UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): May 11, 2018
PULMATRIX, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-36199 | 46-1821392 | ||
(State of incorporation) | (Commission File No.) |
(IRS Employer Identification No.) |
99 Hayden Avenue, Suite 390
Lexington, MA 02421
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (781) 357-2333
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. | Results of Operations and Financial Condition. |
On May 11, 2018, Pulmatrix, Inc. (the Company) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2018. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished pursuant to Item 2.02 and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by reference in such a filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. |
Description | |
99.1 | Press Release, issued on May 11, 2018 (furnished herewith pursuant to Item 2.02). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PULMATRIX, INC. | ||||||||
Date: May 11, 2018 | By: | /s/ William Duke, Jr. | ||||||
William Duke, Jr. | ||||||||
Chief Financial Officer |
Exhibit 99.1
May 11, 2018
Pulmatrix Reports Q1 2018 Results
LEXINGTON, MA Pulmatrix, Inc. (NASDAQ: PULM) today reports its first quarter results.
We reached a major milestone for our Pulmazole program in the first quarter with the initiation of dosing in our phase 1/1b study. With a financing that closed in April, we were able to strengthen our balance sheet by bringing in gross proceeds of $15.9 million, said Robert W. Clarke, Ph.D., chief executive officer of Pulmatrix.
Financials
As of March 31, 2018, Pulmatrix had $1.55 million in cash and cash equivalents, compared to $3.6 million as of December 31, 2017. In early April 2018, Pulmatrix completed a financing that resulted in $15.9 million total gross proceeds, prior to deducting underwriting discounts and commissions and other estimated offering expenses.
Pulmatrix generated $0.2 million of revenues in the first quarter of 2018, compared to no revenue for the first quarter of 2017. The revenue for the first quarter of 2018 resulted from the Cystic Fibrosis Foundation Therapeutics award related to our Pulmazole program.
Research and development expenses for the first quarter of 2018 were $3.2 million, compared to $1.7 million for the same period last year. The increase was primarily due to increases in clinical development costs and external service costs on the Pulmazole and PUR1800 projects. General and administrative expenses for the first quarter of 2018 were $2.0 million, compared to $1.6 million for the same period in 2017. The increase was primarily due to increased employment costs and increased patent costs relating to the in-licensed Respivert compounds.
Net loss for the first quarter of 2018 was $5.2 million compared to a net loss of $3.5 million in the same period last year. The increase in net loss was attributable to the noted operating expense increases.
About Pulmatrix
Pulmatrix is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary disease using its patented iSPERSE technology. The Companys proprietary product pipeline is focused on advancing treatments for serious lung diseases, including Pulmazole, an inhaled anti-fungal for patients with allergic bronchopulmonary aspergillosis (ABPA), and PUR1800, a narrow spectrum kinase inhibitor for patients with obstructive lung diseases including asthma and chronic obstructive pulmonary disease (COPD). In addition, Pulmatrix has partnered with Vectura Group plc to develop Pulmatrixs drug candidate, PUR0200, for COPD for the U.S. market. Pulmatrixs product candidates are based on iSPERSE, its proprietary engineered 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 Companys 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 Companys 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 Companys 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 Companys filings with the Securities and Exchange Commission, including its annual report on Form 10-K filed by the Company with the Securities and Exchange Commission on March 13, 2018, as may be supplemented or amended by the Companys Quarterly Reports on Form 10-Q. 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.
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Financial Tables to Follow
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
At March 31, 2018 |
At December 31, 2017 |
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(unaudited) | ||||||||
Assets |
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Current assets: |
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Cash and cash equivalents |
$ | 1,553 | $ | 3,550 | ||||
Accounts receivable |
153 | | ||||||
Prepaid expenses and other current assets |
346 | 696 | ||||||
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Total current assets |
2,052 | 4,246 | ||||||
Property and equipment, net |
554 | 614 | ||||||
Long-term restricted cash |
204 | 204 | ||||||
Goodwill |
10,914 | 10,914 | ||||||
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|
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Total assets |
$ | 13,724 | $ | 15,978 | ||||
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Liabilities and stockholders equity |
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Current liabilities: |
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Loan payable, net of debt discount and issuance costs |
$ | 2,524 | $ | 3,221 | ||||
Accounts payable |
1,192 | 457 | ||||||
Accrued expenses |
2,479 | 2,162 | ||||||
Derivative liability |
1 | 1 | ||||||
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Total current liabilities |
6,196 | 5,841 | ||||||
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Stockholders equity: |
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Common stock, $0.0001 par value 100,000,000 shares authorized; 22,280,160 and 21,047,498 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively |
2 | 2 | ||||||
Additional paid-in capital |
186,749 | 184,137 | ||||||
Accumulated deficit |
(179,223 | ) | (174,002 | ) | ||||
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Total stockholders equity |
7,528 | 10,137 | ||||||
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Total liabilities, redeemable convertible preferred stock and stockholders equity |
$ | 13,724 | $ | 15,978 | ||||
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CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share data)
For the Three Months Ended March 31, |
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2018 | 2017 | |||||||
Revenues |
$ | 153 | $ | | ||||
Operating expenses |
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Research and development |
3,221 | 1,672 | ||||||
General and administrative |
2,046 | 1,640 | ||||||
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Total operating expenses |
5,267 | 3,312 | ||||||
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Loss from operations |
(5,114 | ) | (3,312 | ) | ||||
Interest expense |
(106 | ) | (187 | ) | ||||
Other income (expense), net |
(1 | ) | 16 | |||||
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Net loss |
$ | (5,221 | ) | $ | (3,483 | ) | ||
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Net loss per share attributable to common stockholders, basic and diluted |
$ | (0.24 | ) | $ | (0.21 | ) | ||
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Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders | 21,876,985 | 16,791,362 | ||||||
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Investor Contact | ||
Robert Clarke, CEO | William Duke, CFO | |
(781) 357-2333 | (781) 357-2333 | |
rclarke@pulmatrix.com | wduke@pulmatrix.com |