Pulmatrix(PULM) - 2024 Q4 - Annual Results

Financial Performance - Revenues increased approximately $0.5 million to $7.8 million for the year ended December 31, 2024, compared to $7.3 million for the year ended December 31, 2023[9]. - Research and development expenses decreased approximately $8.4 million to $7.2 million for the year ended December 31, 2024, compared to $15.5 million for the year ended December 31, 2023[10]. - General and administrative expenses increased approximately $1.3 million to $7.8 million for the year ended December 31, 2024, compared to $6.5 million for the year ended December 31, 2023[11]. - The Company recognized a $2.6 million loss on its transactions with MannKind Corporation during the third quarter of 2024[12]. Cash Position - Total cash and cash equivalents balance as of December 31, 2024, was $9.5 million, sufficient to fund operations at least through the anticipated closing of the Merger with Cullgen[13]. Merger and Acquisition - The proposed merger with Cullgen is anticipated to close in the first half of 2025, subject to certain closing conditions[3]. - Pulmatrix intends to divest its assets, including its Phase 2-ready acute migraine candidate, PUR3100, as part of the proposed merger[1]. Product Development - PUR3100 is positioned as Phase 2-ready, with the FDA accepting an IND application and a Phase 2 clinical protocol planned[5]. - The Phase 1 trial results of PUR3100 showed lower incidence of nausea and no vomiting compared to IV-administered DHE[5]. Intellectual Property - As of December 31, 2024, Pulmatrix's patent portfolio related to iSPERSE™ included approximately 149 granted patents and 50 pending patent applications[14].