$PULM
Pulmatrix, Inc.

2017 Q2 Form 10-Q Financial Statement

#000119312517159970 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $0.00 $0.00 $396.0K
YoY Change -100.0% -100.0% 277.14%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.070M $1.640M $2.410M
YoY Change -6.33% -31.95% 85.38%
% of Gross Profit
Research & Development $3.363M $1.672M $3.430M
YoY Change 37.77% -51.25% 273.64%
% of Gross Profit
Depreciation & Amortization $70.00K $64.00K $58.00K
YoY Change 16.67% 10.34% -6.45%
% of Gross Profit
Operating Expenses $5.429M $3.312M $5.839M
YoY Change -41.18% -43.28% 104.73%
Operating Profit -$5.429M -$3.312M -$5.443M
YoY Change -39.48% -39.15% 98.14%
Interest Expense $172.0K $187.0K $223.0K
YoY Change -23.21% -16.14% 21.2%
% of Operating Profit
Other Income/Expense, Net $4.000K $16.00K -$3.000K
YoY Change -42.86% -633.33%
Pretax Income -$5.600M -$3.480M -$5.670M
YoY Change -39.06% -38.62% 265.81%
Income Tax
% Of Pretax Income
Net Earnings -$5.597M -$3.483M -$5.669M
YoY Change -39.08% -38.56% 214.42%
Net Earnings / Revenue -1431.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.857M -$2.071M -$3.831M
COMMON SHARES
Basic Shares Outstanding 19.07M shares 17.83M shares 14.52M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.98M $10.54M $14.75M
YoY Change 1.76% -28.54% 42.37%
Cash & Equivalents $10.98M $10.54M $14.75M
Short-Term Investments
Other Short-Term Assets $750.0K $410.0K $206.0K
YoY Change 264.08% 99.03% 80.7%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.73M $10.95M $15.76M
YoY Change -0.58% -30.51% 49.81%
LONG-TERM ASSETS
Property, Plant & Equipment $672.0K $722.0K $783.0K
YoY Change -23.2% -7.79% 398.73%
Goodwill $10.91M $10.91M $15.94M
YoY Change -31.54% -31.54%
Intangibles $7.534M
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $11.79M $11.84M $24.46M
YoY Change -30.73% -51.59% 15478.98%
TOTAL ASSETS
Total Short-Term Assets $11.73M $10.95M $15.76M
Total Long-Term Assets $11.79M $11.84M $24.46M
Total Assets $23.52M $22.79M $40.22M
YoY Change -18.39% -43.33% 276.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $564.0K $235.0K $1.272M
YoY Change -15.06% -81.53%
Accrued Expenses $2.583M $1.439M $1.060M
YoY Change 113.12% 35.75% 65.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.745M $2.661M $1.682M
YoY Change 22.93% 58.2%
Total Short-Term Liabilities $5.892M $4.335M $4.014M
YoY Change 43.39% 8.0% 532.13%
LONG-TERM LIABILITIES
Long-Term Debt $1.804M $2.522M $5.069M
YoY Change -60.33% -50.25%
Other Long-Term Liabilities $40.00K $40.00K $10.00K
YoY Change 300.0% 300.0%
Total Long-Term Liabilities $1.804M $2.522M $5.069M
YoY Change -60.33% -50.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.892M $4.335M $4.014M
Total Long-Term Liabilities $1.804M $2.522M $5.069M
Total Liabilities $7.731M $6.892M $12.05M
YoY Change -10.81% -42.82% 1783.28%
SHAREHOLDERS EQUITY
Retained Earnings -$165.0M -$159.4M -$133.8M
YoY Change 15.44% 19.18% 1191.24%
Common Stock $180.8M $175.3M $161.9M
YoY Change 10.85% 8.27% 693.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.79M $15.90M $28.17M
YoY Change
Total Liabilities & Shareholders Equity $23.52M $22.79M $40.22M
YoY Change -18.39% -43.33% 276.62%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$5.597M -$3.483M -$5.669M
YoY Change -39.08% -38.56% 214.42%
Depreciation, Depletion And Amortization $70.00K $64.00K $58.00K
YoY Change 16.67% 10.34% -6.45%
Cash From Operating Activities -$3.660M -$2.990M -$4.080M
YoY Change -5.18% -26.72% 251.72%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 $73.00K
YoY Change -90.0% -100.0% 284.21%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K $0.00 -$70.00K
YoY Change -90.0% -100.0% 16.67%
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 4.110M 9.350M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -3.660M -2.990M -4.080M
Cash From Investing Activities -10.00K 0.000 -70.00K
Cash From Financing Activities 4.110M 9.350M 0.000
Net Change In Cash 440.0K 6.360M -4.150M
YoY Change -111.11% -253.25% 240.16%
FREE CASH FLOW
Cash From Operating Activities -$3.660M -$2.990M -$4.080M
Capital Expenditures -$10.00K $0.00 $73.00K
Free Cash Flow -$3.650M -$2.990M -$4.153M
YoY Change -2.93% -28.0% 252.25%

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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 <font style="WHITE-SPACE: nowrap">S-X,</font> Rule <font style="WHITE-SPACE: nowrap">10-01.</font> 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 months ended March&#xA0;31, 2017, 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, 2017. 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, 2016, which are included in the Company&#x2019;s annual report on Form <font style="WHITE-SPACE: nowrap">10-K</font> filed with the SEC on March&#xA0;10, 2017.</p> </div>
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<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>
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P7Y2M23D
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
54822 shares
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.19
CY2017Q1 dei Trading Symbol
TradingSymbol
PULM
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1672000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
300000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
365555 shares
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
622000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-549000
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16791362 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
7.69
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y29D
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5443000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3000
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-462000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
5839000
CY2017Q1 pulm Noncash Interest Expenses
NoncashInterestExpenses
48000
CY2017Q1 pulm Fair Value Of Warrant Derivative Liabilities At Issuance Recorded As Debt Discount
FairValueOfWarrantDerivativeLiabilitiesAtIssuanceRecordedAsDebtDiscount
35000
CY2017Q1 pulm Noncash Rent Expense
NoncashRentExpense
5000
CY2016Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
4000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4149000
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2409000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
58000
CY2016Q1 us-gaap Revenues
Revenues
396000
CY2016Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-50000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-5669000
CY2016Q1 us-gaap Interest Expense
InterestExpense
223000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
99000
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-4076000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
73000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3430000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1233000
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14754484 shares
CY2016Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
83000
CY2016Q1 pulm Noncash Interest Expenses
NoncashInterestExpenses
51000
CY2016Q1 pulm Noncash Rent Expense
NoncashRentExpense
11000

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