Pulmatrix (PULM) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was $1.6M, down from $1.8M in Q2 2023, mainly due to winding down the PUR1900 Phase 2b trial.

• Net loss for Q2 2024 was $5.8M, compared to $3.8M in Q2 2023, impacted by a $2.6M loss on disposal group held for sale related to the MannKind Transaction.

• Completed MannKind transaction, validating iSPERSE technology and extending cash runway into Q4 2026.

• Focused on cost-saving measures, winding down PUR1900, and repositioning as a virtual company.

• CEO Teofilo Raad departed in July 2024, with Peter Ludlum appointed as Interim CEO.

Financial highlights

• Q2 2024 revenue: $1.6M (down $0.3M year-over-year); six-month revenue: $7.4M (up $4.1M year-over-year).

• Q2 2024 net loss: $5.8M (vs. $3.8M in Q2 2023); six-month net loss: $5.0M (vs. $8.3M in 2023).

• R&D expenses dropped to $2.8M from $4.2M year-over-year; G&A expenses rose to $2.0M from $1.7M.

• Cash and cash equivalents as of June 30, 2024: $12.4M; $1.4M in restricted cash released in August 2024.

• Total assets at June 30, 2024, were $15.8M; stockholders' equity was $13.3M.

Outlook and guidance

• Cash position expected to fund operations for at least 12 months from June 30, 2024, and potentially into Q4 2026.

• Further development of PUR3100 and PUR1800 depends on securing additional financing or partnerships.

• Company anticipates continued operating losses due to ongoing R&D and clinical activities.