Pulmatrix(PULM) - 2024 Q3 - Quarterly Results

Financial Performance - Revenues decreased approximately $1.4 million to $0.4 million for Q3 2024, compared to $1.8 million for Q3 2023, primarily due to reduced revenue under the Cipla Agreement related to the wind down of the PUR1900 Phase 2b clinical trial[6]. - The net loss for Q3 2024 was approximately $2.6 million, compared to a net loss of $3.8 million for Q3 2023[12]. Research and Development - Research and development expenses decreased approximately $3.2 million to $0.8 million for Q3 2024, compared to $4.0 million for Q3 2023, mainly due to reduced employment and operating costs following the MannKind cross-license agreement[7]. - The Phase 1 trial results for PUR3100 indicated that it achieved peak exposures in the targeted therapeutic range, with time to maximum concentration occurring at five minutes after dosing[2]. - Pulmatrix is exploring financing or partnership arrangements to develop and initiate a potential Phase 2 clinical study for PUR3100, which is positioned as Phase 2-ready following FDA acceptance of its IND application[2]. - The company plans to pursue partnership or other alternatives to monetize or advance PUR1800, which is a Narrow Spectrum Kinase Inhibitor for the treatment of acute exacerbations in chronic obstructive pulmonary disease[3]. Expenses - General and administrative expenses increased approximately $0.5 million to $2.2 million for Q3 2024, compared to $1.7 million for Q3 2023, primarily due to one-time employee separation costs[8]. Cash Position - The total cash and cash equivalents balance as of September 30, 2024, was $10.8 million, with a projected cash runway into Q4 2026[9]. Intellectual Property - As of September 30, 2024, Pulmatrix's patent portfolio related to iSPERSE™ included approximately 147 granted patents and 51 pending patent applications[5]. Clinical Trials - Pulmatrix completed all wind down activities for the PUR1900 Phase 2b study in Q3 2024, and will receive 2% royalties on any potential future net sales by Cipla outside the United States[4].