$PULM
Pulmatrix, Inc.

2016 Q4 Form 10-Q Financial Statement

#000119312516759642 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $120.0K $61.00K $280.0K
YoY Change -57.14% -90.63%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.840M $1.550M $2.100M
YoY Change -12.38% -50.32% 91.43%
% of Gross Profit
Research & Development $2.770M $1.507M $2.470M
YoY Change 12.15% -31.28% 299.03%
% of Gross Profit
Depreciation & Amortization $70.00K $60.00K $50.00K
YoY Change 40.0% 0.0%
% of Gross Profit
Operating Expenses $4.610M $3.057M $4.570M
YoY Change 0.88% -42.45% 166.32%
Operating Profit -$2.996M
YoY Change -35.72%
Interest Expense -$230.0K $225.0K -$220.0K
YoY Change 4.55% 2.27%
% of Operating Profit
Other Income/Expense, Net -$70.00K $64.00K -$20.00K
YoY Change 250.0% -225.49% -600.0%
Pretax Income -$12.79M -$3.160M -$4.540M
YoY Change 181.72% -35.9% 165.5%
Income Tax -$2.960M
% Of Pretax Income
Net Earnings -$9.830M -$3.157M -$4.540M
YoY Change 116.52% -35.99% 165.19%
Net Earnings / Revenue -8191.67% -5175.41% -1621.43%
Basic Earnings Per Share
Diluted Earnings Per Share -$6.597M -$2.121M -$3.068M
COMMON SHARES
Basic Shares Outstanding 14.70M shares 14.65M shares 14.52M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.180M $7.310M $18.90M
YoY Change -77.88% -66.82% 63.35%
Cash & Equivalents $4.182M $7.313M $18.90M
Short-Term Investments
Other Short-Term Assets $580.0K $206.0K $206.0K
YoY Change 181.55% -84.51% 312.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.759M $8.335M $20.46M
YoY Change -76.74% -64.32% 2362.33%
LONG-TERM ASSETS
Property, Plant & Equipment $786.0K $999.0K $685.0K
YoY Change 14.74% 79.03% 45.74%
Goodwill $10.91M $15.94M $15.94M
YoY Change -31.54% 0.0%
Intangibles $7.534M
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $250.0K
YoY Change -20.0% 1011.11%
Total Long-Term Assets $11.90M $17.15M $24.41M
YoY Change -51.24% -29.46% 3290.42%
TOTAL ASSETS
Total Short-Term Assets $4.759M $8.335M $20.46M
Total Long-Term Assets $11.90M $17.15M $24.41M
Total Assets $16.66M $25.48M $44.87M
YoY Change -62.87% -46.54% 2793.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $747.0K $401.0K $1.090M
YoY Change -31.47% -56.74% 404.63%
Accrued Expenses $1.317M $1.193M $1.486M
YoY Change -11.37% 5.11% -58.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.586M $2.511M $1.029M
YoY Change 151.31% 507.99%
Total Short-Term Liabilities $4.650M $4.105M $3.605M
YoY Change 28.99% 65.86% -91.71%
LONG-TERM LIABILITIES
Long-Term Debt $3.217M $3.893M $5.692M
YoY Change -43.48% -38.33%
Other Long-Term Liabilities $40.00K $10.00K $10.00K
YoY Change 300.0% 0.0%
Total Long-Term Liabilities $3.217M $3.893M $5.692M
YoY Change -43.48% -38.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.650M $4.105M $3.605M
Total Long-Term Liabilities $3.217M $3.893M $5.692M
Total Liabilities $7.902M $8.009M $12.27M
YoY Change -35.58% -31.88% -72.6%
SHAREHOLDERS EQUITY
Retained Earnings -$155.9M -$146.1M -$128.1M
YoY Change 21.73% 18.25% 25.67%
Common Stock $164.7M $163.6M $160.7M
YoY Change 2.49% 2.58% 594.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.761M $17.47M $32.61M
YoY Change
Total Liabilities & Shareholders Equity $16.66M $25.48M $44.87M
YoY Change -62.87% -46.54% 2793.17%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$9.830M -$3.157M -$4.540M
YoY Change 116.52% -35.99% 165.19%
Depreciation, Depletion And Amortization $70.00K $60.00K $50.00K
YoY Change 40.0% 0.0%
Cash From Operating Activities -$2.500M -$2.800M -$2.980M
YoY Change -16.11% -17.89% 127.48%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$270.0K -$150.0K
YoY Change -86.67% 285.71%
Acquisitions
YoY Change
Other Investing Activities $20.00K $0.00 $0.00
YoY Change
Cash From Investing Activities $10.00K -$270.0K -$140.0K
YoY Change -107.14% 285.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -640.0K -410.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -2.500M -2.800M -2.980M
Cash From Investing Activities 10.00K -270.0K -140.0K
Cash From Financing Activities -640.0K -410.0K 0.000
Net Change In Cash -3.130M -3.480M -3.120M
YoY Change 0.32% 0.0% 138.17%
FREE CASH FLOW
Cash From Operating Activities -$2.500M -$2.800M -$2.980M
Capital Expenditures -$20.00K -$270.0K -$150.0K
Free Cash Flow -$2.480M -$2.530M -$2.830M
YoY Change -12.37% -24.25% 116.03%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>2. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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, 2016, 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, 2016. 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, 2015, which are included in the Company&#x2019;s annual report on Form 10-K filed with the SEC on March&#xA0;10, 2016.</p> </div>
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183000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
4575000
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-412000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
68000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-402000
us-gaap Operating Expenses
OperatingExpenses
18126000
us-gaap Net Income Loss
NetIncomeLoss
-18013000
us-gaap Interest Expense
InterestExpense
673000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-437000
us-gaap Interest Expense Debt
InterestExpenseDebt
673000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-689000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-538000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18013000
us-gaap Operating Income Loss
OperatingIncomeLoss
-17408000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-412000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
60000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-10740000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
437000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
277 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
63662 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.71
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating fair value of equity instruments recorded as derivative liabilities, estimating the fair value of net assets acquired in business combinations, estimating the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.</p> </div>
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M21D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M29D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.80
dei Trading Symbol
TradingSymbol
PULM
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7378000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
756350 shares
us-gaap Share Based Compensation
ShareBasedCompensation
2878000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4932000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4661000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-3157000
CY2016Q3 us-gaap Interest Expense
InterestExpense
225000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14803378 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
4.98
pulm Operating Lease Agreement Amended Date
OperatingLeaseAgreementAmendedDate
2015-10-27
pulm Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-18013000
pulm Noncash Interest Expenses
NoncashInterestExpenses
159000
pulm Noncash Rent Expense
NoncashRentExpense
32000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3119000
CY2015Q3 us-gaap Revenues
Revenues
651000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-51000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
5312000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2193000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2441000
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14654427 shares
CY2015Q3 pulm Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-4932000
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.21
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1550000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-4932000
CY2015Q3 us-gaap Interest Expense
InterestExpense
220000
CY2015Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
220000
CY2016Q3 us-gaap Revenues
Revenues
61000
CY2015Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
64000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
3057000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2996000
CY2016Q3 pulm Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-3157000
CY2016Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
225000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3157000
CY2016Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1507000
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
476000
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14850526 shares

Files In Submission

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0001193125-16-759642-index-headers.html Edgar Link pending
0001193125-16-759642-index.html Edgar Link pending
0001193125-16-759642.txt Edgar Link pending
0001193125-16-759642-xbrl.zip Edgar Link pending
d183744d10q.htm Edgar Link pending
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pulm-20160930.xml Edgar Link completed
pulm-20160930.xsd Edgar Link pending
pulm-20160930_cal.xml Edgar Link unprocessable
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