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Pulmatrix, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $366,000, a decrease from $1,753,000 in the same quarter the previous year. This decrease is attributed to the wind down of the PUR1900 Phase 2b clinical trial.
Research and development expenses for the quarter were $814,000, down from $3,963,000 in the previous year, primarily due to reduced costs following the MannKind (MNKD-3.35%) Transaction and the winding down of the PUR1900 program.
General and administrative expenses increased to $2,209,000 from $1,729,000, mainly due to increased employment costs associated with employee terminations.
The company reported a net loss of $2,587,000 for the quarter, compared to $3,774,000 in the previous year.
Cash used in operating activities was $9,455,000 for the nine months ended September 30, 2024, compared to $13,974,000 in the previous year.
Pulmatrix had cash and cash equivalents of $10,782,000 as of September 30, 2024.
The company anticipates the need for additional funding to continue its development programs and is exploring financing or partnership arrangements.
The filing also details the completion of the MannKind Transaction, which included the assignment of the company's Bedford facility lease and the transfer of certain assets.
Pulmatrix continues to focus on its iSPERSE™ technology platform, with plans to advance its therapeutic candidates, including PUR3100 for acute migraine, contingent on securing additional funding.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pulmatrix Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.