$PULM
Pulmatrix, Inc.

2019 Q4 Form 10-Q Financial Statement

#000119312519281316 Filed on November 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $1.690M $1.406M $4.819M
YoY Change 1004.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.590M $1.790M $3.130M
YoY Change 0.0% 1.13% 47.64%
% of Gross Profit
Research & Development $4.210M $3.297M $3.164M
YoY Change 30.7% 7.89% -21.16%
% of Gross Profit
Depreciation & Amortization $40.00K $40.00K $50.00K
YoY Change -20.0% -33.33% -16.67%
% of Gross Profit
Operating Expenses $5.800M $5.082M $12.77M
YoY Change 10.12% 5.33% 108.32%
Operating Profit -$3.676M -$7.947M
YoY Change -23.81% 29.68%
Interest Expense $70.00K $120.0K $0.00
YoY Change -33.96% -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $103.0K
YoY Change -100.0% -100.0% 415.0%
Pretax Income -$4.040M -$3.560M -$7.840M
YoY Change -6.91% -26.14% 26.66%
Income Tax
% Of Pretax Income
Net Earnings -$4.040M -$3.555M -$7.844M
YoY Change -22.62% -26.18% 26.76%
Net Earnings / Revenue -239.05% -252.84% -162.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$198.7K -$175.5K -$407.9K
COMMON SHARES
Basic Shares Outstanding 19.99M 19.62M 18.29M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.44M $27.88M $31.82M
YoY Change 815.63% 631.76% 281.53%
Cash & Equivalents $23.44M $27.88M $31.82M
Short-Term Investments
Other Short-Term Assets $780.0K $960.0K $1.110M
YoY Change 8.33% 5.49% 79.03%
Inventory
Prepaid Expenses
Receivables $7.200M
Other Receivables $0.00
Total Short-Term Assets $31.42M $28.84M $32.93M
YoY Change 857.84% 511.0% 267.53%
LONG-TERM ASSETS
Property, Plant & Equipment $270.0K $305.0K $335.0K
YoY Change -31.47% -31.77% -32.73%
Goodwill $3.577M $3.577M $3.577M
YoY Change -67.02% -67.23% -67.23%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $4.681M $4.086M $4.116M
YoY Change -59.09% -64.67% -64.57%
TOTAL ASSETS
Total Short-Term Assets $31.42M $28.84M $32.93M
Total Long-Term Assets $4.681M $4.086M $4.116M
Total Assets $36.10M $32.93M $37.05M
YoY Change 145.18% 102.18% 80.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $1.159M $543.0K
YoY Change -49.28% -15.22% -63.97%
Accrued Expenses $2.514M $1.265M $1.231M
YoY Change 48.23% -44.61% -45.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.20M $11.73M $12.75M
YoY Change 497.43% 221.23% 237.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.880M $6.470M $6.200M
YoY Change
Total Long-Term Liabilities $7.880M $6.470M $6.200M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $17.20M $11.73M $12.75M
Total Long-Term Liabilities $7.880M $6.470M $6.200M
Total Liabilities $25.08M $18.20M $18.96M
YoY Change 771.1% 398.6% 401.46%
SHAREHOLDERS EQUITY
Retained Earnings -$215.2M -$211.1M -$207.6M
YoY Change 10.59% 10.98% 11.95%
Common Stock $226.2M $225.8M $225.7M
YoY Change 9.58% 11.33% 11.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.02M $14.73M $18.09M
YoY Change
Total Liabilities & Shareholders Equity $36.10M $32.93M $37.05M
YoY Change 145.18% 102.18% 80.05%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$4.040M -$3.555M -$7.844M
YoY Change -22.62% -26.18% 26.76%
Depreciation, Depletion And Amortization $40.00K $40.00K $50.00K
YoY Change -20.0% -33.33% -16.67%
Cash From Operating Activities -$4.430M -$3.930M $15.05M
YoY Change 6.49% -13.05% -404.04%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$10.00K -$30.00K
YoY Change 0.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$10.00K -$30.00K
YoY Change 0.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 0.000 14.65M
YoY Change -99.66% -100.0% 24.79%
NET CHANGE
Cash From Operating Activities -4.430M -3.930M 15.05M
Cash From Investing Activities -10.00K -10.00K -30.00K
Cash From Financing Activities 10.00K 0.000 14.65M
Net Change In Cash -4.430M -3.940M 29.67M
YoY Change 257.26% -13.22% 336.97%
FREE CASH FLOW
Cash From Operating Activities -$4.430M -$3.930M $15.05M
Capital Expenditures -$10.00K -$10.00K -$30.00K
Free Cash Flow -$4.420M -$3.920M $15.08M
YoY Change 6.51% -13.08% -404.65%

Facts In Submission

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CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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660000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1735000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
2358000
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000
CY2019Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-10
CY2019Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In preparing consolidated 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 the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, recognition of research and development and license revenues, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q2 pulm Stock Issued During The Period Value Exercise Of Prefund Warrants
StockIssuedDuringThePeriodValueExerciseOfPrefundWarrants
76000
CY2018Q2 pulm Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
15000
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1345000
CY2019Q3 pulm Stock Issued During The Period Value Exercise Of Prefund Warrants
StockIssuedDuringThePeriodValueExerciseOfPrefundWarrants
4000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
17000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
157000
CY2018Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
9304000
CY2019Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-3259000
CY2019Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.125
CY2019Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.50
CY2019Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.8313
CY2019Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.125
CY2019Q1 pulm Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
110922
CY2019Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
7268000
CY2019Q1 pulm Stock Issued During The Period Value Exercise Of Prefund Warrants
StockIssuedDuringThePeriodValueExerciseOfPrefundWarrants
70000
CY2019Q2 pulm Stock Issued During The Period Value Exercise Of Prefund Warrants
StockIssuedDuringThePeriodValueExerciseOfPrefundWarrants
83000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
15775000
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3806000
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
204000
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
204000
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2500000
CY2019Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
44770000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
78000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.28
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
Pulmatrix, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001574235
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Trading Symbol
TradingSymbol
PULM
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Security12b Title
Security12bTitle
Common Stock
dei Entity Address State Or Province
EntityAddressStateOrProvince
MA
CY2019Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
19994560
us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2024-01-26
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1082710
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.24
CY2019Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
121000
CY2018Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
8000
us-gaap Investment Income Interest
InvestmentIncomeInterest
227000
us-gaap Investment Income Interest
InvestmentIncomeInterest
23000
pulm Other Nonoperating Settlement Charge
OtherNonoperatingSettlementCharge
200000
CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
8000
CY2019Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
370000
pulm Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
8947112
CY2019Q3 pulm Class Of Warrant Or Right Fair Value Per Warrant
ClassOfWarrantOrRightFairValuePerWarrant
0.005314
CY2019Q3 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
6471000
CY2018Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
0
CY2018Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
0

Files In Submission

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0001193125-19-281316-index-headers.html Edgar Link pending
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0001193125-19-281316.txt Edgar Link pending
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d819079d10q.htm Edgar Link pending
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pulm-20190930.xml Edgar Link completed
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