$PULM
Pulmatrix, Inc.

2017 Q1 Form 10-K Financial Statement

#000119312517077912 Filed on March 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2015
Revenue $0.00 $280.0K $1.201M
YoY Change -100.0% 241.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.640M $2.100M $4.530M
YoY Change -31.95% 91.43% 160.94%
% of Gross Profit
Research & Development $1.672M $2.470M $7.187M
YoY Change -51.25% 299.03% 9.06%
% of Gross Profit
Depreciation & Amortization $64.00K $50.00K $232.0K
YoY Change 10.34% -32.16%
% of Gross Profit
Operating Expenses $3.312M $4.570M $24.22M
YoY Change -43.28% 166.32% 156.88%
Operating Profit -$3.312M -$23.02M
YoY Change -39.15% 153.61%
Interest Expense $187.0K -$220.0K $953.0K
YoY Change -16.14% -93.76%
% of Operating Profit
Other Income/Expense, Net $16.00K -$20.00K -$44.00K
YoY Change -633.33% -600.0% 1366.67%
Pretax Income -$3.480M -$4.540M -$26.17M
YoY Change -38.62% 165.5% 291.14%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.483M -$4.540M -$26.17M
YoY Change -38.56% 165.19% 8.38%
Net Earnings / Revenue -1621.43% -2178.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.071M -$3.068M -$32.31M
COMMON SHARES
Basic Shares Outstanding 17.83M shares 14.52M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.54M $18.90M $18.90M
YoY Change -28.54% 63.35% 82.43%
Cash & Equivalents $10.54M $18.90M $18.90M
Short-Term Investments
Other Short-Term Assets $410.0K $206.0K $1.560M
YoY Change 99.03% 312.0% 875.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.95M $20.46M $20.46M
YoY Change -30.51% 2362.33% 94.49%
LONG-TERM ASSETS
Property, Plant & Equipment $722.0K $685.0K $690.0K
YoY Change -7.79% 45.74% 331.25%
Goodwill $10.91M $15.94M
YoY Change -31.54%
Intangibles $7.534M
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $250.0K $250.0K
YoY Change 0.0%
Total Long-Term Assets $11.84M $24.41M $24.41M
YoY Change -51.59% 3290.42% 15156.25%
TOTAL ASSETS
Total Short-Term Assets $10.95M $20.46M $20.46M
Total Long-Term Assets $11.84M $24.41M $24.41M
Total Assets $22.79M $44.87M $44.87M
YoY Change -43.33% 2793.17% 320.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $235.0K $1.090M $1.090M
YoY Change -81.53% 404.63%
Accrued Expenses $1.439M $1.486M $1.490M
YoY Change 35.75% -58.07% 132.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.661M $1.029M $1.030M
YoY Change 58.2%
Total Short-Term Liabilities $4.335M $3.605M $3.610M
YoY Change 8.0% -91.71% 464.06%
LONG-TERM LIABILITIES
Long-Term Debt $2.522M $5.692M $5.690M
YoY Change -50.25%
Other Long-Term Liabilities $40.00K $10.00K $10.00K
YoY Change 300.0%
Total Long-Term Liabilities $2.522M $5.692M $5.700M
YoY Change -50.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.335M $3.605M $3.610M
Total Long-Term Liabilities $2.522M $5.692M $5.700M
Total Liabilities $6.892M $12.27M $12.27M
YoY Change -42.82% -72.6% 1817.19%
SHAREHOLDERS EQUITY
Retained Earnings -$159.4M -$128.1M
YoY Change 19.18% 25.67%
Common Stock $175.3M $160.7M
YoY Change 8.27% 594.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.90M $32.61M $32.61M
YoY Change
Total Liabilities & Shareholders Equity $22.79M $44.87M $44.87M
YoY Change -43.33% 2793.17% 320.13%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$3.483M -$4.540M -$26.17M
YoY Change -38.56% 165.19% 8.38%
Depreciation, Depletion And Amortization $64.00K $50.00K $232.0K
YoY Change 10.34% -32.16%
Cash From Operating Activities -$2.990M -$2.980M -$12.47M
YoY Change -26.72% 127.48% 131.35%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$150.0K $266.0K
YoY Change -100.0% -6.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.670M
YoY Change
Cash From Investing Activities $0.00 -$140.0K $9.410M
YoY Change -100.0% -5981.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.702M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.350M 0.000 21.52M
YoY Change 6421.21%
NET CHANGE
Cash From Operating Activities -2.990M -2.980M -12.47M
Cash From Investing Activities 0.000 -140.0K 9.410M
Cash From Financing Activities 9.350M 0.000 21.52M
Net Change In Cash 6.360M -3.120M 18.46M
YoY Change -253.25% 138.17% -453.64%
FREE CASH FLOW
Cash From Operating Activities -$2.990M -$2.980M -$12.47M
Capital Expenditures $0.00 -$150.0K $266.0K
Free Cash Flow -$2.990M -$2.830M -$12.74M
YoY Change -28.0% 116.03% 124.42%

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4500000
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CY2015 pulm Effective Income Tax Rate Reconciliation Writedown Of Intangible Asset
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16000
CY2016 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-24000
CY2016 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
16000
CY2016 dei Entity Registrant Name
EntityRegistrantName
Pulmatrix, Inc.
CY2016 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2016 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6204179 shares
CY2016 dei Document Type
DocumentType
10-K
CY2016 dei Entity Central Index Key
EntityCentralIndexKey
0001574235
CY2016 us-gaap Depreciation And Amortization Discontinued Operations
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184000
CY2016 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2016 dei Document Period End Date
DocumentPeriodEndDate
2016-12-31
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CashAndCashEquivalentsPeriodIncreaseDecrease
-14720000
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0.043 pure
CY2016 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2016 dei Amendment Flag
AmendmentFlag
false
CY2016 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8015000
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0.202 pure
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CY2016 us-gaap Deferred Federal Income Tax Expense Benefit
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-2356000
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DeferredStateAndLocalIncomeTaxExpenseBenefit
-603000
CY2016 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentrations of Credit Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company&#x2019;s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company maintains its cash at a high quality financial institution and has not incurred any losses to date.</p> </div>
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
250000
CY2016 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
250000
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OperatingIncomeLoss
-24866000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-1046000
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GainLossOnSaleOfPropertyPlantEquipment
-82000
CY2016 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
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EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.030 pure
CY2016 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
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-2959000
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0.340 pure
CY2016 us-gaap Revenues
Revenues
835000
CY2016 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-46000
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ProceedsFromRepaymentsOfDebt
-1046000
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0.096 pure
CY2016 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y3M18D
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000
CY2016 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-312000
CY2016 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1171000
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2959000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13243000
CY2016 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
5029000
CY2016 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
7534000
CY2016 us-gaap Operating Expenses
OperatingExpenses
25701000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
-27843000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-30802000
CY2016 us-gaap Interest Expense
InterestExpense
881000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-431000
CY2016 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-346000
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-983000
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27843000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
455000
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
24000
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
277 shares
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In preparing consolidated financial statements in conformity with U.S. 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>
CY2016 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-2.5 reverse stock split
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y10M6D
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10152000
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.79
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P6Y8M23D
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
86000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
251841 shares
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.71
CY2016 dei Trading Symbol
TradingSymbol
PULM
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
764850 shares
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
3998000
CY2016 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
2000
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
10.04
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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P7Y9M29D
CY2016 pulm Operating Lease Agreement Amended Date
OperatingLeaseAgreementAmendedDate
2015-10-27
CY2016 pulm Cash Restricted For Letter Of Credit
CashRestrictedForLetterOfCredit
153000
CY2016 pulm Impairment Of Intangible Assets Excluding Goodwill After Tax
ImpairmentOfIntangibleAssetsExcludingGoodwillAfterTax
4575000
CY2016 pulm Increase In Deferred Tax Assets Valuation Allowance
IncreaseInDeferredTaxAssetsValuationAllowance
6248000
CY2016 pulm Effective Income Tax Rate Reconciliation Nondeductible Expense Permanent Differences
EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferences
0.005 pure
CY2016 pulm Deferred Tax Assets Tax Credit Carryforwards Expiration Date Description
DeferredTaxAssetsTaxCreditCarryforwardsExpirationDateDescription
Various dates from 2022 through 2036.
CY2016 pulm Intrinsic Value Of Common Stock Warrants Outstanding
IntrinsicValueOfCommonStockWarrantsOutstanding
0
CY2016 pulm Operating Loss Carryforwards Expiration Date Description
OperatingLossCarryforwardsExpirationDateDescription
Various dates from 2023 through 2036.
CY2016 pulm Noncash Or Part Noncash Acquisition Fixed Assets Acquired Trade In Value
NoncashOrPartNoncashAcquisitionFixedAssetsAcquiredTradeInValue
60000
CY2016 pulm Fair Value Adjustment On Derivative Liability
FairValueAdjustmentOnDerivativeLiability
24000
CY2016 pulm Effective Income Tax Rate Reconciliation Nondeductible Expense Merger Transaction Costs
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMergerTransactionCosts
0.000 pure
CY2016 pulm Noncash Interest Expenses
NoncashInterestExpenses
212000
CY2016 pulm Fair Value Of Warrant Derivative Liabilities At Issuance Recorded As Debt Discount
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35000
CY2016 pulm Noncash Rent Expense
NoncashRentExpense
43000
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EffectiveIncomeTaxRateReconciliationNondeductibleExpenseInterest
0.001 pure
CY2016 pulm Effective Income Tax Rate Reconciliation Writedown Of Intangible Asset
EffectiveIncomeTaxRateReconciliationWritedownOfIntangibleAsset
0.056 pure

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