2024 Q1 Form 10-K Financial Statement

#000149315224011630 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $5.885M $2.202M $7.298M
YoY Change 292.6% 28.92% 20.21%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.626M $911.0K $6.520M
YoY Change -26.43% -41.83% -3.81%
% of Gross Profit
Research & Development $3.512M $3.516M $15.52M
YoY Change -9.34% -21.29% -14.92%
% of Gross Profit
Depreciation & Amortization $59.00K $34.00K $134.0K
YoY Change 84.38% -12.82% -17.28%
% of Gross Profit
Operating Expenses $5.138M $4.427M $22.04M
YoY Change -15.55% -26.62% -11.91%
Operating Profit $747.0K -$14.74M
YoY Change -116.29% -22.2%
Interest Expense $160.0K $192.0K $867.0K
YoY Change -27.93% 0.52% 180.58%
% of Operating Profit 21.42%
Other Income/Expense, Net $78.00K -$50.00K $619.0K
YoY Change -43.07% -39.02% 457.66%
Pretax Income $825.0K -$2.083M -$14.12M
YoY Change -118.55% -50.59% -25.03%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $825.0K -$2.083M -$14.12M
YoY Change -118.55% -50.59% -25.03%
Net Earnings / Revenue 14.02% -94.6% -193.49%
Basic Earnings Per Share $0.23 -$3.87
Diluted Earnings Per Share $0.23 -$0.57 -$3.87
COMMON SHARES
Basic Shares Outstanding 3.652M shares 3.652M shares 3.652B shares
Diluted Shares Outstanding 3.652M shares 3.652B shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.30M $19.17M $19.17M
YoY Change -47.0% -46.19% -46.19%
Cash & Equivalents $16.30M $19.17M $19.17M
Short-Term Investments
Other Short-Term Assets $712.0K $742.0K $742.0K
YoY Change -45.52% -39.23% -39.23%
Inventory
Prepaid Expenses
Receivables $570.0K $928.0K $928.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $17.58M $20.84M $20.84M
YoY Change -46.4% -45.36% -45.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.108M $1.158M $11.47M
YoY Change 445.81% 392.77% 1113.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $135.0K $176.0K $1.648M
YoY Change -84.98% -54.76% -11.45%
Total Long-Term Assets $12.81M $13.12M $13.12M
YoY Change 293.03% 367.39% 367.39%
TOTAL ASSETS
Total Short-Term Assets $17.58M $20.84M $20.84M
Total Long-Term Assets $12.81M $13.12M $13.12M
Total Assets $30.39M $33.96M $33.96M
YoY Change -15.72% -17.08% -17.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $721.0K $1.915M $1.915M
YoY Change 24.74% 61.2% 61.2%
Accrued Expenses $1.907M $1.277M $1.277M
YoY Change -21.88% -48.82% -48.82%
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 $3.144M $3.909M $3.909M
YoY Change -33.56% -22.16% -22.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.229M $12.05M $12.05M
YoY Change 90.62% 149.98% 149.98%
Total Long-Term Liabilities $8.229M $12.05M $12.05M
YoY Change 90.62% 149.98% 149.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.144M $3.909M $3.909M
Total Long-Term Liabilities $8.229M $12.05M $12.05M
Total Liabilities $11.37M $15.96M $15.96M
YoY Change 25.68% 62.16% 62.16%
SHAREHOLDERS EQUITY
Retained Earnings -$286.8M -$287.6M
YoY Change 3.18% 5.16%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.02M $18.00M $18.00M
YoY Change
Total Liabilities & Shareholders Equity $30.39M $33.96M $33.96M
YoY Change -15.72% -17.08% -17.08%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $825.0K -$2.083M -$14.12M
YoY Change -118.55% -50.59% -25.03%
Depreciation, Depletion And Amortization $59.00K $34.00K $134.0K
YoY Change 84.38% -12.82% -17.28%
Cash From Operating Activities -$2.719M -$2.015M -$15.99M
YoY Change -44.83% -60.07% -17.42%
INVESTING ACTIVITIES
Capital Expenditures $154.0K $306.0K $676.0K
YoY Change 3300.0% 686.05%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$154.0K -$306.0K -$676.0K
YoY Change 3300.0% 686.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $53.00K
YoY Change -96.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.000K $53.00K
YoY Change -95.69%
NET CHANGE
Cash From Operating Activities -$2.719M -2.015M -$15.99M
Cash From Investing Activities -$154.0K -306.0K -$676.0K
Cash From Financing Activities 3.000K $53.00K
Net Change In Cash -$2.873M -2.318M -$16.61M
YoY Change -41.07% -54.14% -8.81%
FREE CASH FLOW
Cash From Operating Activities -$2.719M -$2.015M -$15.99M
Capital Expenditures $154.0K $306.0K $676.0K
Free Cash Flow -$2.873M -$2.321M -$16.66M
YoY Change -41.7% -54.09% -14.3%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
20645000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
37253000 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
9116000 usd
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
389000 usd
CY2022 PULM Conversion Of Preferred Stock To Common Stock
ConversionOfPreferredStockToCommonStock
1081000 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_807_eus-gaap--NatureOfOperations_zjuqoAZ6cftl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_823_zuGIT4MZOHa8">Nature of the Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Delaware corporation. The Company is a clinical-stage biopharmaceutical company focused on the development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE<i><sup>™</sup></i>, is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE<i><sup>™</sup></i>-based therapeutic candidates targeted at prevention and treatment of a range of respiratory and other diseases with important unmet medical needs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_z10UJsyz3QEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zNQbvDcrado2">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the 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 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 consolidated financial statements include, but are not limited to, estimates of future expected costs in order to derive and recognize revenue and estimates related to clinical trial accruals and upfront deposits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0"><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 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zUlZh83bZa46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zBKqYHt11p5h">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2023, revenue from one customer accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zPbSGs53xHy5" title="Concentration risk percentage">100</span>% of revenue recognized in the accompanying consolidated financial statements. For the year ended December 31, 2022, revenue from one customer accounted for approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zg74dHxxmlQ5" title="Concentration risk percentage">99</span>% of revenue recognized in the accompanying consolidated financial statements. As of both December 31, 2023 and 2022, one customer accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z62b0iagjAwa" 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_zNaBPmZPlAIf" title="Concentration risk percentage">100</span></span>% of accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Deposits Money Market Deposits
DepositsMoneyMarketDeposits
51000 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
232000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
286000 usd
CY2023Q4 PULM Prepaid Software And Hosting Costs
PrepaidSoftwareAndHostingCosts
108000 usd
CY2022Q4 PULM Prepaid Software And Hosting Costs
PrepaidSoftwareAndHostingCosts
99000 usd
CY2023Q4 PULM Prepaid Clinical And Consulting
PrepaidClinicalAndConsulting
30000 usd
CY2022Q4 PULM Prepaid Clinical And Consulting
PrepaidClinicalAndConsulting
517000 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
372000 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
166000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
742000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1068000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2894000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2983000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1736000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2748000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1158000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
235000 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
134000 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
162000 usd
CY2023 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-8000 usd
CY2023Q4 PULM Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
389000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
347000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
475000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
70000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1130000 usd
CY2023Q4 PULM Accrued Legal And Patent Current
AccruedLegalAndPatentCurrent
42000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
99000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
33000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
947000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1638000 usd
CY2023 PULM Agreement Description
AgreementDescription
Pursuant to the Second Amendment, the Company and Cipla were each 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”). The Company will 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.
CY2023Q4 PULM Transaction Costs
TransactionCosts
22000000.0 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
954000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1114000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
1753000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1430000 usd
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
593000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
695000 usd
CY2023 us-gaap Lease Cost
LeaseCost
2346000 usd
CY2022 us-gaap Lease Cost
LeaseCost
2125000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
3454000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1478000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y6M
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1100 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0297 pure
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1357000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1326000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1364000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1402000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1442000 usd
CY2023Q4 PULM Lessee Operating Lease Liability Payments Due Year Six And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearSixAndThereafter
7711000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14602000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5846000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8756000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
429000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8327000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8756000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.059 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.060 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.079 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.049 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.031 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.025 pure
CY2023 PULM Effective Income Tax Rate Reconciliation Nondeductible Expense Permanent Differences
EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferences
-0.014 pure
CY2022 PULM Effective Income Tax Rate Reconciliation Nondeductible Expense Permanent Differences
EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferences
-0.009 pure
CY2023 PULM Effective Income Tax Reconciliation Limitations On Credit And Net Operating Losses
EffectiveIncomeTaxReconciliationLimitationsOnCreditAndNetOperatingLosses
0.017 pure
CY2022 PULM Effective Income Tax Reconciliation Limitations On Credit And Net Operating Losses
EffectiveIncomeTaxReconciliationLimitationsOnCreditAndNetOperatingLosses
0.008 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.314 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.295 pure
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
12866000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
11557000 usd
CY2023Q4 PULM Deferred Tax Assets Deferred Expense Capitalized Research And Development
DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopment
7642000 usd
CY2022Q4 PULM Deferred Tax Assets Deferred Expense Capitalized Research And Development
DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopment
4460000 usd
CY2023Q4 PULM Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
2977000 usd
CY2022Q4 PULM Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
234000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1528000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
698000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
873000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
860000 usd
CY2023Q4 PULM Deferred Tax Assets Deferred Expense Capitalized Startup
DeferredTaxAssetsDeferredExpenseCapitalizedStartup
153000 usd
CY2022Q4 PULM Deferred Tax Assets Deferred Expense Capitalized Startup
DeferredTaxAssetsDeferredExpenseCapitalizedStartup
293000 usd
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1303000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2206000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
27342000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
20308000 usd
CY2023Q4 PULM Deferred Tax Liability Right Of Use Asset
DeferredTaxLiabilityRightOfUseAsset
2816000 usd
CY2022Q4 PULM Deferred Tax Liability Right Of Use Asset
DeferredTaxLiabilityRightOfUseAsset
194000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
2816000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
194000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
24526000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
20114000 usd
CY2023 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
federal net operating loss carryforwards of approximately $58.1 million available to reduce future taxable income, of which $3.8 million is subject to expiration between 2026 and 2037 and $54.3 million may be carried forward indefinitely.
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
58100000 usd
CY2023 PULM Operating Loss Carryforwards Expiration Date Description
OperatingLossCarryforwardsExpirationDateDescription
expiration between 2030 and 2043.
CY2023 PULM Deferred Tax Assets Tax Credit Carryforwards Expiration Date Description
DeferredTaxAssetsTaxCreditCarryforwardsExpirationDateDescription
expiration at various times through 2043
CY2023Q4 PULM Percentage Of Net Operating Losses Utilization
PercentageOfNetOperatingLossesUtilization
0.50 pure
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4400000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
229000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
229000 usd
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
276000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
505000 usd
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1505799000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1589626000 shares

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