -91.71% 330.43% -56.77%
LONG-TERM LIABILITIES
Long-Term Debt $5.692M $6.313M $0.00
YoY Change
Other Long-Term Liabilities $10.00K $10.00K
YoY Change
Total Long-Term Liabilities $5.692M $6.313M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.605M $2.475M $575.0K
Total Long-Term Liabilities $5.692M $6.313M $0.00
Total Liabilities $12.27M $11.76M $580.0K
YoY Change -72.6% 1927.24% -56.39%
SHAREHOLDERS EQUITY
Retained Earnings -$128.1M -$123.6M -$7.094M
YoY Change 25.67% 1641.85%
Common Stock $160.7M $159.5M $480.00
YoY Change 594.43% 33223441.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.61M $35.91M $12.70M
YoY Change
Total Liabilities & Shareholders Equity $44.87M $47.66M $13.27M
YoY Change 2793.17% 259.08% 1085.18%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$4.540M -$4.932M -$11.13M
YoY Change 165.19% -55.7% 1020.12%
Depreciation, Depletion And Amortization $50.00K $60.00K $0.00
YoY Change
Cash From Operating Activities -$2.980M -$3.410M -$1.280M
YoY Change 127.48% 166.41% 24.27%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$70.00K -$100.0K
YoY Change -30.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$140.0K -$70.00K -$100.0K
YoY Change -30.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 -10.00K
YoY Change -100.0% -100.94%
NET CHANGE
Cash From Operating Activities -2.980M -3.410M -1.280M
Cash From Investing Activities -140.0K -70.00K -100.0K
Cash From Financing Activities 0.000 0.000 -10.00K
Net Change In Cash -3.120M -3.480M -1.390M
YoY Change 138.17% 150.36% -4733.33%
FREE CASH FLOW
Cash From Operating Activities -$2.980M -$3.410M -$1.280M
Capital Expenditures -$150.0K -$70.00K -$100.0K
Free Cash Flow -$2.830M -$3.340M -$1.180M
YoY Change 116.03% 183.05% 14.56%

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BasisOfAccounting
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>2. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States (&#x201C;GAAP&#x201D;) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect&#xA0;the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and nine months ended September&#xA0;30, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December&#xA0;31, 2015. For further information, refer to the financial statements and footnotes included in the Company&#x2019;s annual financial statements for the fiscal year ended December&#xA0;31, 2014, which are included in the Company&#x2019;s current report on Form 8-K/A filed with the SEC on August&#xA0;14, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Merger and Exchange Ratio</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Merger has been accounted for as a &#x201C;reverse merger&#x201D; under the acquisition method of accounting for business combinations with Pulmatrix Operating treated as the accounting acquirer of Ruthigen. The historical financial statements of Pulmatrix Operating have become the historical financial statements of the Company, or the combined company, and are included in this filing labeled Pulmatrix,&#xA0;Inc. As a result of the Merger, historical common stock, stock options and additional paid-in capital, including share and per share amounts, have been retroactively adjusted to reflect the equity structure of the combined company, including the effect of the Merger exchange ratio and the common stock par value of $0.0001 per share. See Note 5, &#x201C;Merger,&#x201D; for additional discussion of the Merger and the exchange ratio.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Reverse Stock Split</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> On June&#xA0;15, 2015, following the Effective Time, the Company effected a 1-for-2.5 reverse stock split (the &#x201C;Reverse Stock Split&#x201D;) of its outstanding common stock, par value $0.0001 per share (&#x201C;Company Common Stock&#x201D;). The accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements, including the Merger exchange ratio (Note 5) applied to historical Pulmatrix Operating common stock and stock options unless otherwise noted, give retroactive effect to the Reverse Stock Split for all periods presented. The shares of Company Common Stock retained a par value of $0.0001 per share.</p> </div>
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-14557000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
151000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21631000
dei Entity Central Index Key
EntityCentralIndexKey
0001574235
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.51
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1540388 shares
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.69
dei Document Type
DocumentType
10-Q
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y11M12D
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
Pulmatrix, Inc.
us-gaap Revenues
Revenues
926000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-2291000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2018 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.12
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
71323 shares
dei Trading Symbol
TradingSymbol
PULM
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3928 pure
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
2384 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5860758 shares
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.12
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y7M6D
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
120000
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
3022000
us-gaap Net Income Loss
NetIncomeLoss
-21631000
pulm Fair Value Adjustment On Derivative Liability
FairValueAdjustmentOnDerivativeLiability
2291000
pulm Gain Loss On Conversion Of Convertible Notes
GainLossOnConversionOfConvertibleNotes
-1170000
pulm Debt Instrument Unamortized Discount During Period
DebtInstrumentUnamortizedDiscountDuringPeriod
-1847000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1888000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
801000
us-gaap Operating Income Loss
OperatingIncomeLoss
-18724000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-24000
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
198000
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
3000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
35573000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-10000
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
4248000
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
30422000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1161000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
926000
us-gaap Share Based Compensation
ShareBasedCompensation
4272000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1309000
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
20750000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
21575000
us-gaap Operating Expenses
OperatingExpenses
19650000
us-gaap Interest Expense
InterestExpense
731000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
9551000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
21518000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4721000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
821000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
151000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
6910000
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
23772000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14929000
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
4248000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
430000
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
9671000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
709000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
4457000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
179000
pulm Operating Lease Agreement Amended Date
OperatingLeaseAgreementAmendedDate
2015-10-27
pulm Share Based Compensation Arrangement By Share Based Payment Award Options Assumed In Acquisition
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAssumedInAcquisition
24400 shares
pulm Noncash Rent Expense
NoncashRentExpense
17000
pulm Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-21631000
pulm Share Based Compensation Arrangements By Share Based Payment Award Options Assumed In Merger Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsAssumedInMergerWeightedAverageExercisePrice
14.07
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M23D
pulm Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
10000000
pulm Noncash Interest Expenses
NoncashInterestExpenses
533000
CY2015Q3 us-gaap Interest Expense
InterestExpense
220000
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-59.60
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
187044 shares
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-11134000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11147000
CY2014Q3 us-gaap Revenues
Revenues
30000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2594000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
50000
CY2014Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
655000
CY2014Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
13000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
2624000
CY2014Q3 us-gaap Interest Expense
InterestExpense
7885000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1929000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
695000
CY2014Q3 pulm Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-11147000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14654427 shares
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-4932000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4932000
CY2015Q3 us-gaap Revenues
Revenues
651000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4661000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-51000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2441000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
5312000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2193000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3119000
CY2015Q3 pulm Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-4932000

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