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Pulmatrix Inc. (PULM-2.31%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing revenues of $7.8 million for 2024, up from $7.3 million in 2023, primarily due to a contract modification with Cipla.
Research and development expenses decreased to $7.2 million from $15.5 million in 2023, attributed to reduced spending on the PUR1900 program and other operating costs.
General and administrative expenses increased to $7.8 million from $6.5 million in 2023, mainly due to higher legal and professional fees.
Pulmatrix reported a net loss of $9.6 million for 2024, compared to a net loss of $14.1 million in 2023.
The company is pursuing a merger with Cullgen Inc., subject to stockholder approval and other closing conditions.
Pulmatrix is exploring opportunities to monetize its clinical assets, including PUR3100, PUR1800, and PUR1900.
The company's future operations depend on the successful completion of the merger, with no assurance of its consummation.
Pulmatrix's cash and cash equivalents totaled $9.5 million as of December 31, 2024, expected to fund operations for at least the next 12 months.
The filing outlines various risk factors, including the potential impact of the merger, competition, and regulatory challenges.
Pulmatrix's board of directors has approved a compensation recovery policy in the event of accounting restatements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pulmatrix Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.