$PULM
Pulmatrix, Inc.

2023 Q2 Form 10-Q Financial Statement

#000149315223016514 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.844M $1.499M $1.160M
YoY Change 38.54% 29.22% -16.55%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.670M $2.210M $1.974M
YoY Change 7.53% 11.96% 21.85%
% of Gross Profit
Research & Development $4.165M $3.874M $4.149M
YoY Change -3.97% -6.63% 7.49%
% of Gross Profit
Depreciation & Amortization $32.00K $32.00K $35.00K
YoY Change -31.91% -8.57% -30.0%
% of Gross Profit
Operating Expenses $5.835M $6.084M $6.123M
YoY Change -0.93% -0.64% 11.73%
Operating Profit -$3.991M -$4.585M -$4.963M
YoY Change -12.46% -7.62%
Interest Expense $236.0K $222.0K $1.000K
YoY Change 1473.33% 22100.0%
% of Operating Profit
Other Income/Expense, Net $175.0K $137.0K -$11.00K
YoY Change -443.14% -1345.45% -45.0%
Pretax Income -$3.816M -$4.448M -$4.973M
YoY Change -16.95% -10.56% 21.29%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.816M -$4.448M -$4.973M
YoY Change -16.95% -10.56% 21.29%
Net Earnings / Revenue -206.94% -296.73% -428.71%
Basic Earnings Per Share -$1.04 -$1.22 -$1.51
Diluted Earnings Per Share -$1.04 -$1.22 -$1.508M
COMMON SHARES
Basic Shares Outstanding 3.652M shares 3.652M shares 3.297M shares
Diluted Shares Outstanding 3.652B shares 3.651M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.79M $30.75M $47.53M
YoY Change -39.89% -35.3% -25.08%
Cash & Equivalents $25.79M $30.75M $47.53M
Short-Term Investments
Other Short-Term Assets $1.172M $1.307M $1.961M
YoY Change -48.93% -33.35% 102.16%
Inventory
Prepaid Expenses
Receivables $418.0K $740.0K $1.113M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.38M $32.80M $50.61M
YoY Change -40.27% -35.19% -21.53%
LONG-TERM ASSETS
Property, Plant & Equipment $279.0K $203.0K $2.070M
YoY Change -83.71% -90.19% 31.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.984M $899.0K $1.625M
YoY Change 7.83% -44.68% 712.5%
Total Long-Term Assets $4.012M $3.259M $3.695M
YoY Change 12.92% -11.8% -31.06%
TOTAL ASSETS
Total Short-Term Assets $27.38M $32.80M $50.61M
Total Long-Term Assets $4.012M $3.259M $3.695M
Total Assets $31.39M $36.06M $54.30M
YoY Change -36.45% -33.6% -22.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $929.0K $578.0K $1.227M
YoY Change 27.61% -52.89% 33.37%
Accrued Expenses $1.465M $2.441M $2.633M
YoY Change -55.77% -7.29% -13.1%
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 $3.597M $4.732M $5.377M
YoY Change -35.78% -12.0% -24.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.347M $4.317M $6.169M
YoY Change -18.87% -30.02% 0.8%
Total Long-Term Liabilities $4.347M $4.317M $6.169M
YoY Change -18.87% -30.02% 0.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.597M $4.732M $5.377M
Total Long-Term Liabilities $4.347M $4.317M $6.169M
Total Liabilities $7.944M $9.049M $11.55M
YoY Change -27.51% -21.63% -12.53%
SHAREHOLDERS EQUITY
Retained Earnings -$281.7M -$277.9M
YoY Change
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.45M $27.01M $42.76M
YoY Change
Total Liabilities & Shareholders Equity $31.39M $36.06M $54.30M
YoY Change -36.45% -33.6% -22.26%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.816M -$4.448M -$4.973M
YoY Change -16.95% -10.56% 21.29%
Depreciation, Depletion And Amortization $32.00K $32.00K $35.00K
YoY Change -31.91% -8.57% -30.0%
Cash From Operating Activities -$4.904M -$4.928M -$6.144M
YoY Change 7.5% -19.79% 11.71%
INVESTING ACTIVITIES
Capital Expenditures $58.00K -$10.00K
YoY Change -186.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$58.00K -$10.00K
YoY Change -13.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $53.00K -152.0K
YoY Change -134.87% -100.41%
NET CHANGE
Cash From Operating Activities -4.904M -$4.928M -6.144M
Cash From Investing Activities -58.00K -10.00K
Cash From Financing Activities 0.000 $53.00K -152.0K
Net Change In Cash -4.962M -$4.875M -6.306M
YoY Change 7.19% -22.69%
FREE CASH FLOW
Cash From Operating Activities -$4.904M -$4.928M -$6.144M
Capital Expenditures $58.00K -$10.00K
Free Cash Flow -$4.962M -$4.928M -$6.134M
YoY Change 10.39% -19.66% 11.53%

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32378000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
49159000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
344000 usd
CY2022Q1 PULM Conversion Of Preferred Stock To Common Stock
ConversionOfPreferredStockToCommonStock
541000 usd
CY2022Q1 PULM Fixed Asset Purchases In Accounts Payable
FixedAssetPurchasesInAccountsPayable
33000 usd
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
35000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zRDUy9r90Cvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zJAz5VefKtN7">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the condensed 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 condensed consolidated 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. The most significant estimates and assumptions in the Company’s condensed consolidated financial statements include, but are not limited to, estimates of future expected costs in order to derive and recognize revenue, estimates related to clinical trial accruals and upfront deposits, incremental borrowing rate, and accounting for income taxes and the related valuation allowance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zmeZfWyjw4dl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_z3jbZaWFqB27">Concentrations of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the three months ended March 31, 2023, revenue from one customer accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zRYaH7yiOf7" title="Concentration risk percentage">100</span>% of revenue recognized in the accompanying condensed consolidated financial statements. For the three months ended March 31, 2022, revenue from one customer accounted for approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_znYSzob4V0t7" title="Concentration risk percentage">99</span>% of revenue recognized in the accompanying condensed consolidated financial statements. As of March 31, 2023 and December 31, 2022, one customer accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zAhStdjXPFE3" title="Concentration risk percentage"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zYqkaNaGVPQe" title="Concentration risk percentage">100</span></span>% of accounts receivable.</span></p>
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
357000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
113000 usd
CY2023Q1 PULM Prepaid Clinical And Consulting
PrepaidClinicalAndConsulting
579000 usd
CY2022Q4 PULM Prepaid Clinical And Consulting
PrepaidClinicalAndConsulting
517000 usd
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
157000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
286000 usd
CY2023Q1 PULM Prepaid Software And Hosting Costs
PrepaidSoftwareAndHostingCosts
124000 usd
CY2022Q4 PULM Prepaid Software And Hosting Costs
PrepaidSoftwareAndHostingCosts
99000 usd
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
294000 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
166000 usd
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1154000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1068000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2983000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2983000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2780000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2748000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
203000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
235000 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
32000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
523000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
475000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
460000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1130000 usd
CY2023Q1 PULM Accrued Legal And Patent Current
AccruedLegalAndPatentCurrent
457000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
222000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
33000 usd
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1662000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1638000 usd
CY2023Q1 PULM Agreement Description
AgreementDescription
The Company and Cipla will each be responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”), in addition to which, Cipla will reimburse the Company an amount equal to 10% of aggregate Direct Costs upon the achievement of the development milestones set forth in the table below, potentially bringing the sharing of Direct Costs to a 50/50 basis. The Company will continue to share all other development costs with Cipla that are not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis.
CY2023Q1 PULM Transaction Costs
TransactionCosts
22000000.0 usd
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
204000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
491000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
561000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
431000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
308000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y4M24D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0840 pure
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
296000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
281000 usd
CY2023Q1 us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
5200000 usd
CY2023Q1 us-gaap Reimbursement From Limited Partnership Investment
ReimbursementFromLimitedPartnershipInvestment
2500000 usd
CY2023Q1 us-gaap Other Commitment
OtherCommitment
5200000 usd
CY2023Q1 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
4400000 usd
CY2023Q1 us-gaap Area Of Land
AreaOfLand
22000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
378000 usd
CY2023Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
791000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
791000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
779000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
779000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
779000 usd
CY2023Q1 PULM Payments To Leasehold Improvements
PaymentsToLeaseholdImprovements
500000 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1703751 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1904033 shares

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