2024 Q1 Form 10-K Financial Statement
#000149315224011630 Filed on March 28, 2024
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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OperatingLeaseRightOfUseAssetAmortizationExpense
|
1341000 | usd |
CY2022 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
1383000 | usd |
CY2023 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
954000 | usd |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1114000 | usd |
CY2023 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-8000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-370000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1231000 | usd |
CY2023 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-326000 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
197000 | usd |
CY2023 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-213000 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
389000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
727000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
511000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-1080000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
405000 | usd |
CY2023 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-3041000 | usd |
CY2022 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-1431000 | usd |
CY2023 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-1816000 | usd |
CY2022 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-847000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-15985000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-19356000 | usd |
CY2023 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
676000 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
86000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-676000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-86000 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
53000 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
1382000 | usd |
CY2022 | PULM |
Proceeds From Issuance Of Preferred Stock And Common Stock Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfPreferredStockAndCommonStockWarrantsNetOfIssuanceCosts
|
-152000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
53000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1230000 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-16608000 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-18212000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
37253000 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
55465000 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
20645000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
37253000 | usd |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
19173000 | usd |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
35628000 | usd |
CY2022Q4 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
153000 | usd |
CY2023Q4 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
1472000 | usd |
CY2022Q4 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
1472000 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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 |