First Quarter 2024 and Recent Program and Corporate Highlights Ted Raad, Chief Executive Officer of Pulmatrix, commented, "Our focus in the first quarter has been to continue our cost saving measures including the wind down of the Phase 2b study for PUR1900 and on strategic alternatives that leverage the potential of PUR3100, iSPERSE™ technology and our extended cash resources." Exhibit 99.1 Pulmatrix Announces First Quarter 2024 Financial Results and Provides Corporate Update PUR3100 $16.3 million in cash ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file number: 001-36199 PULMATRIX, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the transition period from ___________ to __________ Commission file number: 001-36199 PULMATRIX, INC. (Exact name of registrant as specified in its charter) Delaware 46-1821392 (St ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file number: 001-36199 PULMATRIX, INC. (Exact name of registrant as specified in its charter) Delaware 46-1821392 (State o ...

PART I—FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) This section presents unaudited condensed consolidated financial statements and detailed notes on accounting policies, financial instruments, and key agreements [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights | Metric | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :-------------------------------- | :------------------------------ | :------------------------------- | | Cash and cash equivalents | $30,753 | $35,628 | | Total current assets | $32,800 | $38,147 | | Total assets | $36,059 | $40,953 | | Total current liabilities | $4,732 | $5,022 | | Total liabilities | $9,049 | $9,844 | | Total stockholders' equity | $27,010 | $31,109 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations Highlights | Metric | Three Months Ended March 31, 2023 (in thousands, except per share data) | Three Months Ended March 31, 2022 (in thousands, except per share data) | | :--------------------------------------- | :---------------------------------------------------- | :---------------------------------------------------- | | Revenues | $1,499 | $1,160 | | Research and development expenses | $3,874 | $4,149 | | General and administrative expenses | $2,210 | $1,974 | | Total operating expenses | $6,084 | $6,123 | | Loss from operations | $(4,585) | $(4,963) | | Net loss | $(4,448) | $(4,973) | | Net loss per share - basic and diluted | $(1.22) | $(1.51) | | Weighted average common shares outstanding | 3,650,769 | 3,297,280 | [Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity) Consolidated Statements of Stockholders' Equity Highlights | Metric | January 1, 2023 (in thousands) | March 31, 2023 (in thousands) | | :-------------------------- | :----------------------------- | :---------------------------- | | Total Stockholders' Equity | $31,109 | $27,010 | | Net loss | - | $(4,448) | | Stock-based compensation | - | $296 | | Issuance of common stock | - | $53 | **Key Changes (Q1 2023):** * Net loss of **$4,448 thousand** * Stock-based compensation added **$296 thousand** to additional paid-in capital * Issuance of common stock, net of issuance costs, added **$53 thousand** [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows Highlights | Cash Flow Activity | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Net cash used in operating activities | $(4,928) | $(6,144) | | Net cash used in investing activities | $- | $(10) | | Net cash provided by (used in) financing activities | $53 | $(152) | | Net decrease in cash, cash equivalents and restricted cash | $(4,875) | $(6,306) | | Cash, cash equivalents and restricted cash — end of period | $32,378 | $49,159 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Organization](index=8&type=section&id=Note%201.%20Organization) - Pulmatrix, Inc. is a clinical-stage biopharmaceutical company developing novel inhaled therapeutic products using its proprietary iSPERSE dry powder delivery platform for respiratory and other diseases[23](index=23&type=chunk) [Note 2. Summary of Significant Accounting Policies and Recent Accounting Standards](index=8&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies%20and%20Recent%20Accounting%20Standards) - The condensed consolidated financial statements are unaudited and prepared in accordance with U.S. GAAP, with certain information condensed or omitted as permitted by SEC rules[24](index=24&type=chunk) - Management's significant estimates include future expected costs for revenue recognition, clinical trial accruals, incremental borrowing rate, and income taxes[26](index=26&type=chunk) - For the three months ended March 31, 2023, **100% of revenue and accounts receivable were from one customer**, indicating a high concentration of credit risk[28](index=28&type=chunk) - The Company adopted ASU 2016-13 (Financial Instruments—Credit Losses) on January 1, 2023, which did not have a material effect on its financial statements[31](index=31&type=chunk) [Note 3. Fair Value of Financial Instruments](index=9&type=section&id=Note%203.%20Fair%20Value%20of%20Financial%20Instruments) - As of March 31, 2023, and December 31, 2022, the Company did not hold any financial assets or liabilities measured at fair value on a recurring or nonrecurring basis, and there were no transfers between fair value levels[33](index=33&type=chunk) [Note 4. Prepaid Expenses and Other Current Assets](index=9&type=section&id=Note%204.%20Prepaid%20Expenses%20and%20Other%20Current%20Assets) Prepaid Expenses and Other Current Assets | Category | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :-------------------------------- | :---------------------------- | :------------------------------- | | Clinical and consulting | $579 | $517 | | Insurance | $157 | $286 | | Software and hosting costs | $124 | $99 | | Other | $294 | $166 | | **Total** | **$1,154** | **$1,068** | **Change:** Total prepaid expenses and other current assets increased by **$86 thousand** from December 31, 2022, to March 31, 2023 [Note 5. Property and Equipment, Net](index=9&type=section&id=Note%205.%20Property%20and%20Equipment%2C%20Net) Property and Equipment, Net | Category | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :-------------------------------- | :---------------------------- | :------------------------------- | | Laboratory equipment | $1,827 | $1,827 | | Leasehold improvements | $664 | $664 | | Computer equipment | $275 | $275 | | Office furniture and equipment | $217 | $217 | | Less accumulated depreciation and amortization | $(2,780) | $(2,748) | | **Property and equipment, net** | **$203** | **$235** | **Change:** Net property and equipment decreased by **$32 thousand**, primarily due to depreciation and amortization expense of **$32 thousand** for Q1 2023 [Note 6. Accrued Expenses and Other Current Liabilities](index=10&type=section&id=Note%206.%20Accrued%20Expenses%20and%20Other%20Current%20Liabilities) Accrued Expenses and Other Current Liabilities | Category | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :-------------------------------- | :---------------------------- | :------------------------------- | | Clinical and consulting | $523 | $475 | | Wages and incentives | $460 | $1,130 | | Legal and patents | $457 | $- | | Other | $222 | $33 | | **Total** | **$1,662** | **$1,638** | **Change:** Total accrued expenses and other current liabilities increased by **$24 thousand**, driven by increases in legal and patents and clinical and consulting, partially offset by a decrease in wages and incentives [Note 7. Significant Agreements (Cipla)](index=10&type=section&id=Note%207.%20Significant%20Agreements%20%28Cipla%29) - The Company has a Development and Commercialization Agreement with Cipla Technologies LLC for the co-development and commercialization of PUR1900, an inhaled itraconazole formulation for pulmonary indications[37](index=37&type=chunk) - The agreement involves cost-sharing, with the Company and Cipla responsible for **60% and 40% of Direct Costs**, respectively, potentially shifting to **50/50** upon milestone achievement, with other development costs shared **50/50**[39](index=39&type=chunk)[85](index=85&type=chunk) - Revenue is recognized using an input method based on costs incurred for research and development services and the license to Assigned Assets, with **$1.5 million** in revenue recognized for Q1 2023 and **$6.0 million** in deferred revenue related to unsatisfied obligations[45](index=45&type=chunk)[46](index=46&type=chunk) Key Development Milestones for PUR1900 Phase 2b | Milestone | Milestone Date | | :---------------------------------------------------- | :------------- | | 25% of patients enrolled in Phase 2b clinical study are dosed | June 30, 2023 | | Company delivers Topline Results to the JSC | June 30, 2024 | [Note 8. Common Stock](index=12&type=section&id=Note%208.%20Common%20Stock) - The Company has an At-The-Market (ATM) Sales Agreement with H.C. Wainwright and Co., LLC to sell up to **$20.0 million** of common stock[47](index=47&type=chunk) Common Stock Sales (Q1 2023) | Metric | Value | | :-------------------------------- | :------ | | Shares sold | 13,100 | | Weighted-average price per share | ~$4.25 | | Net proceeds | ~$53k | [Note 9. Warrants](index=12&type=section&id=Note%209.%20Warrants) - No warrants were issued, exercised, or expired during the three months ended March 31, 2023[49](index=49&type=chunk) - Warrants to purchase up to **123,310 shares** of common stock at **$149.99 per share** expired subsequent to March 31, 2023[49](index=49&type=chunk) Warrants Outstanding and Exercisable (March 31, 2023) | Metric | Value | | :-------------------------------- | :---------- | | Total outstanding warrants | 1,284,803 shares | | Total exercisable warrants | 1,268,848 shares | [Note 10. Stock-based Compensation](index=13&type=section&id=Note%2010.%20Stock-based%20Compensation) - The Company's Incentive Plan had **213,569 shares** available for future grant as of March 31, 2023[50](index=50&type=chunk) Stock Option Activity (Q1 2023) | Metric | Number of Options | Weighted Average Exercise Price | | :-------------------------- | :---------------- | :------------------------------ | | Outstanding — January 1, 2023 | 304,823 | $28.66 | | Granted | 117,912 | $3.99 | | Forfeited or expired | (3,787) | $19.04 | | Outstanding — March 31, 2023 | 418,948 | $21.80 | | Exercisable — March 31, 2023 | 175,061 | $39.69 | **Weighted-average grant-date fair value of options granted (Q1 2023):** **$3.27 per share** Total Stock-based Compensation Expense | Category | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :-------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Research and development | $72 | $63 | | General and administrative | $224 | $218 | | **Total** | **$296** | **$281** | **Unrecognized stock-based compensation expense:** **$1.7 million**, expected to be recognized over approximately **2.3 years**[54](index=54&type=chunk) [Note 11. Commitments and Contingencies](index=14&type=section&id=Note%2011.%20Commitments%20and%20Contingencies) - The Company has aggregate commitments of approximately **$5.2 million** for research and development activities, with **$4.4 million** expected to be incurred over the next 12 months[55](index=55&type=chunk) - The Company expects to be reimbursed **$2.5 million** of these R&D commitments under the Cipla Agreement[55](index=55&type=chunk) - The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on its financial position or results of operations[56](index=56&type=chunk) [Note 12. Leases](index=14&type=section&id=Note%2012.%20Leases) - The lease for the current corporate headquarters expires on **August 31, 2023**[57](index=57&type=chunk) Lease Liabilities (March 31, 2023) | Category | Amount (in thousands) | | :-------------------------- | :-------------------- | | Total lease payments (2023) | $791 | | Less: interest | $(12) | | **Total lease liabilities** | **$779** | | Lease liabilities — short term | $779 | | Lease liabilities — long term | $- | - A new corporate headquarters lease at 36 Crosby Drive, Bedford, Massachusetts, is expected to commence in **July 2023** for a **10-year noncancellable term**, with the landlord providing a **$3.9 million** tenant allowance and the Company funding approximately **$3.0 million** for improvements[61](index=61&type=chunk) Lease Cost | Category | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :---------------- | :----------------------------------------------- | :----------------------------------------------- | | Fixed lease cost | $378 | $357 | | Variable lease cost | $113 | $204 | | **Total lease cost** | **$491** | **$561** | [Note 13. Income Taxes](index=15&type=section&id=Note%2013.%20Income%20Taxes) - The Company had no income tax expense for the three months ended March 31, 2023, and 2022, due to operating losses[63](index=63&type=chunk) - A full valuation allowance was recorded against deferred tax assets as of March 31, 2023, and December 31, 2022, indicating that it is more likely than not that the Company will not recognize the benefits of these assets[63](index=63&type=chunk) - The Company has no material uncertain tax positions as of March 31, 2023, and December 31, 2022[64](index=64&type=chunk) [Note 14. Net Loss Per Share](index=16&type=section&id=Note%2014.%20Net%20Loss%20Per%20Share) - Basic and diluted earnings (loss) per share are computed using the two-class method[66](index=66&type=chunk) Potentially Dilutive Securities Excluded from Diluted EPS (Antidilutive) | Security Type | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Options to purchase common stock | 418,948 | 288,038 | | Preferred stock convertible into common stock | - | 76,250 | | Warrants to purchase common stock | 1,284,803 | 1,539,745 | | **Total** | **1,703,751** | **1,904,033** | [Note 15. Subsequent Events](index=16&type=section&id=Note%2015.%20Subsequent%20Events) - The Company evaluated subsequent events through the date of financial statement issuance and concluded that no events require disclosure beyond what is already presented[68](index=68&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Company's financial condition, operational results, liquidity, business overview, pipeline, and future outlook [Forward-Looking Statements](index=17&type=section&id=Forward-Looking%20Statements) - This report contains forward-looking statements regarding business plans, strategies, and projected operating results, which are subject to various risks and uncertainties[70](index=70&type=chunk) - Key risks include the impact of the COVID-19 pandemic, recurring losses and negative cash flows, inability to execute R&D and commercialization plans, manufacturing challenges, clinical trial delays, intellectual property issues, financing difficulties, intense competition, and regulatory approval hurdles[71](index=71&type=chunk) [Overview of Business and Pipeline](index=18&type=section&id=Overview%20of%20Business%20and%20Pipeline) [Business Description](index=18&type=section&id=Business%20Description) - Pulmatrix is a clinical-stage biopharmaceutical company focused on developing novel inhaled therapeutic products for respiratory and other diseases using its patented iSPERSE™ technology[74](index=74&type=chunk) - The iSPERSE™ platform is designed to deliver small, dense particles with high dispersibility and efficient delivery to the lungs, aiming to improve pharmacokinetics and reduce systemic side effects[75](index=75&type=chunk) - Advantages of iSPERSE™ include reduced inhaled powder mass, enhanced dosing efficiency, reduced cost of goods, and improved safety and tolerability profiles[76](index=76&type=chunk) [Product Pipeline and Development Plans](index=19&type=section&id=Product%20Pipeline%20and%20Development%20Plans) - The current pipeline includes PUR1900 for allergic bronchopulmonary aspergillosis (ABPA), PUR3100 for acute migraine, and PUR1800 for acute exacerbations of chronic obstructive pulmonary disease (AECOPD)[77](index=77&type=chunk) - The Company expects to incur significant expenses and increasing operating losses for at least the next several years to complete the PUR1900 Phase 2b clinical trial (topline data mid-2024), pursue PUR3100 Phase 2 studies (IND submission mid-2023), and advance PUR1800 (seeking partner for Phase 2)[80](index=80&type=chunk)[81](index=81&type=chunk) - Strategic goals include identifying new product candidates, protecting and expanding the intellectual property portfolio (**139 granted iSPERSE patents, 276 granted kinase inhibitor patents**), and seeking partnerships and license agreements for PUR3100 and PUR1800[78](index=78&type=chunk)[82](index=82&type=chunk) [Therapeutic Candidates](index=20&type=section&id=Therapeutic%20Candidates) [PUR1900 Development](index=20&type=section&id=PUR1900%20Development) - PUR1900, an inhaled itraconazole formulation, is being co-developed and commercialized with Cipla for ABPA in patients with asthma[83](index=83&type=chunk) - A new Phase 2b clinical study with a **16-week dosing regimen** began in Q1 2023, with topline data anticipated in **mid-2024**[88](index=88&type=chunk) - Development costs are shared, with the Company and Cipla responsible for **60% and 40% of Direct Costs**, respectively, and **50/50** for other development costs, with Cipla potentially reimbursing an additional **10% of Direct Costs** upon milestone achievement[85](index=85&type=chunk) [PUR3100 Development](index=21&type=section&id=PUR3100%20Development) - PUR3100 is an iSPERSE formulation of dihydroergotamine (DHE) for the treatment of acute migraine, aiming to be the first orally inhaled DHE treatment[92](index=92&type=chunk) - A Phase 1 clinical study completed in Q4 2022 demonstrated rapid systemic exposure (Tmax at **5 minutes**), peak exposures in the targeted therapeutic range, and a lower incidence of nausea with no vomiting compared to IV DHE[95](index=95&type=chunk)[96](index=96&type=chunk) - The Company plans to submit an Investigational New Drug (IND) Application in **mid-2023** to conduct a randomized placebo-controlled Phase 2 clinical study, contingent on financing or partnership arrangements[98](index=98&type=chunk) [PUR1800 Development](index=22&type=section&id=PUR1800%20Development) - PUR1800, an inhaled kinase inhibitor for AECOPD, completed a Phase 1b clinical study in Q1 2022, showing good tolerability and low, consistent systemic exposure[99](index=99&type=chunk)[101](index=101&type=chunk) - Chronic toxicology studies in rats and dogs demonstrated PUR1800 is safe and well-tolerated with chronic dosing, suggesting potential for chronic respiratory diseases beyond AECOPD[102](index=102&type=chunk) - The Company plans to pursue an appropriate partner to advance PUR1800 into a Phase 2 clinical trial[101](index=101&type=chunk) [Financial Overview](index=22&type=section&id=Financial%20Overview) [Revenues](index=22&type=section&id=Revenues) - To date, the Company has not generated any product sales[103](index=103&type=chunk) - Revenue for Q1 2023 and Q1 2022 was primarily generated by the collaboration and license agreement with Cipla on the PUR1900 program[103](index=103&type=chunk) [Research and Development Expenses](index=22&type=section&id=Research%20and%20Development%20Expenses) - Research and development expenses are expensed to operations as incurred and include employee-related costs, CRO/CMO expenses, clinical trial materials, and facility costs[104](index=104&type=chunk)[105](index=105&type=chunk) - Approximately **82% of the Company's staff** are research and development employees, supporting internal and external product development efforts[106](index=106&type=chunk) - The Company anticipates additional headcount, capital, and development costs as it identifies new opportunities for iSPERSE™ in additional indications[106](index=106&type=chunk) [General and Administrative Expenses](index=24&type=section&id=General%20and%20Administrative%20Expenses) - General and administrative expenses primarily consist of salaries, benefits, stock-based compensation for executive, finance, business development, corporate communications, and HR functions, as well as facility costs, patent filing fees, and legal fees[107](index=107&type=chunk) - These expenses are anticipated to increase in the future due to audit, legal, regulatory, and tax-related services for public company compliance, and potential commercialization preparations[108](index=108&type=chunk) [Critical Accounting Policies, Judgments and Estimates](index=24&type=section&id=Critical%20Accounting%20Policies%2C%20Judgments%20and%20Estimates) - The preparation of condensed consolidated financial statements requires significant estimates and judgments, particularly concerning revenue recognition and the accrual and recognition of research and development expenses[109](index=109&type=chunk) - There were no changes to the Company's critical accounting policies, including estimates, assumptions, and judgments, during the three months ended March 31, 2023[110](index=110&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) [Comparison of the Three Months Ended March 31, 2023 and 2022](index=25&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20March%2031%2C%202023%20and%202022) Results of Operations | Metric | Q1 2023 (in thousands) | Q1 2022 (in thousands) | Change (in thousands) | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | | Revenues | $1,499 | $1,160 | $339 | | Research and development | $3,874 | $4,149 | $(275) | | General and administrative | $2,210 | $1,974 | $236 | | Total operating expenses | $6,084 | $6,123 | $(39) | | Loss from operations | $(4,585) | $(4,963) | $378 | | Interest income | $222 | $1 | $221 | | Other expense, net | $(85) | $(11) | $(74) | | **Net loss** | **$(4,448)** | **$(4,973)** | **$525** | - Revenues increased by **$0.3 million** due to the Cipla Agreement[111](index=111&type=chunk) - Research and development expenses decreased by **$0.3 million**, primarily due to decreased spend in PUR3100 (**$0.6 million**) and PUR1800 (**$0.3 million**), partially offset by increased spend in PUR1900 (**$0.6 million**)[112](index=112&type=chunk) - General and administrative expenses increased by **$0.2 million**, mainly due to higher legal and professional services costs[113](index=113&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2023, the Company had an accumulated deficit of **$277.9 million** and total cash and cash equivalents of **$30.8 million**[114](index=114&type=chunk) - The Company expects its existing cash and cash equivalents to fund operating expenses and capital expenditure requirements for at least the next **12 months** and into the **fourth quarter of 2024**[116](index=116&type=chunk) - Additional capital will be needed to fund operations due to increasing development costs, which may be raised through equity offerings, debt financings, or strategic alliances[115](index=115&type=chunk) Major Sources and Uses of Cash | Activity | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Net cash used in operating activities | $(4,928) | $(6,144) | | Net cash used in investing activities | $- | $(10) | | Net cash provided by (used in) financing activities | $53 | $(152) | | Net decrease in cash, cash equivalents, and restricted cash | $(4,875) | $(6,306) | - Net cash provided by financing activities in Q1 2023 was **$53 thousand**, primarily from the issuance of common stock under the ATM Offering[122](index=122&type=chunk)[123](index=123&type=chunk) [Known Trends, Events and Uncertainties](index=27&type=section&id=Known%20Trends%2C%20Events%20and%20Uncertainties) - The ultimate impact of the COVID-19 pandemic and its ongoing effects on global economy, supply chains, and clinical trials remains uncertain[125](index=125&type=chunk) - The ongoing conflict between Russia and Ukraine, including related sanctions, could adversely impact geopolitical and macroeconomic conditions, contributing to increased market volatility[126](index=126&type=chunk) - These uncertainties may affect the Company's ability to raise sufficient additional capital and may require tailoring drug candidate development programs based on available funding[126](index=126&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable, as the Company has no material market risks requiring disclosure - The Company has no material market risks requiring quantitative or qualitative disclosure[129](index=129&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the effectiveness of disclosure controls and procedures and confirms no material changes in internal controls [Disclosure Controls and Procedures](index=28&type=section&id=Disclosure%20Controls%20and%20Procedures) - The Principal Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures were effective as of March 31, 2023[130](index=130&type=chunk) - These controls provide reasonable assurance that information required to be disclosed is recorded, processed, summarized, and reported timely[130](index=130&type=chunk)[131](index=131&type=chunk) [Changes in Internal Controls over Financial Reporting](index=28&type=section&id=Changes%20in%20Internal%20Controls%20over%20Financial%20Reporting) - There were no changes in the Company's internal control over financial reporting during the quarter ended March 31, 2023, that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting[132](index=132&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The Company is not aware of any material legal proceedings or threatened litigation that would impact its financial position - The Company is not aware of any material legal proceedings to which it or its subsidiaries are a party, or any threatened or pending litigation[135](index=135&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) Investors should consider the high degree of risk associated with common stock, detailed in the Annual Report on Form 10-K - Investing in the Company's common stock involves a high degree of risk[137](index=137&type=chunk) - Investors should refer to the 'Risk Factors' section in the Annual Report on Form 10-K for the year ended December 31, 2022, for a detailed discussion of risks[137](index=137&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Company reported no unregistered sales or issuer purchases of equity securities during the period - No unregistered sales of equity securities occurred during the period[138](index=138&type=chunk) - No issuer purchases of equity securities occurred during the period[139](index=139&type=chunk) [Item 3. Defaults Upon Senior Securities](index=29&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The Company reported no defaults upon senior securities during the period - No defaults upon senior securities occurred during the period[140](index=140&type=chunk) [Item 4. Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable, as the Company has no mine safety disclosures - This section is not applicable to the Company[141](index=141&type=chunk) [Item 5. Other Information](index=29&type=section&id=Item%205.%20Other%20Information) No other information requiring disclosure was reported in this section - No other information requiring disclosure was reported[142](index=142&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section refers to the 'Index to Exhibits' for a comprehensive list of filed documents, including certifications and XBRL - A list of exhibits filed or furnished with this Form 10-Q is provided in the 'Index to Exhibits'[143](index=143&type=chunk) - Exhibits include certifications (e.g., Section 302, Section 906) and Inline XBRL documents[149](index=149&type=chunk) [SIGNATURES](index=30&type=section&id=SIGNATURES) The report is duly signed by Pulmatrix, Inc.'s Chief Executive Officer and President, and Interim Chief Financial Officer - The report was signed by Teofilo Raad, Chief Executive Officer and President, and Peter Ludlum, Interim Chief Financial Officer, on May 12, 2023[147](index=147&type=chunk)

Product Development - The company is developing inhaled therapies for serious pulmonary diseases and CNS disorders using its patented iSPERSE technology[264]. - Current product pipeline includes PUR1900 for allergic bronchopulmonary aspergillosis (ABPA), PUR3100 for acute migraine, and PUR1800 for acute exacerbations of chronic obstructive pulmonary disease (AECOPD)[267]. - PUR3100 aims to be the first orally inhaled dihydroergotamine (DHE) treatment for acute migraine, targeting over 38 million migraine sufferers in the U.S.[280]. - Phase 1 clinical study of PUR3100 showed it was well-tolerated with a lower incidence of nausea compared to IV DHE, with peak exposures in the therapeutic range[283][284]. - The company plans to open an IND in Q2 2023 for a Phase 2 clinical study of PUR3100, pending financing or partnership arrangements[286]. - PUR1800 completed Phase 1b safety and pharmacokinetics study, showing no safety signals and consistent systemic exposure[287][289]. - The Cipla Agreement for PUR1900 includes a 60/40 cost-sharing arrangement for overhead costs and a potential 50/50 sharing of direct costs upon milestone achievement[274]. - The company intends to form strategic alliances to advance clinical trials and leverage the iSPERSE platform for partnered compounds[268]. Financial Performance - Revenue for the year ended December 31, 2022, was $6.1 million, an increase of $0.9 million from $5.2 million in 2021, primarily due to $4.6 million more revenues under the Cipla Agreement[312]. - Research and development expenses for 2022 were $18.2 million, up approximately $2.8 million from $15.4 million in 2021, driven by increased spending on the PUR1900 program[313]. - The JJEI License Agreement was terminated on July 6, 2021, resulting in a decrease of $3.7 million in license-related revenues[291][312]. - The total operating expenses for 2022 were $25.0 million, a slight decrease from $25.3 million in 2021[312]. - The net loss for the year ended December 31, 2022, was $18.8 million, an improvement from a net loss of $20.2 million in 2021[312]. - General and administrative expenses increased to $6.8 million in 2022 from $6.4 million in 2021, a rise of approximately 6.25% due to higher professional services costs[314]. - The accumulated deficit reached $273.5 million as of December 31, 2022, primarily from research and development expenses[315]. - Cash and cash equivalents totaled $35.6 million as of December 31, 2022, expected to fund operations for at least the next 12 months[317]. - Net cash used in operating activities was $19.4 million in 2022, compared to $19.7 million in 2021, reflecting a slight decrease of 1.5%[320][321]. - Net cash provided by financing activities dropped significantly to $1.2 million in 2022 from $43.5 million in 2021, a decrease of approximately 97.24%[323]. Future Outlook - The company expects to incur significant expenses and increasing operating losses for several years as it advances its drug development plans[269]. - The company anticipates continued losses due to development costs associated with the iSPERSE™ pipeline programs, necessitating additional capital[316]. - The company is exploring financing or partnership arrangements to support the development of its drug candidates, including a potential Phase 2 clinical study for PUR3100[316]. - General and administrative expenses are expected to increase in the future due to compliance costs associated with being a public company[297]. - The ongoing COVID-19 pandemic and geopolitical tensions may adversely impact the company's operations and capital raising efforts[329]. Staffing and Operations - Approximately 83% of the company's staff are dedicated to research and development activities, supporting the advancement of product development[295]. - The company maintains a 22,000 square foot office and research facility, which includes capital equipment for manufacturing and characterizing iSPERSE powders[295]. - The company has not generated any revenue from product sales and will seek funding through equity or debt financings, licensing arrangements, and collaborations[269]. - The company has not generated any product sales to date, with revenues derived from collaboration and license agreements[292]. - The company has no material off-balance sheet arrangements that could significantly affect its financial condition[318]. - Interest income for 2022 was $309,000, a significant increase from $7,000 in 2021[312]. - The company sold 252,013 shares of common stock in 2022 at a weighted-average price of approximately $5.70 per share, generating net proceeds of about $1.4 million[324].

PART I — FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2022, detailing financial position, operational performance, and cash flows [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Metric | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $40,683 | $53,840 | | Total current assets | $43,225 | $54,778 | | Total assets | $46,450 | $58,817 | | Total liabilities | $11,404 | $11,368 | | Total stockholders' equity | $35,046 | $47,449 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $1,872 | $1,069 | $4,363 | $4,713 | | Research and development | $5,287 | $4,026 | $13,773 | $12,423 | | General and administrative | $1,685 | $1,656 | $5,212 | $4,837 | | Goodwill impairment | $0 | $3,577 | $0 | $3,577 | | Loss from operations | $(5,100) | $(8,190) | $(14,622) | $(16,124) | | Net loss | $(5,052) | $(8,184) | $(14,620) | $(16,140) | | Net loss per share | $(1.45) | $(2.91) | $(4.32) | $(6.08) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Highlights for the Nine Months Ended September 30 (in thousands) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,310) | $(15,331) | | Net cash used in investing activities | $(77) | $(118) | | Net cash provided by financing activities | $1,230 | $37,283 | | Net (decrease)increase in cash | $(13,157) | $21,834 | | Cash, cash equivalents and restricted cash — end of period | $42,308 | $53,695 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company is a clinical-stage biotechnology company focused on developing inhaled therapeutic products using its proprietary iSPERSE dry powder delivery platform[19](index=19&type=chunk) - A 1-for-20 reverse stock split was effectuated on February 28, 2022. All common stock and per share data have been retrospectively restated for all periods presented[20](index=20&type=chunk) - For the nine months ended September 30, 2022, one customer (Cipla) accounted for **99% of revenue**[25](index=25&type=chunk) - The collaboration agreement with Cipla for PUR1900 is the primary source of revenue. For the nine months ended September 30, 2022, the company recognized **$4.4 million** in revenue related to this agreement. As of September 30, 2022, the remaining unsatisfied performance obligation was **$6.2 million**[35](index=35&type=chunk)[44](index=44&type=chunk) - During the nine months ended September 30, 2022, the company sold 252,013 shares of common stock under an At-The-Market (ATM) Sales Agreement, resulting in net proceeds of approximately **$1.4 million**[49](index=49&type=chunk) - As of September 30, 2022, the company had aggregate commitments of approximately **$4.4 million** for research and development activities, of which it expects to be reimbursed **$1.9 million** by partners[58](index=58&type=chunk) - The company executed a lease for a new corporate headquarters in Bedford, MA, which is expected to commence in May 2023 with a ten-year term[63](index=63&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's clinical pipeline progress, including PUR1900, PUR1800, and PUR3100, and analyzes financial results, highlighting increased R&D expenses and liquidity, with cash expected to fund operations into Q2 2024 [Business Overview and Pipeline Update](index=20&type=section&id=Business%20Overview%20and%20Pipeline%20Update) - Pulmatrix is a clinical-stage biotech company developing inhaled therapeutics based on its proprietary iSPERSE dry powder delivery technology[76](index=76&type=chunk)[77](index=77&type=chunk) - PUR1900 (for ABPA): In partnership with Cipla, a Phase 2 study is anticipated to begin dosing subjects in **Q1 2023**, with top-line data expected in **mid-2024**[82](index=82&type=chunk)[91](index=91&type=chunk) - PUR1800 (for AECOPD): A Phase 1b study was completed, and top-line data received in **Q1 2022** showed the drug was well tolerated. Results will be submitted for presentation at a medical conference in 2023 and will inform a potential Phase 2 study[92](index=92&type=chunk)[94](index=94&type=chunk) - PUR3100 (for acute migraine): Patient dosing in a Phase 1 trial was completed in **September 2022**, with top-line data anticipated to be released in **early Q1 2023**[100](index=100&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Comparison of Three Months Ended September 30 (in thousands) | Metric | 2022 | 2021 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $1,872 | $1,069 | $803 | Increase primarily due to revenue from the Cipla Agreement for the PUR1900 program | | R&D Expenses | $5,287 | $4,026 | $1,261 | Increase due to higher clinical costs for the PUR1900 program, partially offset by decreased spend on the PUR1800 program | | Net Loss | $(5,052) | $(8,184) | $3,132 | Net loss decreased mainly due to higher revenue and the absence of a goodwill impairment charge recorded in 2021 | Comparison of Nine Months Ended September 30 (in thousands) | Metric | 2022 | 2021 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $4,363 | $4,713 | $(350) | Decrease due to no revenue from the PUR1800 program in 2022, partially offset by higher revenue from the PUR1900 program | | R&D Expenses | $13,773 | $12,423 | $1,350 | Increase due to higher employment costs and clinical costs for the PUR1900 program, partially offset by decreased spend on PUR1800 and PUR3100 programs | | Net Loss | $(14,620) | $(16,140) | $1,520 | Net loss decreased mainly due to the absence of a goodwill impairment charge recorded in 2021 | [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) - As of September 30, 2022, the company had cash and cash equivalents of **$40.7 million**[119](index=119&type=chunk) - Management expects that existing cash and cash equivalents will be sufficient to fund projected operating expenses and capital expenditures into the **second quarter of 2024**[122](index=122&type=chunk) - Net cash used in operating activities for the nine months ended September 30, 2022, was **$14.3 million**, compared to **$15.3 million** for the same period in 2021[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - Net cash provided by financing activities was **$1.2 million** for the nine months of 2022, a significant decrease from **$37.3 million** in the same period of 2021, which included a **$40.0 million** registered direct offering[127](index=127&type=chunk)[131](index=131&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the company as a smaller reporting company - Not applicable[135](index=135&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2022, with no material changes in internal control over financial reporting during the quarter - The company's management concluded that disclosure controls and procedures were effective as of the end of the period covered by this report[136](index=136&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended September 30, 2022, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[139](index=139&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not aware of any material legal proceedings against it - As of the filing date, the company is not aware of any material legal proceedings to which it is a party[142](index=142&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) This section highlights risks concerning the volatility of the company's common stock and its ability to maintain Nasdaq listing compliance, despite regaining minimum bid price adherence in March 2022 - The market price of the company's common stock is subject to extreme price and volume fluctuations, influenced by industry trends, clinical trial developments, and general market conditions[146](index=146&type=chunk) - The company regained compliance with the Nasdaq minimum bid price requirement on **March 15, 2022**, after receiving a deficiency notice in August 2021; however, future non-compliance could result in delisting[150](index=150&type=chunk)[151](index=151&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of its equity securities and no repurchases of its equity securities during the third quarter of 2022 - There were no unregistered sales of equity securities during the quarter[152](index=152&type=chunk) - The company did not repurchase any of its equity securities during the quarter ended September 30, 2022[153](index=153&type=chunk) [Item 3. Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None reported - None[154](index=154&type=chunk) [Item 4. Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not applicable[155](index=155&type=chunk) [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) None reported - None[156](index=156&type=chunk) [Item 6. Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section provides a reference to the index of exhibits filed with the Form 10-Q - Refers to the Index to Exhibits for a list of documents filed with the report[157](index=157&type=chunk)

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file number: 001-36199 PULMATRIX, INC. (Exact name of registrant as specified in its charter) Delaware 46-1821392 (State o ...

[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the reported period [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents Pulmatrix, Inc.'s unaudited condensed consolidated financial statements and explanatory notes for the periods ended March 31, 2022 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202022%20%28unaudited%29%20and%20December%2031%2C%202021) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity as of March 31, 2022, and December 31, 2021 Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2022 | December 31, 2021 | Change (vs. Dec 31, 2021) | | :-------------------------- | :------------- | :---------------- | :------------------------ | | Cash and cash equivalents | $47,534 | $53,840 | $(6,306) | | Total current assets | $50,608 | $54,778 | $(4,170) | | Total assets | $54,303 | $58,817 | $(4,514) | | Total current liabilities | $5,377 | $4,442 | $935 | | Total liabilities | $11,546 | $11,368 | $178 | | Total stockholders' equity | $42,757 | $47,449 | $(4,692) | - The company's cash and cash equivalents decreased by **$6.3 million** from December 31, 2021, to March 31, 2022, reflecting a reduction in overall liquidity[12](index=12&type=chunk) - Total stockholders' equity decreased by **$4.7 million**, primarily due to the net loss incurred during the quarter and conversion of preferred stock[12](index=12&type=chunk)[17](index=17&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021%20%28unaudited%29) This section outlines the company's revenues, expenses, and net loss for the three months ended March 31, 2022, and 2021, highlighting operational performance Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Change (YoY) | | :-------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Revenues | $1,160 | $1,390 | $(230) | | Research and development | $4,149 | $3,856 | $293 | | General and administrative | $1,974 | $1,619 | $355 | | Total operating expenses | $6,123 | $5,475 | $648 | | Loss from operations | $(4,963) | $(4,085) | $(878) | | Net loss | $(4,973) | $(4,104) | $(869) | | Net loss per share (basic & diluted) | $(1.51) | $(1.78) | $0.27 | | Weighted average common shares outstanding | 3,297,280 | 2,301,610 | 995,670 | - Revenue decreased by **$0.23 million (16.5%)** year-over-year, primarily due to the termination of the JJEI License Agreement, partially offset by increased revenue from the Cipla Agreement[15](index=15&type=chunk)[117](index=117&type=chunk)[125](index=125&type=chunk) - Net loss increased by **$0.87 million (21.2%)** year-over-year, driven by higher operating expenses, particularly in research and development and general and administrative costs[15](index=15&type=chunk)[125](index=125&type=chunk) [Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021%20%28unaudited%29) This section details changes in the company's equity accounts, including preferred stock, common stock, and accumulated deficit, for the reported period Consolidated Statements of Stockholders' Equity Highlights (in thousands, except share data) | Metric | January 1, 2022 | March 31, 2022 | Change | | :-------------------------- | :-------------- | :------------- | :----- | | Preferred Stock Shares | 1,830 | 915 | (915) | | Preferred Stock Amount | $1,081 | $540 | $(541) | | Common Stock Shares | 3,222,037 | 3,310,922 | 88,885 | | Additional Paid-in Capital | $301,008 | $301,830 | $822 | | Accumulated Deficit | $(254,640) | $(259,613) | $(4,973) | | Total Stockholders' Equity | $47,449 | $42,757 | $(4,692) | - The decrease in preferred stock shares and amount is due to the conversion of preferred stock to common stock during the period[17](index=17&type=chunk) - The accumulated deficit increased by **$4.973 million**, directly reflecting the net loss for the three months ended March 31, 2022[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021%20%28unaudited%29) This section presents the company's cash inflows and outflows from operating, investing, and financing activities for the three months ended March 31, 2022, and 2021 Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Change (YoY) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | :----------- | | Net cash used in operating activities | $(6,144) | $(5,495) | $(649) | | Net cash used in investing activities | $(10) | $- | $(10) | | Net cash (used in) provided by financing activities | $(152) | $37,283 | $(37,435) | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(6,306) | $31,788 | $(38,094) | | Cash, cash equivalents and restricted cash — end of period | $49,159 | $63,649 | $(14,490) | - Net cash used in operating activities increased by **$0.649 million** year-over-year, primarily due to a higher net loss and increased cash outflows from changes in operating assets and liabilities[19](index=19&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) - Net cash provided by financing activities significantly decreased from **$37.283 million** in Q1 2021 to a net cash outflow of **$0.152 million** in Q1 2022, reflecting the absence of large equity offerings in the current period[19](index=19&type=chunk)[136](index=136&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) This section provides detailed explanations and disclosures for the condensed consolidated financial statements, covering accounting policies, agreements, and equity [Note 1. Organization](index=8&type=section&id=1.%20Organization) Pulmatrix, Inc. is a clinical-stage biotechnology company developing inhaled therapeutics, which executed a 1-for-20 reverse stock split in February 2022 - Pulmatrix, Inc. is a clinical-stage biotechnology company developing inhaled therapeutic products using its iSPERSE dry powder delivery platform[20](index=20&type=chunk) - A **1-for-20 reverse stock split** was effectuated on February 28, 2022, with all common stock and per share data retrospectively restated[21](index=21&type=chunk) [Note 2. Summary of Significant Accounting Policies and Recent Accounting Standards](index=8&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies%20and%20Recent%20Accounting%20Standards) The unaudited financial statements rely on management estimates for key areas, with no material impact from early adoption of new accounting standards - The financial statements are unaudited and prepared under SEC rules, requiring management estimates for areas like revenue recognition and clinical trial accruals[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - The company early adopted ASU 2020-06 and ASU 2021-04 as of January 1, 2022, with no material impact on the condensed consolidated financial statements[28](index=28&type=chunk)[29](index=29&type=chunk) - One customer accounted for **99% of revenue** for the three months ended March 31, 2022, indicating significant customer concentration[26](index=26&type=chunk) [Note 3. Fair Value of Financial Instruments](index=10&type=section&id=3.%20Fair%20Value%20of%20Financial%20Instruments) The company held no financial assets or liabilities measured at fair value, except for Level 1 money market funds, as of March 31, 2022 - Money market funds, classified as Level 1 instruments, were the only financial assets measured at fair value on a recurring basis, totaling **$41.801 million** as of March 31, 2022[32](index=32&type=chunk) [Note 4. Prepaid Expenses and Other Current Assets](index=10&type=section&id=4.%20Prepaid%20Expenses%20and%20Other%20Current%20Assets) Prepaid expenses and other current assets significantly increased to **$1.961 million**, primarily due to higher clinical and consulting prepayments Prepaid Expenses and Other Current Assets (in thousands) | Category | March 31, 2022 | December 31, 2021 | Change | | :-------------------------- | :------------- | :---------------- | :----- | | Insurance | $147 | $325 | $(178) | | Software and hosting costs | $133 | $- | $133 | | Cloud computing implementation costs | $72 | $- | $72 | | Clinical and consulting | $1,365 | $230 | $1,135 | | Other | $244 | $316 | $(72) | | **Total** | **$1,961** | **$871** | **$1,090** | - Clinical and consulting prepaid expenses saw a significant increase of **$1.135 million**, from $230 thousand to $1.365 million, indicating increased upfront payments for R&D activities[33](index=33&type=chunk) [Note 5. Property and Equipment, Net](index=10&type=section&id=5.%20Property%20and%20Equipment%2C%20Net) Net property and equipment remained stable at **$319 thousand**, with depreciation and amortization expense of **$35 thousand** for Q1 2022 Property and Equipment, Net (in thousands) | Category | March 31, 2022 | December 31, 2021 | | :-------------------------- | :------------- | :---------------- | | Laboratory equipment | $1,838 | $1,838 | | Computer equipment | $298 | $304 | | Office furniture and equipment | $217 | $217 | | Leasehold improvements | $602 | $602 | | Capital in progress | $33 | $- | | Less accumulated depreciation and amortization | $(2,669) | $(2,640) | | **Property and equipment, net** | **$319** | **$321** | - Depreciation and amortization expense for the three months ended March 31, 2022, was **$35 thousand**, a decrease from $51 thousand in the prior year period[34](index=34&type=chunk) [Note 6. Accrued Expenses and Other Current Liabilities](index=11&type=section&id=6.%20Accrued%20Expenses%20and%20Other%20Current%20Liabilities) Accrued expenses and other current liabilities decreased to **$1.067 million**, driven by lower wages and incentives, partially offset by increased clinical accruals Accrued Expenses and Other Current Liabilities (in thousands) | Category | March 31, 2022 | December 31, 2021 | Change | | :-------------------------- | :------------- | :---------------- | :----- | | Wages and incentives | $290 | $991 | $(701) | | Clinical and consulting | $526 | $97 | $429 | | Vacation | $106 | $60 | $46 | | Legal and patents | $65 | $58 | $7 | | Other | $80 | $27 | $53 | | **Total** | **$1,067** | **$1,233** | **$(166)** | - Accrued wages and incentives decreased by **$0.701 million**, while clinical and consulting accruals increased by **$0.429 million**[36](index=36&type=chunk) [Note 7. Significant Agreements](index=11&type=section&id=7.%20Significant%20Agreements) This section details key collaboration and license agreements, including the Cipla Agreement for Pulmazole and the Sensory Cloud Agreement for NasoCalm - The Cipla Agreement for Pulmazole involves co-development and commercialization, with Pulmatrix and Cipla responsible for **60% and 40% of Direct Costs**, respectively, and **50/50 sharing** of other development costs[37](index=37&type=chunk)[40](index=40&type=chunk) - A Phase 2b clinical study for Pulmazole, with a 16-week dosing regimen, was approved on November 8, 2021, following the termination of the initial Phase 2 study due to COVID-19[43](index=43&type=chunk)[44](index=44&type=chunk) - Revenue recognized from the Cipla Agreement was **$1.2 million** for Q1 2022, compared to $0.6 million for Q1 2021, with **$7.3 million** in aggregate transaction price related to unsatisfied obligations recorded as deferred revenue[51](index=51&type=chunk) - The Sensory Cloud Agreement grants an exclusive, worldwide, royalty-bearing license for PUR003 and PUR006 (NasoCalm) for over-the-counter products, with royalty rates increasing from **7% in 2020 to 17% from 2022 onwards**[52](index=52&type=chunk)[55](index=55&type=chunk) - Royalty revenue from Sensory Cloud decreased from **$8 thousand** in Q1 2021 to **$1 thousand** in Q1 2022[57](index=57&type=chunk) [Note 8. Preferred Stock](index=14&type=section&id=8.%20Preferred%20Stock) As of March 31, 2022, **915 shares** of Series A convertible preferred stock were outstanding, a decrease due to conversions - As of March 31, 2022, **915 shares** of Series A convertible preferred stock were outstanding, a decrease from 1,830 shares at December 31, 2021, due to conversions[12](index=12&type=chunk)[58](index=58&type=chunk) [Note 9. Common Stock](index=14&type=section&id=9.%20Common%20Stock) The company has an At-The-Market Sales Agreement to sell up to **$20.0 million** of common stock, with no sales as of March 31, 2022 - An At-The-Market Sales Agreement allows for the issuance and sale of up to **$20.0 million** of common stock, but no sales occurred as of March 31, 2022[60](index=60&type=chunk)[61](index=61&type=chunk) [Note 10. Warrants](index=15&type=section&id=10.%20Warrants) As of March 31, 2022, the company had **1,539,745 warrants outstanding**, with no issuance, exercise, or expiration during the quarter - As of March 31, 2022, there were **1,539,745 warrants outstanding**, with **1,222,160 exercisable**, at various exercise prices and expiration dates[63](index=63&type=chunk) [Note 11. Stock-Based Compensation](index=15&type=section&id=11.%20Stock-Based%20Compensation) The company granted **93,922 stock options** in Q1 2022, incurring **$281 thousand** in stock-based compensation expense, with **$2.427 million** unrecognized - **93,922 stock options** were granted in Q1 2022 with a weighted-average fair value of **$5.93 per share**[66](index=66&type=chunk) Stock-Based Compensation Expense (in thousands) | Category | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Research and development | $63 | $56 | | General and administrative | $218 | $272 | | **Total** | **$281** | **$328** | - As of March 31, 2022, **$2.427 million** of unrecognized stock-based compensation expense related to unvested options is expected to be recognized over approximately 2.5 years[68](index=68&type=chunk) [Note 12. Commitments and Contingencies](index=17&type=section&id=12.%20Commitments%20and%20Contingencies) The company has aggregate commitments of approximately **$148 thousand** for R&D contracts and no material legal proceedings are pending - Aggregate commitments for research and development contracts totaled approximately **$148 thousand** as of March 31, 2022[70](index=70&type=chunk) - The company is not aware of any pending legal proceedings that would materially impact its financial position or results of operations[71](index=71&type=chunk) [Note 13. Leases](index=17&type=section&id=13.%20Leases) Total lease cost for Q1 2022 was **$561 thousand**, with a new 10-year corporate headquarters lease commencing in May 2023, including a **$3.9 million** tenant allowance Lease Expense (in thousands) | Category | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Fixed lease cost | $357 | $259 | | Variable lease cost | $204 | $126 | | **Total lease cost** | **$561** | **$385** | - A new **10-year lease** for corporate headquarters at 36 Crosby Drive, Bedford, MA, was executed on January 7, 2022, expected to commence in May 2023, with a base rent of **$101 thousand per month**[74](index=74&type=chunk) - The landlord will fund improvements for the new headquarters through a tenant allowance of up to **$3.9 million**[74](index=74&type=chunk) [Note 14. Income Taxes](index=19&type=section&id=14.%20Income%20Taxes) No income tax expense was recognized due to operating losses, with a full valuation allowance recorded against deferred tax assets - No income tax expense was recognized due to operating losses, and a full valuation allowance was recorded against deferred tax assets[77](index=77&type=chunk) [Note 15. Net Loss Per Share](index=19&type=section&id=15.%20Net%20Loss%20Per%20Share) Basic and diluted net loss per share are computed using the two-class method, excluding anti-dilutive securities like stock options and warrants Potentially Dilutive Securities Excluded from Diluted EPS (shares) | Security Type | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Stock options | 288,038 | 194,665 | | Preferred stock convertible | 76,250 | - | | Warrants | 1,539,745 | 1,222,160 | | **Total** | **1,904,033** | **1,416,825** | - All potentially dilutive securities were excluded from diluted EPS calculations because their inclusion would be anti-dilutive due to the company's net loss[79](index=79&type=chunk) [Note 16. Subsequent Events](index=19&type=section&id=16.%20Subsequent%20Events) No subsequent events requiring disclosure were identified after March 31, 2022, through the financial statement issuance date - No subsequent events requiring disclosure were identified after March 31, 2022, through the date of financial statement issuance[81](index=81&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operations, and liquidity for Q1 2022, including pipeline updates and critical accounting policies [Overview](index=21&type=section&id=Overview) Pulmatrix is a clinical-stage biotech company leveraging iSPERSE technology for inhaled therapeutics, with a pipeline including Pulmazole, PUR1800, and PUR3100 - Pulmatrix is a clinical-stage biotechnology company developing inhaled therapeutic products using its proprietary iSPERSE dry powder delivery technology[88](index=88&type=chunk)[89](index=89&type=chunk) - The current pipeline includes Pulmazole (ABPA/CF), PUR1800 (AECOPD), and PUR3100 (acute migraine), all based on iSPERSE formulations[91](index=91&type=chunk) - The company plans to resume Pulmazole clinical trials, advance PUR1800, initiate PUR3100 clinical studies, identify new product candidates, invest in IP, and hire additional personnel[92](index=92&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [Pulmazole Program Update](index=23&type=section&id=Pulmazole) The Pulmazole program, co-developed with Cipla for ABPA, has a new Phase 2b study approved, with dosing anticipated in Q1 2023 and data in mid-2024 - The Pulmazole program is a co-development with Cipla for an inhaled itraconazole formulation to treat pulmonary indications, including ABPA[96](index=96&type=chunk) - A Phase 2 clinical study was terminated in July 2020 due to COVID-19 impacts on patient enrollment[100](index=100&type=chunk) - A new Phase 2b clinical study, with a **16-week dosing regimen** and efficacy endpoints, was approved in November 2021, with first patient dosing anticipated in **Q1 2023** and top-line data in **mid-2024**[101](index=101&type=chunk)[103](index=103&type=chunk) [PUR1800 Program Update](index=24&type=section&id=PUR1800) The PUR1800 Phase 1b study showed good tolerability, chronic toxicology supports broader indications, and all rights reverted to Pulmatrix post-JJEI agreement termination - Phase 1b clinical study for PUR1800 in COPD patients was completed, with topline data in Q1 2022 indicating good tolerability and low systemic exposure[104](index=104&type=chunk)[106](index=106&type=chunk) - Chronic toxicology studies in rats and dogs demonstrated PUR1800 is safe and well tolerated with chronic dosing, suggesting potential for chronic respiratory diseases like steroid-resistant asthma, COPD, or idiopathic pulmonary fibrosis[107](index=107&type=chunk) - All rights to the kinase inhibitor portfolio, including PUR1800, reverted to Pulmatrix following the termination of the JJEI License Agreement in July 2021[108](index=108&type=chunk) [PUR3100 Program Update](index=25&type=section&id=PUR3100) PUR3100, an iSPERSE DHE formulation for acute migraine, is set for a Phase 1 study in Australia in Q3 2022, with data expected in Q4 2022 - PUR3100 is an iSPERSE formulation of DHE developed for acute migraine, aiming to be the first orally inhaled DHE treatment[109](index=109&type=chunk) - FDA communications have confirmed the development plan, including a Phase 1 double-blind matching placebo clinical study in healthy volunteers[111](index=111&type=chunk) - Patient dosing for the Phase 1 clinical study is anticipated to begin in Australia in **Q3 2022**, with top-line data expected in **Q4 2022**[112](index=112&type=chunk) [Nasdaq Minimum Bid Price Requirement](index=25&type=section&id=Nasdaq%20Minimum%20Bid%20Price%20Requirement) Pulmatrix regained full compliance with the Nasdaq Minimum Bid Price Rule on **March 15, 2022**, after a prior period of non-compliance - The company regained full compliance with the Nasdaq Minimum Bid Price Rule on **March 15, 2022**, after receiving an extension until August 15, 2022[113](index=113&type=chunk) [Recent Developments](index=25&type=section&id=Recent%20Developments) Bylaws were amended on **April 28, 2022**, to lower the stockholder meeting quorum, and Peter Ludlum was appointed Interim CFO on **April 18, 2022** - Bylaws were amended on **April 28, 2022**, to lower the quorum for stockholder meetings from a majority to one-third[114](index=114&type=chunk) - Peter Ludlum was appointed Interim Chief Financial Officer, effective **April 18, 2022**[115](index=115&type=chunk) [Financial Overview](index=27&type=section&id=Financial%20Overview) Revenue is primarily from collaboration agreements, with significant R&D expenses and anticipated increases in G&A costs due to public company compliance and future commercialization - Revenue is generated primarily from collaboration and license agreements (Cipla, JJEI), with no product sales to date[117](index=117&type=chunk) - Research and development expenses are significant, covering preclinical and clinical activities, internal R&D team, and facility costs, with a large portion of staff (approximately **77%**) dedicated to R&D[119](index=119&type=chunk)[120](index=120&type=chunk) - General and administrative expenses are expected to increase due to public company compliance, investor relations, and future commercialization preparations[122](index=122&type=chunk) [Critical Accounting Policies, Judgments, and Estimates](index=28&type=section&id=Critical%20Accounting%20Policies%2C%20Judgments%2C%20and%20Estimates) Management's estimates are crucial for financial statement preparation, with no changes to critical accounting policies during Q1 2022 - No changes were made to critical accounting policies, judgments, and estimates during the three months ended March 31, 2022[124](index=124&type=chunk) [Results of Operations (Three Months Ended March 31, 2022 vs. 2021)](index=28&type=section&id=Results%20of%20Operations) Revenues decreased by **$0.23 million**, while R&D and G&A expenses increased, leading to a higher net loss of **$4.973 million** for Q1 2022 Results of Operations (in thousands) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Change | | :-------------------------- | :-------------------------------- | :-------------------------------- | :----- | | Revenues | $1,160 | $1,390 | $(230) | | Research and development | $4,149 | $3,856 | $293 | | General and administrative | $1,974 | $1,619 | $355 | | Loss from operations | $(4,963) | $(4,085) | $(878) | | Net loss | $(4,973) | $(4,104) | $(869) | - Research and development expenses increased by **$0.3 million**, primarily due to a **$0.7 million** increase in employment costs and **$0.1 million** in rent, partially offset by decreased preclinical and clinical/manufacturing costs[126](index=126&type=chunk) - General and administrative expenses increased by **$0.4 million**, mainly due to higher employment costs (**$0.1 million**), consulting and legal fees (**$0.3 million**), and audit/public company expenses (**$0.1 million**)[127](index=127&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company has an accumulated deficit of **$259.6 million** and **$47.5 million** in cash, projecting existing funds to last into Q2 2024, with significant cash used in operations - Accumulated deficit reached **$259.6 million** as of March 31, 2022, with cash and cash equivalents at **$47.5 million**[128](index=128&type=chunk) - The company expects to fund operating expenses and capital expenditures into **Q2 2024** with existing cash and cash equivalents[130](index=130&type=chunk) Major Sources and Uses of Cash (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(6,144) | $(5,495) | | Net cash used in investing activities | $(10) | $- | | Net cash (used in) provided by financing activities | $(152) | $37,283 | - Net cash used in operating activities for Q1 2022 was **$6.1 million**, primarily due to net loss and changes in operating assets and liabilities[133](index=133&type=chunk) - Financing activities shifted from providing **$37.3 million** in Q1 2021 (from common stock issuance and warrant exercise) to using **$0.2 million** in Q1 2022 (for preferred stock issuance costs)[136](index=136&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk) [Known Trends, Events and Uncertainties](index=32&type=section&id=Known%20Trends%2C%20Events%20and%20Uncertainties) The COVID-19 pandemic's impact on operations and capital markets remains uncertain, potentially requiring additional capital and program adjustments - The impact of the COVID-19 pandemic on operations, clinical trials, and capital markets remains uncertain[141](index=141&type=chunk) - The company may need to raise additional capital and tailor its drug candidate development program based on future funding availability[142](index=142&type=chunk) [Off-Balance Sheet Arrangements](index=32&type=section&id=Off-Balance%20Sheet%20Arrangements) The company has no material off-balance sheet arrangements impacting its financial condition or results of operations - The company has no material off-balance sheet arrangements[144](index=144&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable to the company for the reported period - This item is not applicable[145](index=145&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2022, with no material changes in internal control over financial reporting - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of **March 31, 2022**[146](index=146&type=chunk)[147](index=147&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended March 31, 2022[150](index=150&type=chunk) [PART II — OTHER INFORMATION](index=33&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section covers other information not included in the financial statements, such as legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material pending or threatened legal proceedings that would significantly impact its financial position - The company is not aware of any material legal proceedings to which it is a party or that are threatened or pending[152](index=152&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) Investing in the common stock involves high risk, with potential stock price volatility influenced by product announcements, financial performance, market conditions, and NASDAQ compliance - Investing in the common stock involves high risk, and the stock price is subject to significant fluctuation and volatility[154](index=154&type=chunk)[156](index=156&type=chunk) - Factors influencing stock price volatility include new product announcements, financial performance, market conditions, and macroeconomic factors like the COVID-19 pandemic[157](index=157&type=chunk)[159](index=159&type=chunk) - The company recently regained full compliance with the NASDAQ Minimum Bid Price Rule, but there is no assurance it will not fall out of compliance again[160](index=160&type=chunk)[161](index=161&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or repurchases of equity securities occurred during the three months ended March 31, 2022 - No unregistered sales of equity securities occurred during the three months ended March 31, 2022[162](index=162&type=chunk) - The company did not repurchase any of its equity securities during the three months ended March 31, 2022[163](index=163&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported for the period - No defaults upon senior securities were reported[164](index=164&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - This item is not applicable[165](index=165&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No other information is reported in this section - No other information is reported[166](index=166&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including corporate documents and certifications - The exhibit index lists various corporate documents, agreements, and certifications, including the Amended and Restated Certificate of Incorporation and certifications under the Sarbanes-Oxley Act[167](index=167&type=chunk)[172](index=172&type=chunk) [SIGNATURES](index=36&type=section&id=SIGNATURES) This section contains the official signatures of the company's executive officers, certifying the accuracy of the report [SIGNATURES](index=36&type=section&id=SIGNATURES) The report was officially signed by the President and CEO, and Interim CFO of Pulmatrix, Inc. on **May 12, 2022** - The report was signed by Teofilo Raad, President and CEO, and Peter Ludlum, Interim CFO, on **May 12, 2022**[171](index=171&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to _____________ Commission file number: 001-36199 PULMATRIX, INC. (Exact name of registrant as specified in its charter) Delaware 46-1821392 (State or o ...