LEXINGTON, Mass., May 5, 2017 /PRNewswire/ -- Pulmatrix, Inc.
(NASDAQ: PULM) today reports its first quarter financial
results.
"During the first quarter, we continued to make progress across
our iSPERSE-based development pipeline of inhaled therapeutics and
strengthened our balance sheet. With the closing of two registered
direct offerings and through the use of our recently filed
At-The-Market Sales Agreement, we raised net proceeds of
approximately $9.7 million," said
Robert W. Clarke, Ph.D., chief executive officer of Pulmatrix.
Financials
As of March 31, 2017, Pulmatrix
had $10.5 million in cash and cash
equivalents, compared to $4.2 million
as of December 31, 2016.
Pulmatrix generated no revenues in the first quarter of 2017,
compared to $0.4 million for the
first quarter of 2016. The decreased revenue was directly related
to the conclusion of the clinical study funded under our
collaboration agreement to develop PUR0200 for COPD.
Research and development expenses for the first quarter of 2017
were $1.7 million, compared to
$3.4 million for the same period last
year. The decrease was primarily due to decreases in clinical
development costs and external service costs on the PUR1900 and
PUR0200 projects. General and administrative expenses for the first
quarter of 2017 were $1.6 million,
compared to $2.4 million for the same
period in 2016. The decrease was primarily due to a decrease in
stock-based compensation expense.
Net loss for the first quarter of 2017 was $3.5 million compared to a net loss of
$5.7 million in the same period last
year. The decrease in net loss was attributable to the noted
operating expense decreases.
About
Pulmatrix
Pulmatrix is a clinical stage biopharmaceutical company developing
innovative inhaled therapies to address serious pulmonary disease
using its patented iSPERSE™ technology. The Company's proprietary
product pipeline is focused on advancing treatments for rare
diseases, including PUR1900, an inhaled anti-fungal for patients
with cystic fibrosis (CF) and severe asthma. In addition, Pulmatrix
is pursuing opportunities in major pulmonary diseases through
collaborations, including PUR0200, a branded generic in clinical
development for chronic obstructive pulmonary disease (COPD).
Pulmatrix's product candidates are based on iSPERSE™, its
proprietary dry powder delivery platform, which seeks to improve
therapeutic delivery to the lungs by maximizing local
concentrations and reducing systemic side effects to improve
patient outcomes.
FORWARD-LOOKING STATEMENTS
Certain statements in this
press release that are forward-looking and not statements of
historical fact are forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The Company cautions that such statements
involve risks and uncertainties that may materially affect the
Company's results of operations. Such forward-looking statements
are based on the beliefs of management as well as assumptions made
by and information currently available to management. Actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors,
including but not limited to the ability to establish that
potential products are efficacious or safe in preclinical or
clinical trials; the ability to establish or maintain
collaborations on the development of therapeutic candidates; the
ability to obtain appropriate or necessary governmental approvals
to market potential products; the ability to obtain future funding
for developmental products and working capital and to obtain such
funding on commercially reasonable terms; the Company's ability to
manufacture product candidates on a commercial scale or in
collaborations with third parties; changes in the size and nature
of competitors; the ability to retain key executives and
scientists; and the ability to secure and enforce legal rights
related to the Company's products, including patent protection. A
discussion of these and other factors, including risks and
uncertainties with respect to the Company, is set forth in the
Company's annual report on Form 10-K filed by the Company with the
Securities and Exchange Commission on March
10, 2017. The Company disclaims any intention or obligation
to revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
Financial Tables to Follow
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in thousands,
except share and per share data)
|
|
|
|
At March
31,
|
|
At December 31,
|
|
|
2017
|
|
2016
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
10,541
|
|
$
4,182
|
|
Prepaid expenses and
other current assets
|
413
|
|
577
|
|
|
|
|
|
|
Total current
assets
|
10,954
|
|
4,759
|
|
Property and
equipment, net
|
722
|
|
786
|
|
Long-term restricted
cash
|
204
|
|
204
|
|
Goodwill
|
10,914
|
|
10,914
|
|
|
|
|
|
|
Total
assets
|
$
22,794
|
|
$
16,663
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Loan payable, net of
debt discount and issuance costs
|
$
2,661
|
|
$
2,586
|
|
Accounts
payable
|
235
|
|
747
|
|
Accrued
expenses
|
1,439
|
|
1,317
|
|
|
|
|
|
|
Total current
liabilities
|
4,335
|
|
4,650
|
|
Loan payable, net of
current portion, debt discount and issuance costs
|
2,522
|
|
3,217
|
|
Derivative
liability
|
35
|
|
35
|
|
|
|
|
|
|
Total
liabilities
|
6,892
|
|
7,902
|
|
|
|
|
|
|
Stockholders' Equity
(Deficit):
|
|
|
|
|
Common stock, $0.0001
par value — 100,000,000 shares authorized; 18,475,202 and
14,850,526 shares issued and outstanding, including vested
restricted stock units of 49,654 and 99,308, at March 31, 2017 and
December 31, 2016, respectively
|
2
|
|
1
|
|
Additional paid-in
capital
|
175,329
|
|
164,706
|
|
Accumulated
deficit
|
(159,429)
|
|
(155,946)
|
|
|
|
|
|
|
Total stockholders'
equity (deficit)
|
15,902
|
|
8,761
|
|
|
|
|
|
|
Total liabilities,
redeemable convertible preferred stock and stockholders'
equity
|
$
22,794
|
|
$
16,663
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED RESULTS OF OPERATIONS
|
(unaudited)
|
(in thousands,
except share and per share data)
|
|
|
For the Three
Months Ended
|
|
March
31,
|
|
2017
|
|
2016
|
Revenues
|
$
—
|
|
$
396
|
Operating
expenses
|
|
|
|
Research and
development
|
1,672
|
|
3,430
|
General and
administrative
|
1,640
|
|
2,409
|
|
|
|
|
Total operating
expenses
|
3,312
|
|
5,839
|
|
|
|
|
Loss from
operations
|
(3,312)
|
|
(5,443)
|
Interest
expense
|
(187)
|
|
(223)
|
Other income
(expense), net
|
16
|
|
(3)
|
|
|
|
|
Net loss
|
$
(3,483)
|
|
$
(5,669)
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
(0.21)
|
|
$
(0.38)
|
|
|
|
|
Weighted average
shares used to compute basic and diluted net loss per share
attributable to common stockholders
|
16,791,362
|
|
14,754,484
|
|
|
|
|
|
|
|
|
Investor
Contact
|
|
Robert Clarke,
CEO
|
William Duke,
CFO
|
(781)
357-2333
|
(781)
357-2333
|
rclarke@pulmatrix.com
|
wduke@pulmatrix.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pulmatrix-reports-q1-2017-financial-results-300451824.html
SOURCE Pulmatrix, Inc.