8-K

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): November 14, 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)

Registrant’s 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 November 14, 2018, Pulmatrix, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 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 November 14, 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: November 14, 2018	By:	/s/ William Duke, Jr.
		William Duke, Jr.
		Chief Financial Officer

EX-99.1

Exhibit 99.1

November 14, 2018

Pulmatrix Reports Q3 2018 Results

LEXINGTON, MA – Pulmatrix, Inc. (NASDAQ: PULM) today reported its third quarter results.

“We remain focused on advancing the clinical development of our Pulmazole program,” said Robert W. Clarke, Ph.D., chief executive officer of Pulmatrix. “We are pleased with the progress made in preparing for the upcoming Pulmazole clinical trial and plan to initiate the Phase 2 clinical trial of Pulmazole in patients with asthma and ABPA next month.”

Financials

As of September 30, 2018, Pulmatrix had $3.8 million in cash and cash equivalents, compared to $3.6 million as of December 31, 2017.

Research and development expenses for the third quarter of 2018 were $3.1 million, compared to $2.6 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 program. General and administrative expenses for the third quarter of 2018 were $1.8 million, compared to $2.0 million for the same period last year.

Net loss for the third quarter of 2018 was $4.8 million compared to a net loss of $4.5 million in the same period last year. The increase in net loss was primarily attributable to the noted increases in expenses relating to the Pulmazole program.

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 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”). Pulmatrix’s 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 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 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 Company’s 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 September 30, 2018			At December 31, 2017
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	3,806		$	3,550
Prepaid expenses and other current assets		914			696
Total current assets		4,720			4,246
Property and equipment, net		447			614
Long-term restricted cash		204			204
Goodwill		10,914			10,914
Total assets	$	16,285		$	15,978
Liabilities and stockholders’ equity
Current liabilities:
Loan payable, net of debt discount and issuance costs	$	—		$	3,221
Accounts payable		1,367			457
Accrued expenses		2,284			2,162
Derivative liability		—			1
Total current liabilities		3,651			5,841
Stockholders’ equity:
Common stock, $0.0001 par value — 200,000,000 shares authorized; 46,927,221 and 21,047,498 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively		5			2
Additional paid-in capital		202,856			184,137
Accumulated deficit		(190,227	)		(174,002	)
Total stockholders’ equity		12,634			10,137
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	$	16,285		$	15,978

CONDENSED CONSOLIDATED RESULTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)

	For the Three Months Ended September 30,
	2018			2017
Revenues	$	—		$	335
Operating expenses
Research and development		3,056			2,618
General and administrative		1,769			2,021
Total operating expenses		4.825			4,639
Loss from operations		(4,825	)		(4,304	)
Interest expense		—			(153	)
Other income, net		9			5
Net loss	$	(4,816	)	$	(4,452	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.10	)	$	(0.22	)
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders		46,927,221			20,200,893

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Investor Contact
Robert Clarke, CEO	William Duke, CFO
(781) 357-2333	(781) 357-2333
rclarke@pulmatrix.com	wduke@pulmatrix.com