P
Pulmatrix, Inc.
PULMCIK 0001574235NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-5.16M
Total Assets
$4.14M
Equity
$3.81M
Shares Out
3.65M
Op. Cash Flow
$-5.43M
Business
Pulmatrix, Inc. is a biopharmaceutical company that develops inhaled therapeutic products using its proprietary iSPERSE™ dry powder delivery platform. Its main products and candidates include PUR3100 (inhaled dihydroergotamine for acute migraine), PUR1800 (an inhaled kinase inhibitor for acute exacerbations of COPD) and PUR1900 (an inhaled itraconazole antifungal for pulmonary fungal disease and ABPA). The company’s operations center on iSPERSE™ formulation development, preclinical and clinical programs, patent prosecution and business development/partnership activities. It distributes and advances programs through third‑party contract manufacturers, clinical trial sites and commercial partnerships domestically and internationally.
Summary from filing dated 2025-03-21
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenues | — | 8 | 7 | 6 | 5 | |
| Research and development | 38,000 | 7 | 16 | 18 | 15 | |
| General and administrative | 5 | 8 | 7 | 7 | 6 | |
| Loss on MannKind Transaction | — | 3 | — | — | — | |
| Total operating expenses | 5 | 18 | 22 | 25 | 25 | |
| Loss from operations | −5 | −10 | −15 | −19 | −20 | |
| Interest income | 144,000 | 467,000 | — | — | — | |
| Fair value adjustment of warrants | 67,000 | −67,000 | — | — | — | |
| Other expense, net | −204,000 | −196,000 | −248,000 | −198,000 | −11,000 | |
| Total other income (expense), net | 7,000 | 204,000 | 619,000 | 111,000 | −4,000 | |
| Net loss | −5 | −10 | −14 | −19 | −20 | |
| Net loss per share attributable to common stockholders - basic | −1.41 | −2.62 | −3.87 | −5.46 | −8.63 | |
| Net loss per share attributable to common stockholders - diluted | −1.41 | −2.62 | −3.87 | −5.46 | — | |
| Weighted average common shares outstanding - basic | 4 | 4 | 4 | 3,448 | 3 | |
| Weighted average common shares outstanding - diluted | 4 | 4 | 4 | 3,448 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 4 | 10 | 19 | 36 | 54 | |
| Prepaid expenses and other current assets | 41,000 | 399,000 | 742,000 | 1 | 871,000 | |
| Total current assets | 4 | 10 | 21 | 38 | 55 | |
| Long-term restricted cash | 10,000 | 10,000 | 1 | 1 | 2 | |
| Other long-term assets | — | 13,000 | 176,000 | 389,000 | — | |
| Total assets | 4 | 10 | 34 | 41 | 59 | |
| Accounts payable | 272,000 | 809,000 | 2 | 1 | 839,000 | |
| Accrued expenses and other current liabilities | 57,000 | 120,000 | 947,000 | 2 | 1 | |
| Total current liabilities | 329,000 | 929,000 | 4 | 5 | 4 | |
| Warrant liability | — | 67,000 | — | — | — | |
| Total liabilities | 329,000 | 996,000 | 16 | 10 | 11 | |
| Commitments and contingencies (Note 9) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value 500,000 shares authorized; 6,746 shares designated Series A convertible preferred stock; no shares issued and outstanding at December 31, 2025 and 2024 | — | — | — | — | 1 | |
| Common stock, $0.0001 par value 200,000,000 shares authorized; 3,652,285 shares issued and outstanding at December 31, 2025 and 2024 | — | — | — | — | — | |
| Additional paid-in capital | 306 | 306 | 306 | 305 | 301 | |
| Accumulated deficit | −302 | −297 | −288 | −273 | −255 | |
| Total stockholders equity | 4 | 9 | 18 | 31 | 47 | |
| Total liabilities and stockholders equity | 4 | 10 | 34 | 41 | 59 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | — | 106,000 | 134,000 | 162,000 | 169,000 | |
| Amortization of operating lease right-of-use asset | — | 329,000 | 1 | 1 | 1 | |
| Stock-based compensation | 25,000 | 511,000 | 954,000 | 1 | 1 | |
| Loss on disposals | — | 3 | 8,000 | — | — | |
| Accounts receivable | — | 928,000 | 370,000 | −1 | 17,000 | |
| Prepaid expenses and other current assets | 358,000 | 343,000 | 326,000 | −197,000 | −148,000 | |
| Other long-term assets | 13,000 | 163,000 | 213,000 | −389,000 | — | |
| Accounts payable | −537,000 | −1 | 727,000 | 511,000 | −149,000 | |
| Accrued expenses and other current liabilities | −63,000 | −438,000 | −1 | 405,000 | −795,000 | |
| Operating lease liability | — | −333,000 | −3 | −1 | −1 | |
| Deferred revenue | — | −4 | −2 | −847,000 | −3 | |
| Net cash used in operating activities | −5 | −11 | −16 | −19 | −20 | |
| Purchases of property and equipment | — | −398,000 | −676,000 | −86,000 | −144,000 | |
| Net cash used in investing activities | — | −398,000 | −676,000 | −86,000 | −144,000 | |
| Net decrease in cash, cash equivalents and restricted cash | −5 | −11 | −17 | −18 | 24 | |
| Reduction of operating lease right-of-use asset and lease liability upon lease modification | — | 8 | — | — | — |
Filings
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