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August 5, 2019
Pulmatrix Reports Q2 2019 Results
LEXINGTON, MA Pulmatrix, Inc. (NASDAQ: PULM) today reports its second quarter results.
Q2 2019 Highlights
Pulmatrix achieved several clinical and business milestones which reflect the Companys progress. These milestones include the following:
Initiated the global, multi-site Phase 2 clinical study of Pulmazole for the treatment of ABPA
Completed a $16.6 million public offering extending cash runway beyond the completion of our Pulmazole Phase 2 clinical trial
Entered into strategic partnership with Cipla Technologies LLC for the development and commercialization of Pulmazole
Received $22 million upfront payment
Agreement lays foundation for Phase 2 study evaluating Pulmazole, the iSPERSE formulation of anti-fungal drug itraconazole, in asthmatic patients with allergic bronchopulmonary aspergillosis (ABPA)
Expands global opportunity, leveraging Ciplas presence in 170 countries and extensive global network
Our partnership with Cipla is off to a great start and the initiation of our Pulmazole Phase 2 clinical trial was a significant step forward for the Company. The trial is fully funded with data anticipated in Q3 2020, said Ted Raad, chief executive officer of Pulmatrix.
As of June 30, 2019, Pulmatrix had $31.8 million in cash, compared to $2.6 million as of December 31, 2018. In April 2019, Pulmatrix completed a financing that resulted in $16.6 million of total gross proceeds and executed a Definitive Agreement with Cipla for the co-development and commercialization of Pulmazole. In early May 2019, Pulmatrix received a $22 million upfront payment from Cipla. Following the completion of the initiated Phase 2 clinical trial, both parties will equally share costs related to the future development and commercialization of Pulmazole and will equally share worldwide free cash flow from future sales of Pulmazole.
Pulmatrix generated $4.8 million of revenue in the second quarter of 2019, compared to no revenues in the second quarter of 2018. The revenue for the second quarter of 2019 was the result of the recognition of income pursuant to the Cipla Agreement.
Research and development expenses for the second quarter of 2019 were $3.2 million, compared to $4.0 million for the same period last year. The decrease was primarily due to decreased employment costs. General and administrative expenses for the second quarter of 2019 were $3.1 million, compared to $2.1 million for the same period last year. The increase was primarily due to increased stock compensation charges and legal expenses.
Pulmatrix recorded a charge of $6.5 million for impairment of goodwill in the second quarter of 2019. This non-cash charge did not have a comparable charge in 2018 and is related to assets that were recorded as part of the purchase accounting for the reverse merger that took place in 2015.
Net loss was $7.8 million for the second quarter of 2019 and $6.2 million for the second quarter of 2018. The increase in net loss was primarily due to the 2019 impairment of goodwill, partially offset by the $4.8 million of revenue recognized in the second quarter of 2019.
The following information was filed by Pulmatrix, Inc. (PULM) on Monday, August 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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