Pulmatrix, Inc., a clinical-stage biopharmaceutical company focused on developing inhaled therapeutic products, reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decrease in revenue for the three months ended September 30, 2024, generating $366,000 compared to $1,753,000 in the same period of 2023. However, for the nine months ended September 30, 2024, revenues increased to $7.8 million from $5.1 million in 2023, primarily due to a cumulative catch-up from a contract modification related to the Cipla Agreement.
Total operating expenses for the third quarter of 2024 were $3.0 million, down from $5.7 million in the prior year, reflecting a decrease in research and development expenses, which fell to $800,000 from $4.0 million. This reduction contributed to an improved loss from operations of $(2.7) million for the quarter, compared to $(3.9) million in 2023. The net loss for the third quarter was $(2.6) million, an improvement from $(3.8) million in the same quarter of the previous year. For the nine-month period, the net loss decreased to $(7.6) million from $(12.0) million in 2023.
As of September 30, 2024, Pulmatrix reported cash and cash equivalents of $10.8 million, a decline from $19.2 million at the end of 2023. The company’s total assets also decreased significantly to $11.5 million from $34.0 million at year-end 2023. Total liabilities were reduced to $590,000 from $16.0 million, indicating a substantial improvement in the company's financial position.
Strategically, Pulmatrix has undergone significant changes, including the termination of a majority of its research and development staff following the MannKind Transaction, which involved the assignment of the Bedford Facility and related assets. This transaction, completed in July 2024, is expected to lead to reduced general and administrative expenses moving forward. The company is also winding down its Phase 2b study for PUR1900, which will further conserve cash resources.
Looking ahead, Pulmatrix is actively seeking additional funding to support its product pipeline, which includes PUR3100 for acute migraine treatment and PUR1800 for chronic obstructive pulmonary disease. The company is exploring partnerships to enhance its development capabilities and address future clinical study financing needs.
About Pulmatrix, Inc.
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