Pulmatrix, Inc. Announces Third Quarter 2024 Financial Results and Strategic Corporate Moves

Pulmatrix, Inc. (NASDAQ: PULM), a clinical-stage biopharmaceutical company specializing in innovative inhaled therapies for significant central nervous system and pulmonary conditions, released its financial outcomes for the third fiscal quarter ended September 30, 2024, along with a corporate update.

Peter Ludlum, the Interim Chief Executive Officer of Pulmatrix, emphasized the company’s dedication to cost-saving measures, completion of Phase 2b study wind-down for PUR1900, and finalization of transactions with MannKind. This shift to a virtual company has allowed for balance sheet enhancement and a continued focus on strategic opportunities leveraging PUR3100 and iSPERSE™ technology.

Third Quarter 2024 and Recent Highlights:
– PUR3100: Currently exploring financing or partnership options for a potential Phase 2 clinical trial for the treatment of acute migraine.
– PUR1800: Plans to pursue partnership opportunities to advance this Narrow Spectrum Kinase Inhibitor for the treatment of acute exacerbations in chronic obstructive pulmonary disease (AECOPD).
– PUR1900: Completion of Phase 2b study activities and cessation of patient enrollment. Pulmatrix to receive 2% royalties on potential future net sales by partner Cipla outside the U.S.
– iSPERSE™ Technology: Pulmatrix’s patent portfolio encompasses approximately 147 granted patents and 51 pending patent applications relating to iSPERSE™ as of September 30, 2024.

Financial Snapshot:
– Revenues decreased to $0.4 million in Q3 2024 from $1.8 million in Q3 2023 due to reduced revenue under the Cipla Agreement following the PUR1900 Phase 2b trial wind-down.
– Research and development expenses fell to $0.8 million in Q3 2024 from $4.0 million in Q3 2023, primarily due to the MannKind Transaction and the Phase 2b trial completion.
– General and administrative expenses rose to $2.2 million in Q3 2024 from $1.7 million in Q3 2023, mostly due to one-time employee separation costs.
– Cash and cash equivalents as of September 30, 2024, totaled $10.8 million, with operational efficiency projections sustaining funding through Q4 2026.

Pulmatrix continues to advance its pipeline for CNS and respiratory diseases, supported by its innovative iSPERSE™ technology aimed at enhancing therapeutic delivery outcomes. The company remains committed to strategic partnerships and operational efficiency enhancements as it progresses its clinical assets.

For more information on Pulmatrix’s product candidates and iSPERSE™ technology, please visit the company’s pipeline page on their official website.

Investor Contact:
Timothy McCarthy, CFA
917-679-9282
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Pulmatrix’s 8K filing here.

About Pulmatrix

Pulmatrix, Inc, a clinical stage biotechnology company, focused on development of novel inhaled therapeutic products to prevent and treat respiratory and other diseases with unmet medical needs in the United States. The company offers iSPERSE, an engineered dry powder delivery platform, which enables delivery of small or large molecule drugs to the lungs by inhalation for local or systemic applications.