$PULM
Pulmatrix, Inc.

2024 Q4 Form 10-Q Financial Statement

#000149315224044163 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $366.0K
YoY Change -79.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.209M
YoY Change 27.69%
% of Gross Profit
Research & Development $814.0K
YoY Change -79.46%
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $3.023M
YoY Change -46.89%
Operating Profit -$2.657M
YoY Change -32.55%
Interest Expense $101.0K
YoY Change -54.09%
% of Operating Profit
Other Income/Expense, Net $70.00K
YoY Change -57.58%
Pretax Income -$2.587M
YoY Change -31.38%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.587M
YoY Change -31.45%
Net Earnings / Revenue -706.83%
Basic Earnings Per Share -$0.71
Diluted Earnings Per Share -$0.71
COMMON SHARES
Basic Shares Outstanding 3.652M shares 3.652M shares
Diluted Shares Outstanding 3.652M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.78M
YoY Change -49.48%
Cash & Equivalents $10.78M
Short-Term Investments
Other Short-Term Assets $641.0K
YoY Change -38.95%
Inventory
Prepaid Expenses
Receivables $23.00K
Other Receivables $0.00
Total Short-Term Assets $11.45M
YoY Change -50.73%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.00K
YoY Change -75.12%
Total Long-Term Assets $64.00K
YoY Change -99.53%
TOTAL ASSETS
Total Short-Term Assets $11.45M
Total Long-Term Assets $64.00K
Total Assets $11.51M
YoY Change -68.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $373.0K
YoY Change -47.24%
Accrued Expenses $161.0K
YoY Change -93.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $590.0K
YoY Change -86.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $590.0K
Total Long-Term Liabilities $0.00
Total Liabilities $590.0K
YoY Change -96.51%
SHAREHOLDERS EQUITY
Retained Earnings -$295.2M
YoY Change 3.38%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.92M
YoY Change
Total Liabilities & Shareholders Equity $11.51M
YoY Change -68.7%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.587M
YoY Change -31.45%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$3.059M
YoY Change -26.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -3.059M
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash -3.059M
YoY Change -31.26%
FREE CASH FLOW
Cash From Operating Activities -$3.059M
Capital Expenditures $0.00
Free Cash Flow -$3.059M
YoY Change -31.26%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
PULMATRIX, INC.
dei Entity Incorporation State Country Code
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DE
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DocumentType
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EntityAddressPostalZipCode
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dei City Area Code
CityAreaCode
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14292000 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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10792000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22961000 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10782000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21336000 usd
CY2023Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
153000 usd
CY2024Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
10000 usd
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10792000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22961000 usd
PULM Reduction Of Operating Lease Rightofuse Asset And Lease Liability Upon Lease Modification
ReductionOfOperatingLeaseRightofuseAssetAndLeaseLiabilityUponLeaseModification
8423000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
664000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
9323000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_z6GuoG38YJw7" 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><i><span><span id="xdx_867_zzdrgQxW64tl">Use of Estimates</span></span></i></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 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 have included, 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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zliqk3ljGTd4" 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><i><span><span id="xdx_865_zfuj6BO5Bxmf">Concentrations of Credit Risk</span></span></i></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"><b><i> </i></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">For the three and nine months ended September 30, 2024, revenue from two customers accounted for <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zu75NkB4hLvb" title="Concentration risk percentage"><span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_z0ffdwnivJnk" title="Concentration risk percentage">100</span></span>% of revenue recognized in the accompanying condensed consolidated financial statements. For the three and nine months ended September 30, 2023, revenue from one customer accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230701__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zBQRfIzcVoA6" title="Concentration risk percentage"><span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zNywjrkWTUDl" title="Concentration risk percentage">100</span></span>% of revenue recognized in the accompanying condensed consolidated financial statements. As of September 30, 2024 and December 31, 2023, one customer accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zsvVQTonRE4k" title="Concentration risk percentage"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zFnsX7qEGfWc" 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>
CY2024Q3 us-gaap Prepaid Insurance
PrepaidInsurance
317000 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
232000 usd
CY2024Q3 PULM Prepaid Clinical And Consulting
PrepaidClinicalAndConsulting
72000 usd
CY2023Q4 PULM Prepaid Clinical And Consulting
PrepaidClinicalAndConsulting
30000 usd
CY2024Q3 PULM Prepaid Software And Hosting Costs
PrepaidSoftwareAndHostingCosts
60000 usd
CY2023Q4 PULM Prepaid Software And Hosting Costs
PrepaidSoftwareAndHostingCosts
108000 usd
CY2024Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
192000 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
372000 usd
CY2024Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
641000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
742000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2894000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1736000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1158000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
106000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
96000 usd
CY2024Q3 PULM Accrued Legal And Patent Current
AccruedLegalAndPatentCurrent
112000 usd
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
37000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
70000 usd
CY2024Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
347000 usd
CY2023Q4 PULM Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
389000 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
56000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
99000 usd
CY2024Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
217000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
947000 usd
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 shared all other development costs with Cipla that were not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis.
CY2024Q3 PULM Transaction Costs
TransactionCosts
22000000.0 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
2600000 usd
PULM Warrants Issued Or Exercised
WarrantsIssuedOrExercised
0 shares
CY2024Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
227120 shares
CY2024Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
39.03
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
197000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
206000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
498000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
757000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
553000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
678000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1349000 usd
CY2024Q3 us-gaap Variable Lease Cost
VariableLeaseCost
8000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
203000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
214000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
484000 usd
CY2024Q3 us-gaap Lease Cost
LeaseCost
8000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
756000 usd
us-gaap Lease Cost
LeaseCost
892000 usd
us-gaap Lease Cost
LeaseCost
1833000 usd
CY2024Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
24000 usd
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2699000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
681000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
3562000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y2M12D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1100 pure
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1185270 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1185270 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1526468 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1526468 shares

Files In Submission

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0001493152-24-044163.txt Edgar Link pending
0001493152-24-044163-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex32-1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
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pulm-20240930_def.xml Edgar Link unprocessable
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pulm-20240930_pre.xml Edgar Link unprocessable
form10-q_htm.xml Edgar Link completed
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