0001493152-20-008625.txt : 20200514 0001493152-20-008625.hdr.sgml : 20200514 20200514092134 ACCESSION NUMBER: 0001493152-20-008625 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200514 DATE AS OF CHANGE: 20200514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pulmatrix, Inc. CENTRAL INDEX KEY: 0001574235 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 461821392 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36199 FILM NUMBER: 20875564 BUSINESS ADDRESS: STREET 1: 99 HAYDEN AVENUE STREET 2: SUITE 390 CITY: LEXINGTON STATE: MA ZIP: 02421 BUSINESS PHONE: (781) 357-2333 MAIL ADDRESS: STREET 1: 99 HAYDEN AVENUE STREET 2: SUITE 390 CITY: LEXINGTON STATE: MA ZIP: 02421 FORMER COMPANY: FORMER CONFORMED NAME: Ruthigen, Inc. DATE OF NAME CHANGE: 20130411 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to __________

Commission file number: 001-36199

PULMATRIX, INC.

(Exact name of registrant as specified in its charter)

Delaware		46-1821392
(State or other jurisdiction of incorporation or organization)		(I.R.S. 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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	[ ]	Accelerated filer	[ ]

Non-accelerated filer	[X]	Smaller reporting company	[X]

		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. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each Class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		PULM		The NASDAQ Stock Market LLC

As of May 12, 2020, the registrant had 25,421,257 shares of common stock outstanding.

PULMATRIX, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements		3
Condensed Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019		3
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (unaudited)		4
Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2020 and 2019 (unaudited)		5
Condensed Consolidated Statements of Cash Flows for the Three months Ended March 31, 2020 and 2019 (unaudited)		6
Notes to Condensed Consolidated Financial Statements (unaudited)		7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		14
Item 3. Quantitative and Qualitative Disclosures About Market Risk		22
Item 4. Controls and Procedures		22
PART II — OTHER INFORMATION
Item 1. Legal Proceedings		23
Item 1A. Risk Factors		23
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		25
Item 3. Defaults Upon Senior Securities		25
Item 4. Mine Safety Disclosures		25
Item 5. Other Information		25
Item 6. Exhibits		25
SIGNATURES		26

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

PULMATRIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	At March 31, 2020			At December 31, 2019
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	24,402		$	23,440
Accounts receivable		—			7,200
Prepaid expenses and other current assets		1,845			777
Total current assets		26,247			31,417
Property and equipment, net		317			270
Operating lease right-of-use asset		477			630
Long-term restricted cash		204			204
Goodwill		3,577			3,577
Total assets	$	30,822		$	36,098
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		1,274			600
Accrued expenses		3,548			2,514
Operating lease liability		511			675
Deferred revenue		12,026			13,411
Total current liabilities		17,359			17,200
Deferred revenue, net of current portion		6,527			7,879
Total liabilities		23,886			25,079
Commitments (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value — 500,000 authorized and 0 issued and outstanding at March 31, 2020 and December 31, 2019		—			—
Common stock, $0.0001 par value — 200,000,000 shares authorized; 20,521,304 and 19,994,560 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively.		2			2
Additional paid-in capital		226,781			226,178
Accumulated deficit		(219,847	)		(215,161	)
Total stockholders’ equity		6,936			11,019
Total liabilities and stockholders’ equity	$	30,822		$	36,098

The accompanying footnotes are an integral part of these condensed consolidated financial statements.

PULMATRIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)

	For the Three Months Ended March 31,
	2020			2019
Revenues	$	2,762		$	—
Operating expenses
Research and development		5,287			2,176
General and administrative		2,212			1,987
Impairment of goodwill		—			794
Total operating expenses		7,499			4,957
Loss from operations		(4,737	)		(4,957	)
Other income (expense)
Interest income		52			4
Settlement expense		—			(200	)
Other expenses, net		(1	)		(3	)
Net loss	$	(4,686	)	$	(5,156	)
Net loss per share, basic and diluted	$	(0.23	)	$	(0.74	)
Weighted average shares used to compute basic and diluted net loss per share		20,469,457			6,944,513

The accompanying footnotes are an integral part of these condensed consolidated financial statements.

PULMATRIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the three months ended March 31, 2020 and 2019

(in thousands, except share data)

	Common Stock				Additional Paid-In		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance — December 31, 2019		19,994,560	$	2	$	226,178	$	(215,161	)	$	11,019
Exercise of pre-funded warrants		300,000		—		—		—			—
Exercise of common stock options		19,997		—		21		—			21
Exercise of warrants		206,747		—		239		—			239
Share-based compensation		—		—		343		—			343
Net loss		—		—		—		(4,686	)		(4,686	)
Balance — March 31, 2020		20,521,304	$	2	$	226,781	$	(219,847	)	$	6,936

	Common Stock				Additional Paid-In		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance — December 31, 2018		4,932,723	$	—	$	206,409	$	(194,565	)	$	11,844
Adjustment for reverse stock split		2,717		—		—		—			—
Issuance of common stock, net of issuance costs		2,394,955		1		2,978		—			2,979
Exercise of pre-funded warrants		697,500		—		70		—			70
Share-based compensation		—		—		459		—			459
Net loss		—		—		—		(5,156	)		(5,156	)
Balance — March 31, 2019		8,027,895	$	1	$	209,916	$	(199,721	)	$	10,196

The accompanying footnotes are an integral part of these condensed consolidated financial statements.

PULMATRIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	For the Three Months Ended March 31,
	2020			2019
Cash flows from operating activities:
Net loss	$	(4,686	)	$	(5,156	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		51			50
Amortization of operating lease right-of-use asset		153			141
Stock-based compensation		343			459
Impairment of goodwill		—			794
Changes in operating assets and liabilities:
Accounts receivable		7,200			—
Prepaid expenses and other current assets		(1,068	)		(519	)
Accounts payable		672			428
Accrued expenses		1,034			494
Operating lease liability		(164	)		(147	)
Deferred revenue		(2,737	)		—
Net cash provided by (used in) operating activities		798			(3,456	)
Cash flows from investing activities:
Purchases of property and equipment		(96	)		(10	)
Net cash used in investing activities		(96	)		(10	)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		—			2,979
Proceeds from exercise of common stock options		21			—
Proceeds from exercise of warrants		239			—
Proceeds from exercise of pre-funded warrants		—			70
Net cash provided by financing activities		260			3,049
Net increase (decrease) in cash, cash equivalents and restricted cash		962			(417	)
Cash, cash equivalents and restricted cash — beginning of period		23,644			2,767
Cash, cash equivalents and restricted cash — end of period	$	24,606		$	2,350
Supplemental disclosures of non-cash investing and financing information:
Fixed asset purchases in accounts payable	$	2			—
Operating lease right-of-use asset obtained in exchange for operating lease obligation		—		$	1,213

The accompanying footnotes are an integral part of these condensed consolidated financial statements.

PULMATRIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2020

(unaudited)

(in thousands, except share and per share data)

1. Organization

Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. Pulmatrix, Inc. is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE™ (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory and other diseases and infections with significant unmet medical needs.

On February 5, 2019, the Company effectuated a 1-for-10 reverse stock split of its issued and outstanding shares of common stock (the “Reverse Stock Split”) pursuant to which every 10 shares of the Company’s issued and outstanding common stock were automatically converted into one share of common stock. Accordingly, all common share and per share data are retrospectively restated to give effect of the Reverse Stock Split for all periods presented herein.

2. Summary of Significant Accounting Policies and Recent Accounting Standards

Basis of Presentation

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2019, which are included in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020.

Use of Estimates

In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.

Concentrations of Credit Risk and Off-Balance Sheet Arrangements

Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date.

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of two security deposits with a financial institution.

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows.

	Three months ended March 31
	2020		2019
Cash and cash equivalents	$	24,402	$	2,146
Restricted cash		204		204
Total cash, cash equivalents and restricted cash	$	24,606	$	2,350

Goodwill

Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated.

Recently Adopted Accounting Standards

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The new standard will align the requirements for capitalizing implementation costs for hosting arrangements (services) with costs for internal-use software (assets). As a result, certain implementation costs incurred in hosting arrangements will be deferred and amortized. The new standard will be effective for the Company on January 1, 2020. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

3. Prepaid Expenses and Other Current Assets

Prepaid expenses consisted of the following:

	At March 31, 2020		At December 31, 2019
Prepaid Insurance	$	157	$	202
Prepaid Clinical Trials		1,508		322
Prepaid Other		130		221
Deferred Operating Costs		50		32
Total prepaid and other current assets	$	1,845	$	777

4. Accrued Expenses and Other Current Liabilities

Accrued expenses consisted of the following:

	At March 31, 2020		At December 31, 2019
Accrued vacation	$	87	$	42
Accrued wages and incentive		294		527
Accrued clinical & consulting		2,973		1,820
Accrued legal & patent		141		85
Accrued other expenses		53		40
Total accrued expenses	$	3,548	$	2,514

5. Common Stock

2020

Exercise of Warrants

On December 31, 2019, 300,000 pre-funded warrants were exercised, the Company collected proceeds of $3 and 300,000 shares of common stock were issued on January 2, 2020.

During the three months ended March 31, 2020, warrants to purchase 176,747 shares of common stock issued in April 2019 were exercised for cash, and the Company collected proceeds of $239.

On February 4, 2020, 146,084 warrants issued in February 2019 were exercised cashlessly, and 30,000 shares of common stock were issued.

Exercise of Stock Options

During the three months ended March 31, 2020, stock options to buy 19,997 shares were exercised, and the Company collected proceeds of $21.

2019

Confidential Marketed Public Offering (“CMPO”)

On January 31, 2019 and February 4, 2019, the Company closed two CMPOs, pursuant to which the Company sold 156,118 and 532,353 shares of common stock, respectively, at $1.70 per share and issued warrants to exercise 10,151 and 34,605 shares of common stock, respectively, to underwriters at an exercise price of $2.125 per share with expiration dates of January 26, 2024 and January 30, 2024, respectively. Prior to deducting fees and commissions for both offerings, the Company recorded aggregate gross proceeds of approximately $1,170.

Registered Direct Offering

On February 12, 2019, the Company sold 1,706,484 shares at $1.465 per share for gross proceeds of approximately $2,500. In this registered direct offering, the Company issued warrants to purchase 1,706,484 shares of its common stock to investors with an exercise price of $1.34 per share and an expiration date of August 12, 2024. In addition, the Company issued warrants to purchase 110,922 shares of its common stock to underwriters with an exercise price of $1.8313 per share and an expiration date of February 7, 2024.

Exercise of Warrants

During the period ended March 31, 2019, 697,500 pre-funded warrants, which were issued as part of the November 2018 securities purchase agreement with an institutional investor, were exercised and the Company recorded $70 in net proceeds.

For the period ending March 31, 2019, after giving effect to fees, commissions and other expenses of approximately $691, the Company recorded net proceeds of $3,049 in aggregate for the sale of the CMPOs, the registered direct offering and the pre-funded warrant exercises.

6. Warrants

A rollforward of the common stock warrants outstanding at March 31, 2020 is as follows.

	Number of Warrants			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding December 31, 2019		18,953,195		$	3.55			4.17	$	—
Warrants exercised		(322,831	)	$	(0.74	)
Pre-funded warrants exercised		(300,000	)	$	(0.01	)
Outstanding March 31, 2020		18,330,364		$	3.65			3.85	$	—

The following represents a summary of the warrants outstanding at each of the dates identified:

						Number of Shares Underlying Warrants
						For the Period Ended March 31,
Issue Date	Classification		Exercise Price		Expiration Date	2020		2019
April 8, 2019		Equity	$	1.35	April 8, 2024		12,089,918		—
April 8, 2019		Equity	$	1.6875	April 3, 2024		797,334		—
February 12, 2019		Equity	$	1.8313	February 7, 2024		110,922		110,922
February 12, 2019		Equity	$	1.34	August 12, 2024		1,560,400		1,706,484
February 04, 2019		Equity	$	2.125	January 30, 2024		34,605		34,605
January 31, 2019		Equity	$	2.125	January 26, 2024		10,151		10,151
December 3, 2018		Equity	$	3.90	June 3, 2024		937,500		937,500
April 3, 2018		Equity	$	7.50	April 3, 2023		2,350,011		2,350,011
April 4, 2018		Equity	$	7.50	April 4, 2023		115,000		115,000
August 31, 2015		Equity	$	118.00	August 31, 2020		3,000		3,000
June 15, 2015		Equity	$	75.50	Five years after milestone achievement		319,008		319,008
June 15, 2015		Equity	$	83.50	June 16, 2020		2,515		2,515
Total Outstanding							18,330,364		5,589,196

7. Share-Based Compensation

The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of March 31, 2020, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 1,088,568 shares remain available for future grant.

In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of March 31, 2020, a total of 15,301 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan.

Stock Options

During the three months ended March 31, 2020, the Company granted 2,144,104 options to employees, directors or consultants. The fair value of the awards on the date of grant was $2,498. The awards vest over four years and expire ten years from the grant date.

There were no options granted to employees, directors or consultants during the three months ended March 31, 2019.

The following table summarizes stock option activity for the three months ended March 31, 2020:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term ( Years)		Aggregate Intrinsic Value
Outstanding — December 31, 2019		900,003		$	11.63		8.52	$	—
Granted		2,144,104		$	1.54
Exercised		(19,997	)	$	1.06
Forfeited or expired		(111,691	)	$	30.56
Outstanding — March 31, 2020		2,912,419		$	3.55		9.41	$	—
Exercisable — March 31, 2020		490,102		$	12.80		8.35	$	—

The estimated fair values of employee stock options granted during the three months ended March 31, 2020, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended March 31, 2020
Expected option life (years)		5.92
Risk-free interest rate		1.68%
Expected volatility		93.88%
Expected dividend yield		0%

The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the average of the historical volatility for industry peers and our own volatility. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future.

As of March 31, 2020, there was $2,876 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 3.2 years.

The following table presents total stock-based compensation expense for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020		2019
Research and development	$	47	$	49
General and administrative		296		410
Total share-based compensation expense	$	343	$	459

8. Commitments and Contingencies

Research and Development Activities

The Company contracts with various other organizations to conduct research and development activities. As of March 31, 2020, we had aggregate commitments to pay approximately $4,361 remaining on these contracts. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by us upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party.

Operating Leases

The Company has limited leasing activities as a lessee and are primarily related to its corporate headquarters located at 99 Hayden Avenue, Suite 390, Lexington, Massachusetts. The Company currently leases approximately 21,810 square feet of office and lab space in Lexington, Massachusetts under a lease that expires on December 31, 2020. The lease provides for base rent, and the Company is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises.

The components of lease expense for the Company as of March 31, 2020 were as follows:

	For the Three Months Ended March 31,
	2020		2019
Lease Cost:
Fixed lease cost	$	163	$	163
Variable lease cost		119		97
Total lease cost	$	282	$	260

Maturities of lease liabilities due under these lease agreements as of March 31, 2020 are as follows:

	Operating Leases
Maturity of lease liabilities:
2020	$	524
Total lease payments		524
Less: interest		(13	)
Total lease liabilities	$	511

9. Net Loss Per Share

The Company computes basic and diluted net loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three months ended March 31, 2020 and 2019, respectively, resulted in net losses attributable to common shareholders, there is no income allocation required under the two-class method or dilution attributed to weighted average shares outstanding in the calculation of diluted net loss per share.

The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive.

	As of March 31,
	2020		2019
Options to purchase common stock		2,912,419		826,988
Warrants to purchase common stock		18,330,364		5,589,196
Total		21,242,783		6,416,184

10. Subsequent Events

Stock Options

On April 7, 2020, stock options to purchase 2,500 shares were exercised, and the Company issued 2,500 shares of common stock.

Sensory Cloud Agreement

On April 9, 2020, the Company, entered into a Collaboration and License Agreement (the “Agreement”) with Sensory Cloud, Inc.

Under the terms of the Agreement, the Company has granted Sensory Cloud an exclusive, worldwide, royalty bearing license to PUR 003 and PUR 006, the Company’s proprietary aerosol salt solution for delivery or administration to or through the nasal passages also known as NasoCalm, as well as related patents and know-how, for use in the field (the “Sensory Licensed Product”). We shall be entitled to royalties on net sales of Sensory Licensed Product in each country in which there is a valid claim of a patent within the licensed intellectual property covering the Sensory Licensed Product. Our rights to receive such royalties commences upon the first commercial sale of a Sensory Licensed Product in any such country and terminates upon the expiration of the last valid claim in such territory. The royalty rates are as follows: (1) 7% of net sales during calendar year 2020, (2) 14% of net sales during calendar year 2021, and (3) 17% of net sales during calendar year 2022 and each calendar year thereafter during the royalty term. In addition, the Company shall be entitled to receive a milestone payment of $1,000 following the achievement of aggregate net sales of all Sensory Licensed Products of $20,000.

SBA Loan

On April 10, 2020, the Company received a loan of $617 through the Paycheck Protection Program. Administered through the U.S. Small Business Administration, the loan was made possible through the Coronavirus Aid, Relief and Economic Security Act. On April 28, 2020, the Company repaid the loan in full.

Registered Direct Offering

On April 20, 2020, the Company sold to certain institutional investors in a registered direct offering an aggregate of 4,787,553 shares of common stock at an offering price of $1.671 per share, for gross proceeds of approximately $8,000 before the deduction of placement agent fees and offering expenses, pursuant to a Securities Purchase Agreement, dated as of April 16, 2020. In a concurrent private placement, the Company issued warrants to purchase up to 4,787,553 shares of common stock to the same investors with an exercise price of $1.55 per share. In addition, we issued warrants to purchase 311,191 shares of common stock at an exercise price of $2.0888 per share to the placement agent’s designees as part of its compensation. Both the investor warrants and the placement agent warrants are exercisable immediately upon issuance and terminate on April 20, 2022.

Leases

On April 23, 2020, an extension to the Company’s operating lease for office and lab space was signed between the Company and 99 Hayden LLC. The 5^th amendment to the original lease executed on May 31, 2007 corrects the square footage for office and lab space to 22,119, has a base rent of $1,194 which is adjusted annually by 3%, and will expire on June 30, 2022.

Warrants

On April 29, 2020, warrants to purchase 7,400 shares of common stock were exercised. We issued 7,400 shares of common stock and collected $10 in proceeds.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information set forth below should be read in conjunction with the condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q as well as the audited financial statements and the notes thereto contained in our current report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2020. Unless stated otherwise, references in this Quarterly Report on Form 10-Q to “us,” “we,” “our,” or our “Company” and similar terms refer to Pulmatrix, Inc., a Delaware corporation and its subsidiaries.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical fact contained herein, including statements regarding our business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results, are forward-looking statements. Words such as “anticipates,” “assumes,” “believes,” “can,” “could,” “estimates,” “expects,” “forecasts,” “guides,” “intends,” “is confident that,” “may,” “plans,” “seeks,” “projects,” “targets,” and “would,” and their opposites and similar expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will actually be achieved. Forward-looking statements are based on information we have when those statements are made or our management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:

	●	the impact of the novel coronavirus (“COVID-19”) on the Company’s ongoing and planned clinical trials;

	●	the geographic, social and economic impact of COVID-19 on the Company’s ongoing and planned clinical trials;

	●	our history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty regarding the adequacy of our liquidity to pursue or complete our business objectives;

	●	our inability to carry out research, development and commercialization plans;

	●	our inability to manufacture our product candidates on a commercial scale on our own or in collaborations with third parties;

	●	our inability to complete preclinical testing and clinical trials as anticipated;

	●	our collaborators’ inability to successfully carry out their contractual duties;

	●	termination of certain license agreements;

	●	our ability to adequately protect and enforce rights to intellectual property, or defend against claims of infringement by others;

	●	difficulties in obtaining financing on commercially reasonable terms, or at all;

	●	intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution, personnel and resources than we do;

	●	entry of new competitors and products and potential technological obsolescence of our products;

	●	adverse market and economic conditions;

	●	loss of one or more key executives or scientists; and

	●	difficulties in securing regulatory approval to market our product candidates.

For a more detailed discussion of these and other factors that may affect our business and that could cause the actual results to differ materially from those projected in these forward-looking statements, see the risk factors and uncertainties set forth in Part II, Item 1A of this Quarterly Report. Any one or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking statements made by us ultimately prove to be accurate. We undertake no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise, except as required by law.

Overview

Business

We are a clinical stage biotechnology company focused on the discovery and development of novel inhaled therapeutic products intended to prevent and treat respiratory and other diseases and infections with significant unmet medical needs.

We design and develop inhaled therapeutic products based on our proprietary dry powder delivery technology, iSPERSE (inhaled Small Particles Easily Respirable and Emitted), which enables delivery of small or large molecule drugs to the lungs by inhalation for local or systemic applications. The iSPERSE powders are engineered to be small, dense particles with highly efficient dispersibility and delivery to airways. iSPERSE powders can be used with an array of dry powder inhaler technologies and can be formulated with a broad range of drug substances including small molecules and biologics. We believe the iSPERSE dry powder technology offers enhanced drug loading and delivery efficiency that outperforms traditional lactose-blend inhaled dry powder therapies. We believe the advantages of using the iSPERSE technology include reduced total inhaled powder mass, enhanced dosing efficiency, reduced cost of goods and improved safety and tolerability profiles. We are developing iSPERSE-based therapeutic candidates targeted at the prevention and treatment of a range of diseases, including allergic bronchopulmonary aspergillosis (“ABPA”) in patients with asthma and in patients with cystic fibrosis (“CF”), and lung cancer. We are also exploring iSPERSE based therapeutics in neurological diseases.

Our goal is to develop breakthrough therapeutic products that are safe, convenient and more efficient than the existing therapeutic products for respiratory and other diseases where iSPERSE properties are advantageous. In support of this goal, we are focusing on developing inhaled anti-fungal therapies to prevent and treat pulmonary infections and allergic/hypersensitivity responses to fungus in patients with asthma and CF as well as other rare/orphan indications. We intend to capitalize on our iSPERSE technology platform and our expertise in inhaled therapeutics to identify new product candidates for the prevention and treatment of diseases with significant unmet medical needs and to build our product pipeline beyond our existing candidates. In order to advance our clinical trials for our therapeutic candidates for respiratory and neurological diseases, and leverage the iSPERSE platform to enable delivery of partnered compounds, we intend to form strategic alliances with third parties, including pharmaceutical, biotechnology companies or academic or private research institutes.

We expect to continue to incur significant expenses and increasing operating losses for at least the next several years based on our drug development plans. We expect our expenses and capital requirements will increase substantially in connection with our ongoing activities, as we:

	●	initiate and expand clinical trials for Pulmazole for ABPA, and other indications for immunocompromised at-risk patients;

	●	seek regulatory approval for our product candidates;

	●	hire personnel to support our product development, commercialization and administrative efforts; and

	●	advance the research and development related activities for inhaled therapeutic products in our pipeline.

We do not have any products approved for sale and have not generated any revenue from product sales. We will not generate product sales unless and until we successfully complete clinical developments and obtain regulatory approvals for our product candidates. Additionally, we currently utilize third-party contract research organizations (“CROs”) to carry out our clinical development activities and third-party contract manufacturing organizations (“CMOs”) to carry out our clinical manufacturing activities as we do not yet have a commercial organization. If we obtain regulatory approval for any of our product candidates, we expect to incur significant expenses related to developing our internal commercialization capability to support product sales, marketing and distribution. Accordingly, we anticipate that we will seek to fund our operations through public or private equity or debt financings, licensing agreements, collaborations with third parties, non-dilutive grants or other sources, potentially including collaborative commercial arrangements. Likewise, we intend to seek to limit our commercialization costs by partnering with other companies with complementary capabilities or larger infrastructure including sales and marketing.

Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations.

Recent Developments

COVID-19 Developments

In December 2019, a novel strain of coronavirus, COVID-19, was reported to have surfaced in Wuhan, China and has reached multiple other countries, resulting in government-imposed quarantines, travel restrictions and other public health safety measures in China and such other countries. On March 12, 2020, the World Health Organization (“WHO”) declared COVID-19 to be a global pandemic, and the COVID-19 pandemic has resulted in significant financial market volatility and uncertainty in recent weeks. A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on our ability to access capital, on our business, results of operations and financial condition, and on the market price of our common stock.

Moreover, the COVID-19 outbreak has begun to have indeterminable adverse effects on general commercial activity and the world economy, and the Company’s business and results of operations could be adversely affected to the extent that COVID-19 or any other epidemic harms the global economy generally.

We do not yet know the full extent of potential delays or impact on our business, our relationship with our business partners, our clinical trials or the global economy as a whole. However, any one or a combination of these events could have an adverse effect on the operation of and results from our clinical trials and on our other business operations.

Pulmazole

On January 28, 2020 the U.S. Food and Drug Administration (the “FDA”) granted Fast Track designation to Pulmazole. However, as the COVID-19 pandemic escalated in late March and early April 2020, we were notified that 11 out of 21 clinical sites suspended enrollment in the Pulmazole study due to issues associated with COVID-19. Subsequently, we communicated with each of the remaining study sites as to their ability to ensure subject safety and completion of the study as per protocol. Following these discussions, we requested that each of these sites pause enrollment in the study pending further developments regarding the COVID-19 pandemic. As a result of this pause in enrollment, our expected development timeline for Pulmazole may be negatively impacted. The potential for delay in the development timeline, however, is dependent upon the timing of our ability to resume enrollment given the COVID-19 pandemic, the impact of the protocol amendment and adding additional study sites. Assuming we can resume enrollment within the next six months, top-line data for this study is anticipated mid-2021. However, given the unpredictable nature of the impact of this pandemic, the chance of COVID-19 infections increasing in the future after following a decline, coupled with the few patients who have completed the study to date, there may be further delays in obtaining this data.

PUR 1800

Separately, we plan to initiate a Phase 1b study of PUR1800 in stable moderate-severe COPD patients in the second half of 2020. The COVID-19 pandemic could delay this date or impact enrollment generally to the extent we cannot secure sites to enroll patients, patients remain or become subject to government “stay at home” mandates, patients feel like they cannot safely visit trial sites or patients drop out due to COVID-19 related issues.

Sensory Cloud Agreement

On April 9, 2020, we entered into a Collaboration and License Agreement (the “Agreement”) with Sensory Cloud, Inc. (“Sensory Cloud”). Under the terms of the Agreement, the Company has granted Sensory Cloud an exclusive, worldwide, royalty bearing license to PUR 003 and PUR 006, the Company’s proprietary aerosol salt solution for delivery or administration to or through the nasal passages also known as NasoCalm, as well as related patents and know-how, for use in the field (the “Sensory Licensed Product”). For purposes of the Agreement, the field means the formulation and commercialization of over-the-counter products for the prophylaxis, prevention and treatment of upper and lower respiratory disease that are delivered or administered to or through the nasal passages. The license granted to Sensory Cloud does not cover the development or commercialization of any prescription products.

The Sensory Licensed Products are expected to include an emergency response product for the reduction of pathogenic risk and transmissibility of contagions, including with respect to COVID-19 (the “Emergency Product”). We have the right to terminate the Agreement in the event that Sensory Cloud has not, within six months after April 9, 2020, met certain regulatory and funding milestones related to rapid development and commercialization of the Emergency Product, as set forth in the Agreement.

Under the terms of the Agreement, Sensory Cloud may develop other over-the-counter Sensory Licensed Products that contain other active pharmaceutical ingredients or therapeutic agents and combine the Sensory Licensed Product with one or more of Sensory Cloud’s proprietary delivery devices. In addition, we have granted Sensory Cloud an exclusive right of first refusal to any new over-the-counter products in the field that may be developed by us.

During the term of the Agreement, neither party may alone or with, through or for the benefit of any third party, with respect to any Sensory Licensed Product in the field, pursue any research, development or commercialization activities specifically directed to development or commercialization of any Sensory Licensed Product.

The Company shall be entitled to royalties on net sales of Sensory Licensed Product in each country in which there is a valid claim of a patent within the licensed intellectual property covering the Sensory Licensed Product. Our rights to receive such royalties commences upon the first commercial sale of a Sensory Licensed Product in any such country and terminates upon the expiration of the last valid claim in such territory. The royalty rates are as follows: (1) 7% of net sales during calendar year 2020, (2) 14% of net sales during calendar year 2021, and (3) 17% of net sales during calendar year 2022 and each calendar year thereafter during the royalty term. In addition, the Company shall be entitled to receive a milestone payment of $1.0 million following the achievement of aggregate net sales of all Sensory Licensed Products of $20.0 million.

The Agreement shall terminate at such time that we would no longer be entitled to royalties because there are no longer any valid claims of a patent within the licensed intellectual property covering any Sensory Licensed Product. Upon there being no more such royalty payments owed by Sensory Cloud for a Sensory Licensed Product, the licenses granted by us to Sensory Cloud shall become fully-paid up, royalty free, perpetual, irrevocable and non-exclusive licenses to such Sensory Licensed Product. The Agreement may also be terminated earlier by Sensory Cloud for convenience and by Sensory Cloud or us for material breach or upon the bankruptcy or insolvency of the other party.

2020 Registered Direct Offering

On April 16, 2020, we entered into a Securities Purchase Agreement with certain institutional investors (the “Purchasers”), pursuant to which on April 20, 2020, we issued and sold in a registered direct offering (the “Offering”) an aggregate of 4,787,553 shares of our common stock at an offering price of $1.671 per share, for gross proceeds of approximately $8.0 million before the deduction of placement agent fees and offering expenses. In a concurrent private placement, we issued to the Purchasers, for each share of common stock purchased in the Offering, a warrant (“Common Warrants”) to purchase one share of common stock. The Common Warrants have an exercise price of $1.55 per share and are exercisable to purchase an aggregate of up to 4,787,553 shares of common stock. In addition, we issued to the placement agent for the Offering warrants to purchase 311,191 shares of common stock at an exercise price of $2.0888 per share. Both the Common Warrants and the placement agent warrants are exercisable immediately upon issuance and terminate on April 20, 2022.

SBA Loan

On April 10, 2020, we received a loan of $0.6 million through the Paycheck Protection Program. Administered through the U.S. Small Business Administration, the loan was made possible through the Coronavirus Aid, Relief and Economic Security Act. On April 28, 2020, we repaid the loan in full.

Leases

On April 23, 2020, an extension to the Company’s operating lease for office and lab space was signed between the Company and 99 Hayden LLC. The 5^th amendment to the original lease executed on May 31, 2007 corrects the square footage for office and lab space to 22,119, has a base rent of $1.2 million which is adjusted annually by 3%, and will expire on June 30, 2022.

Financial Overview

Revenues

To date, we have not generated any product sales. The 2020 revenue was generated by the completion of a feasibility study with Nocion Therapeutics and by the collaboration agreement and license agreement with Cipla Technologies, LLC (“Cipla”) and Johnson & Johnson Enterprise Innovation, Inc. (“JJEI”), respectively, with respect to the collaboration on the Pulmazole program and licensing our PUR1800 kinase inhibitor, respectively. For more discussion on the collaboration agreement, please see Note 6 of the consolidated financial statements in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020.

Research and Development Expenses

Research and development expenses consist primarily of costs incurred for the research and development of our preclinical and clinical candidates, and include:

	●	employee-related expenses, including salaries, benefits and stock-based compensation expense;

	●	expenses incurred under agreements with CROs or CMOs, and consultants that conduct our clinical trials and preclinical activities;

	●	the cost of acquiring, developing and manufacturing clinical trial materials and lab supplies;

	●	facility, depreciation and other expenses, which include direct and allocated expenses for rent, maintenance of our facility, insurance and other supplies; and

	●	costs associated with preclinical activities and clinical regulatory operations

	●	consulting and professional fees associated with research and development activities

We expense research and development costs to operations as incurred. We recognize costs for certain development activities, such as clinical trials, based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations or information provided to us by our vendors.

Research and development activities are central to our business model. We utilize a combination of internal and external efforts to advance product development from early stage work to clinical trial manufacturing and clinical trial support. External efforts include work with consultants and substantial work at CROs and CMOs. We support an internal research and development team and facility for our pipeline programs. To move these programs forward along our development timelines, a large portion, approximately (78% of staff) are research and development employees. In addition, we maintain a 12,000 square foot research and development facility which includes capital equipment for the manufacture and characterization of our iSPERSE^™ powders for our pipeline programs. As we identify opportunities for iSPERSE^™ in respiratory indications, we anticipate additional head count, capital, and development costs will be incurred to support these programs.

Because of the numerous risks and uncertainties associated with product development, however, we cannot determine with certainty the duration and completion costs of these or other current or future preclinical studies and clinical trials. The duration, costs and timing of clinical trials and development of our product candidates will depend on a variety of factors, including the uncertainties of future clinical and preclinical studies, uncertainties in clinical trial enrollment rates and significant and changing government regulation. In addition, the probability of success for each product candidate will depend on numerous factors, including competition, manufacturing capability and commercial viability.

General and Administrative Expenses

General and administrative expenses consist principally of salaries and related costs such as share-based compensation for personnel and consultants in executive, finance, business development, corporate communications and human resource functions, facility costs not otherwise included in research and development expenses, patent filing fees and professional legal fees. Other general and administrative expenses include travel expenses, expenses related to a publicly-traded company and professional fees for consulting, auditing and tax services.

We anticipate that our general and administrative expenses will increase in the future as they relate to audit, legal, regulatory, and tax-related services associated with maintaining compliance with exchange listing and Securities and Exchange Commission requirements, director and officer liability insurance, investor relations costs and other costs associated with being a public company. Additionally, if and when we believe a regulatory approval of a product candidate appears likely, we anticipate an increase in staffing and related expenses as a result of our preparation for commercial operations, especially as it relates to the sales and marketing of our product candidates.

Critical Accounting Policies

This management’s discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including those related to accrued expenses and stock-based compensation. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

While our significant accounting policies are described in more detail in the notes to our condensed consolidated financial statements appearing elsewhere in this Form 10-Q and in our audited financial statements included in our current report on Form 10-K filed with the SEC on March 26, 2020, we believe the following accounting policies to be most critical to the judgments and estimates used in the preparation of our financial statements.

Revenue Recognition

Effective January 1, 2019, the Company adopted ASU No. 2014-09 (Topic 606) “Revenue from Contracts with Customers.” The adoption of Topic 606 did not have any material impact on the Company’s consolidated financial statements. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion.

Our principal sources of revenue during the reporting period were income that resulted through our collaborative arrangements and license agreements that related to the development and commercialization of Pulmazole and from reimbursement of clinical study costs. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, and collectability of the resulting receivable is reasonably assured.

During the three months ended March 31, 2020, our principal source of revenue was income that resulted from the Cipla Agreement and the JJEI License Agreement.

Milestone Payments

At the inception of each arrangement that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. As of March 31, 2020, the Company has an active arrangement that contains a research or development milestone.

Royalties.

For arrangements that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

Use of Estimates

In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating fair value of equity instruments recorded as derivative liabilities, estimating the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.

Research and Development Costs

Research and development costs are expensed as incurred and include: salaries, benefits, bonus, share-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, and develop drug materials and delivery devices; and associated overhead and facilities costs. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors, CROs and CMOs. Invoicing from third-party contractors for services performed can lag several months. We accrue the costs of services rendered in connection with third-party contractor activities based on our estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided. As of March 31, 2020, the Company has an active arrangement with JJEI that contains a research or development milestone. For more discussion on the milestones related to the JJEI agreement, please see Note 6 of the consolidated financial statements in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020.

Goodwill

Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within our single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of our reporting unit below our carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated.

Based on the qualitative assessment for the three months ended March 31, 2020, there was no impairment necessary. Given the Company’s common stock value decline during the three months ended March 31, 2019, and based on the quantitative assessment, we determined that goodwill was impaired as of March 31, 2019, and a charge of $794 was recorded.

Results of Operations

Three Months Ended March 31, 2020 Compared with Three Months Ended March 31, 2019

The following table sets forth our results of operations for each of the periods set forth below (in thousands):

	For the Three Months Ended March 31,
	2020			2019			Change
Revenues	$	2,762		$	—		$	2,762
Operating expenses
Research and development		5,287			2,176			3,111
General and administrative		2,212			1,987			225
Impairment of goodwill		—			794			(794	)
Total operating expenses		7,499			4,957			2,542
Loss from operations		(4,737	)		(4,957	)		220
Other income (expense)
Interest income		52			4			48
Settlement expense		—			(200	)		200
Other income (expense), net		(1	)		(3	)		2
Net loss	$	(4,686	)	$	(5,156	)	$	470

Revenue — For the three months ended March 31, 2020, $2.1 million and $0.7 million were recorded in revenue which were the result of the collaboration and licensing agreements with Cipla and JJEI, respectively. There was no revenue recorded for the three months ended March 31, 2019.

Research and development expenses — For the three months ended March 31, 2020, research and development expense was $5.3 million compared to $2.2 million for the three months ended March 31, 2019, an increase of $3.1 million. The increase was primarily due to increased spend of $1.9 million on the PUR1800 project due primarily to manufacturing costs, $0.9 million on the Phase 2 Pulmazole clinical trial, and $0.3 million on employment costs in support of our programs.

General and administrative expenses — General and administrative expenses were $2.2 million for the three months ended March 31, 2020 compared to $2.0 million for the three months ended March 31, 2019, an increase of $0.2 million. The increase was primarily due to increased consulting cost of $0.2 million.

Impairment of goodwill — There was no impairment charge for the three months ended March 31, 2020. For the three months ended March 31, 2019, due to the decline in the Company’s common stock value, we recorded approximately $0.8 million for impairment.

Liquidity and Capital Resources

Through March 31, 2020, we have incurred an accumulated deficit of $220.0 million, primarily as a result of expenses incurred through a combination of research and development activities related to our various product candidates and general and administrative expenses supporting those activities. We have financed our operations since inception primarily through the sale of preferred and common stock, the issuance of convertible promissory notes, term loans and collaboration and license agreements. Our total cash balance as of March 31, 2020 was $24.4 million.

We anticipate that we will continue to incur losses, and that such losses will increase over the next several years due to development costs associated with our iSPERSE^™ pipeline programs. We expect that our research and development and general and administrative expenses will continue to increase and, as a result, we will need additional capital to fund our operations, which we may raise through a combination of equity offerings, debt financings, other third-party funding and other collaborations and strategic alliances.

We expect that our existing cash and cash equivalents at March 31, 2020 and anticipated interest income will enable us to fund our operating expenses and capital expenditure requirements for at least the next 12 months following the date of this Quarterly Report on Form 10-Q. We have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all of our available capital resources sooner than we expect. Because of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical products, we are unable to estimate the exact amount of our operating capital requirements.

Impact of COVID-19 on the Company’s Operations, Financial Condition and Liquidity

The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence. These include but are not limited to including the duration of the COVID-19 outbreak, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that regulators, or the board or management of the Company, may determine are needed.

The COVID-19 pandemic has created significant economic uncertainty and volatility in the credit and capital markets. The Company may not be able to raise sufficient additional capital and may tailor our drug candidate development program based on the amount of funding we are able to raise in the future. Nevertheless, there is no assurance that these initiatives will be successful.

Our future funding requirements will depend on many factors, including, but not limited to:

	●	the impact of the COVID-19 on the Company’s ongoing and planned clinical trials;

	●	the geographic, social and economic impact of COVID-19 on the Company’s ongoing and planned clinical trials;

	●	the initiation, progress, timing, costs and results of clinical studies for existing and new pipeline programs based on iSPERSE^™;

	●	the outcome, timing and cost of regulatory approvals by the FDA and European regulatory authorities, including the potential for these agencies to require that we perform studies in addition to those that we currently have planned;

	●	the cost of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights;

	●	our need to expand our research and development activities;

	●	our need and ability to hire additional personnel;

	●	our need to implement additional infrastructure and internal systems;

	●	the cost of establishing and maintaining a commercial-scale manufacturing line; and

	●	the cost of establishing sales, marketing and distribution capabilities for any products for which we may receive regulatory approval.

If we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, financial condition and results of operations could be materially adversely affected

The following table sets forth the major sources and uses of cash for each of the periods set forth below (in thousands):

	Three months ended March 31,
	2020			2019
Net cash provided by/(used in) operating activities	$	798		$	(3,456	)
Net cash used in investing activities		(96	)		(10	)
Net cash provided by financing activities		260			3,049
Net increase/(decrease) in cash and cash equivalents	$	962		$	(417	)

Cash Flows from Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2020 was $0.8 million which was primarily the result of a net loss of $4.7 million, offset by $0.6 million of net non-cash adjustments and $4.9 million in cash inflows associated with changes in operating assets and liabilities. Our non-cash adjustments were primarily comprised of $0.3 million of share-based compensation expense, $0.2 million of amortization of operating lease right-of-use asset and $0.1 million of depreciation expense. The net cash inflows associated with changes in operating assets and liabilities was primarily due to $7.2 million in accounts receivable, $1.0 million in accrued expenses and $0.7 million in accounts payable partially offset by decreases of $2.7 million in deferred revenue, $1.1 million in prepaid expenses and other current assets and $0.2 million in operating lease liability.

Net cash used in operating activities for the three months ended March 31, 2019 was $3.5 million, which was primarily the result of a net loss of $5.2 million, partially offset by $0.4 million in cash inflows associated with changes in operating assets and liabilities and $1.3 million of net non-cash adjustments. The net cash inflows associated with changes in operating assets and liabilities was primarily due to increases in accounts payable of $0.4 million and increases in accrued expenses of $0.5 million which were partially offset by increases in prepaid expenses and other current assets of $0.5 million. Our non-cash adjustments were primarily comprised of $0.8 million of goodwill impairment and $0.5 million of stock-based compensation expense.

Cash Flows from Investing Activities

Net cash used in investing activities for the three months ended March 31, 2020 and 2019 were entirely due to the purchases of property and equipment.

Cash Flows from Financing Activities

Net cash provided by financing activities for the three months ended March 31, 2020 was $0.3 million as compared to $3.0 million for the three months ended March 31, 2019. Net cash provided for the three months ended March 31, 2020 were the result of warrant and stock option exercises. Net cash provided by financing activities for the three months ended March 31, 2019 resulted from the issuance of common stock of $3.0 million.

Financings

2020

Subsequent to the three months ended March 31, 2020, on April 16, 2020, we entered into a Securities Purchase Agreement with the Purchasers, pursuant to which on April 20, 2020, we sold in a registered direct offering an aggregate of 4,787,553 shares of common stock at an offering price of $1.671 per share, for gross proceeds of approximately $8.0 million before the deduction of placement agent fees and offering expenses. In a concurrent private placement, the Company issued to the Purchasers, for each share of common stock purchased in the Offering, a Common Warrant to purchase one share of Common Stock. The Common Warrants have an exercise price of $1.55 per share and are exercisable to purchase an aggregate of up to 4,787,553 shares of common stock. In addition, we issued to the placement agent for the Offering warrants to purchase 311,191 shares of common stock at an exercise price of $2.0888 per share. Both the Common Warrants and the placement agent warrants are exercisable immediately upon issuance and terminate on April 20, 2022.

2019

During the three months ended March 31, 2019, we sold 2,394,955 shares of our common stock in confidentially marketed public offerings and a registered direct offering. In addition, an institutional investor exercised pre-funded warrants to purchase 697,500 shares, and we issued 697,500 shares of our common stock. After giving effect to fees, commissions and other expenses of approximately $0.7 million, we recorded net proceeds of $3.0 million in connection with the transactions described above.

Off-Balance Sheet Arrangements

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures. Our principal executive officer and principal financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Form 10-Q, have concluded that, based on such evaluation, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

(b) Changes in Internal Controls. There were no changes in our internal control over financial reporting, identified in connection with the evaluation of such internal control that occurred during the quarter ended March 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may be involved in litigation that arises through the normal course of business. As of the date of this filing, we are not aware of any material legal proceedings to which we or any of our subsidiaries is a party or to which any of our property is subject, nor are we aware of any such threatened or pending litigation or any such proceedings known to be contemplated by governmental authorities.

We are not aware of any material proceedings in which any of our directors, officers or affiliates or any registered or beneficial stockholder of more than 5% of our common stock, or any associate of any of the foregoing, is a party adverse to or has a material interest adverse to, us or any of our subsidiaries.

Item 1A. Risk Factors

The following description of risk factors includes any material changes to, and supersedes the description of, risk factors associated with our business, financial condition and results of operations previously disclosed in “Item 1A. Risk Factors” of our annual report on Form 10-K for the fiscal year ended December 31, 2019, as filed with the SEC on March 26, 2020. Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those described below, any one or more of which could, directly or indirectly, cause our actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition, operating results and stock price.

The following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding other statements in this Form 10-Q. The following information should be read in conjunction with the condensed consolidated financial statements and related notes in Part I, Item 1, “Financial Statements” and Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q.

Risk Related to Our Business

The recent coronavirus outbreak has caused interruptions or delays of our clinical studies and may have a significant adverse effect on our business.

In December 2019, a novel strain of coronavirus, COVID-19, was reported to have surfaced in Wuhan, China and has reached multiple other countries, resulting in government-imposed quarantines, travel restrictions and other public health safety measures in China and such other countries. On March 12, 2020, the WHO declared COVID-19 to be a global pandemic, and the COVID-19 pandemic has resulted in significant financial market volatility and uncertainty in recent weeks. A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on our ability to access capital, on our business, results of operations and financial condition, and on the market price of our common stock.

In July of 2019, we initiated a Phase 2 clinical investigation for Pulmazole, our inhaled formulation of itraconazole, an anti-fungal drug commercially available as an oral drug that we are developing to treat and prevent pulmonary fungal infections. To date, five subjects have completed the 28-day dosing regimen, receiving either 10 mg, 20 mg, or 35 mg of Pulmazole or placebo in a randomized, double-blind treatment assignment. In the first quarter of 2020, we initiated the process of establishing additional study sites and amending the study protocol in order to improve enrollment. Also, January 28, 2020 the U.S. Food and Drug Administration (the “FDA”) granted Fast Track designation to Pulmazole. However, as the COVID-19 pandemic escalated in late March and early April 2020, we were notified that 11 out of 21 clinical sites suspended enrollment in the Pulmazole study due to issues associated with COVID-19. Subsequently, we communicated with each of the remaining study sites as to their ability to ensure subject safety and completion of the study as per protocol. Following these discussions, we requested that each of these sites pause enrollment in the study pending further developments regarding the COVID-19 pandemic. As a result of this pause in enrollment, our expected development timeline for Pulmazole may be negatively impacted. The potential for delay in the development timeline, however, is dependent upon the timing of our ability to resume enrollment given the COVID-19 pandemic, the impact of the protocol amendment and adding additional study sites. Assuming we can resume enrollment within the next six months, top-line data for this study is anticipated mid-2021. However, given the unpredictable nature of the impact of this pandemic, the chance of COVID-19 infections increasing in the future after following a decline, coupled with the few patients who have completed the study to date, there may be further delays in obtaining this data.

If our collaborators are not successful, we may not earn potential payments under such collaboration agreements.

On April 9, 2020, we entered into a Collaboration and License Agreement (the “Agreement”) with Sensory Cloud, Inc. (“Sensory Cloud), pursuant to which we granted Sensory Cloud an exclusive, worldwide, royalty bearing license to PUR 003 and PUR 006, the Company’s proprietary aerosol salt solution for delivery or administration to or through the nasal passages also known as NasoCalm, as well as related patents and know-how, for use in the formulation and commercialization of over-the-counter products for the prophylaxis, prevention and treatment of upper and lower respiratory disease that are delivered or administered to or through the nasal passages. The Agreement provides that we are entitled to royalties upon Sensory Cloud achieving certain commercial milestones. If Sensory Cloud is not successful in formulating and commercializing over-the-counter products, using the Licensed Products, we may not earn royalties or milestone payments under the Agreement.

Risks Related to Our Common Stock

The price of our common stock is subject to fluctuation and has been and may continue to be volatile.

The stock market in general, and the Nasdaq in particular, as well as biotechnology companies, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of small companies. The market price of our common stock may fluctuate as a result of, among other factors:

●	the announcement of new products, new developments, services or technological innovations by us or our competitors;

●	actual or anticipated quarterly increases or decreases in revenue, gross margin or earnings, and changes in our business, operations or prospects;

●	announcements relating to strategic relationships, mergers, acquisitions, partnerships, collaborations, joint ventures, capital commitments, or other events by us or our competitors;

●	conditions or trends in the biotechnology and pharmaceutical industries;

●	changes in the economic performance or market valuations of other biotechnology and pharmaceutical companies;

●	general market conditions or domestic or international macroeconomic and geopolitical factors unrelated to our performance or financial condition (including, for example, the recent coronavirus outbreak);

●	purchase or sale of our common stock by stockholders, including executives and directors;

●	volatility and limitations in trading volumes of our common stock;

●	our ability to obtain financings to conduct and complete research and development activities including, but not limited to, our human clinical trials, and other business activities;

●	any delays or adverse developments or perceived adverse developments with respect to the FDA’s review of our planned pre-clinical and clinical trials;

●	ability to secure resources and the necessary personnel to conduct clinical trials on our desired schedule;

●	failures to meet external expectations or management guidance;

●	changes in our capital structure or dividend policy, future issuances of securities, sales or distributions of large blocks of our common stock by stockholders;

●	our cash position;

●	announcements and events surrounding financing efforts, including debt and equity securities;

●	our inability to enter into new markets or develop new products;

●	reputational issues;

●	analyst research reports, recommendations and changes in recommendations, price targets, and withdrawals of coverage;

●	departures and additions of key personnel;

●	disputes and litigation related to intellectual property rights, proprietary rights, and contractual obligations;

●	changes in applicable laws, rules, regulations, or accounting practices and other dynamics; and

●	other events or factors, many of which may be out of our control.

In addition, if the market for stocks in our industry or industries related to our industry, or the stock market in general, experiences a loss of investor confidence, the trading price of our common stock could fluctuate or decline for reasons unrelated to our business, financial condition and results of operations. If any of the foregoing occurs, it could cause our stock price to fall and may expose us to lawsuits that, even if unsuccessful, could be costly to defend and a distraction to management.

Moreover, on March 12, 2020, the WHO declared COVID-19 to be a pandemic, and the COVID-19 pandemic has resulted in significant financial market volatility and uncertainty in recent weeks. A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on our ability to access capital, on our business, results of operations and financial condition, and on the market price of our common stock.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) Unregistered Sales of Equity Securities

None.

(b) Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities during the quarter ended March 31, 2020.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

See Index to Exhibits.

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 thereunto duly authorized.

	PULMATRIX, INC.

Date: May 14, 2020	By:	/s/ Teofilo Raad
		Teofilo Raad
		President and Chief Executive Officer (Principal Executive Officer)

Date: May 14, 2020	By:	/s/ Michelle S. Siegert.
		Michelle S. Siegert.
		Vice President, Finance (Principal Financial Officer)

EXHIBIT INDEX

Exhibit No.		Description

3.1		Amended and Restated Certificate of Incorporation of Pulmatrix, Inc., as amended through June 15, 2015 (incorporated by reference to Exhibit 3.1 to Quarterly Report on Form 10-Q filed with the Securities and Exchange commission on August 14, 2015).

3.2		Certificate of Amendment to Amended and Restated Certificate of Incorporation of Pulmatrix, Inc., dated as of June 5, 2018 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 7, 2018).

3.3		Restated Bylaws of Pulmatrix, Inc., as amended through June 15, 2015 (incorporated by reference to Exhibit 3.2 to Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2015).
4.1		Form of Common Warrant (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 16, 2020).
4.2		Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 20, 2020).

10.1*		Collaboration and License Agreement by and between Pulmatrix, Inc. and Sensory Cloud, Inc., dated as of April 9, 2020 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 15, 2020).
10.2		Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 16, 2020).

31.1**		Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2**		Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101**		The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019, (ii) Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited), (iii) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited), and (iv) Notes to Condensed Consolidated Financial Statements (unaudited).

*		Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The omitted information is (i) not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the SEC upon its request.

**		Filed herewith.

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATIONS UNDER SECTION 302

I, Teofilo Raad, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Pulmatrix, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 14, 2020

/s/ Teofilo Raad
Teofilo Raad
President and Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CERTIFICATIONS UNDER SECTION 302

I, Michelle S. Siegert., certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Pulmatrix, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 14, 2020

/s/ Michelle S. Siegert.
Michelle S. Siegert.
Vice President, Finance
(Principal Financial Officer)

EX-32.1 4 ex32-1.htm

Exhibit 32.1

CERTIFICATIONS UNDER SECTION 906

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Pulmatrix, Inc., a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge and in the capacity of an officer, that:

The Quarterly Report for the quarter ended March 31, 2020 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in the Form 10-Q.

Date: May 14, 2020	By:	/s/ Teofilo Raad
		Teofilo Raad
		President and Chief Executive Officer (Principal Executive Officer)

Date: May 14, 2020	By:	/s/ Michelle S. Siegert.
		Michelle S. Siegert.
		Vice President, Finance (Principal Financial Officer)

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1. Organization   Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. Pulmatrix, Inc. is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE™ (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory and other diseases and infections with significant unmet medical needs.   On February 5, 2019, the Company effectuated a 1-for-10 reverse stock split of its issued and outstanding shares of common stock (the “Reverse Stock Split”) pursuant to which every 10 shares of the Company’s issued and outstanding common stock were automatically converted into one share of common stock. Accordingly, all common share and per share data are retrospectively restated to give effect of the Reverse Stock Split for all periods presented herein.

2. Summary of Significant Accounting Policies and Recent Accounting Standards   Basis of Presentation   Principles of Consolidation   The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2019, which are included in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020.   Use of Estimates   In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.   Concentrations of Credit Risk and Off-Balance Sheet Arrangements   Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date.   We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.   Cash, Cash Equivalents and Restricted Cash   Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of two security deposits with a financial institution.   The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Three months ended March 31</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 12pt; text-indent: -12pt">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">24,402</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">2,146</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">204</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">204</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Total cash, cash equivalents and restricted cash</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">24,606</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,350</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Goodwill   Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated.   Recently Adopted Accounting Standards   In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The new standard will align the requirements for capitalizing implementation costs for hosting arrangements (services) with costs for internal-use software (assets). As a result, certain implementation costs incurred in hosting arrangements will be deferred and amortized. The new standard will be effective for the Company on January 1, 2020. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.   In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

4. Accrued Expenses and Other Current Liabilities   Accrued expenses consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">At March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">At December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; padding-left: 12pt; text-indent: -12pt">Accrued vacation</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">87</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">42</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Accrued wages and incentive</td> <td> </td> <td> </td> <td style="text-align: right">294</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">527</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Accrued clinical & consulting</td> <td> </td> <td> </td> <td style="text-align: right">2,973</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,820</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Accrued legal & patent</td> <td> </td> <td> </td> <td style="text-align: right">141</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">85</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Accrued other expenses</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">53</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">40</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Total accrued expenses</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,548</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,514</td> <td> </td></tr> </table>

5. Common Stock   2020   Exercise of Warrants   On December 31, 2019, 300,000 pre-funded warrants were exercised, the Company collected proceeds of $3 and 300,000 shares of common stock were issued on January 2, 2020.   During the three months ended March 31, 2020, warrants to purchase 176,747 shares of common stock issued in April 2019 were exercised for cash, and the Company collected proceeds of $239.   On February 4, 2020, 146,084 warrants issued in February 2019 were exercised cashlessly, and 30,000 shares of common stock were issued.   Exercise of Stock Options   During the three months ended March 31, 2020, stock options to buy 19,997 shares were exercised, and the Company collected proceeds of $21.   2019   Confidential Marketed Public Offering (“CMPO”)   On January 31, 2019 and February 4, 2019, the Company closed two CMPOs, pursuant to which the Company sold 156,118 and 532,353 shares of common stock, respectively, at $1.70 per share and issued warrants to exercise 10,151 and 34,605 shares of common stock, respectively, to underwriters at an exercise price of $2.125 per share with expiration dates of January 26, 2024 and January 30, 2024, respectively. Prior to deducting fees and commissions for both offerings, the Company recorded aggregate gross proceeds of approximately $1,170.   Registered Direct Offering   On February 12, 2019, the Company sold 1,706,484 shares at $1.465 per share for gross proceeds of approximately $2,500. In this registered direct offering, the Company issued warrants to purchase 1,706,484 shares of its common stock to investors with an exercise price of $1.34 per share and an expiration date of August 12, 2024. In addition, the Company issued warrants to purchase 110,922 shares of its common stock to underwriters with an exercise price of $1.8313 per share and an expiration date of February 7, 2024.   Exercise of Warrants   During the period ended March 31, 2019, 697,500 pre-funded warrants, which were issued as part of the November 2018 securities purchase agreement with an institutional investor, were exercised and the Company recorded $70 in net proceeds.   For the period ending March 31, 2019, after giving effect to fees, commissions and other expenses of approximately $691, the Company recorded net proceeds of $3,049 in aggregate for the sale of the CMPOs, the registered direct offering and the pre-funded warrant exercises.

6. Warrants   A rollforward of the common stock warrants outstanding at March 31, 2020 is as follows.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Number of Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (Years)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; padding-left: 12pt; text-indent: -12pt">Outstanding December 31, 2019</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">18,953,195</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">3.55</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">4.17</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Warrants exercised</td> <td> </td> <td> </td> <td style="text-align: right">(322,831</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">(0.74</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Pre-funded warrants exercised</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(300,000</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">(0.01</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Outstanding March 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">18,330,364</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">3.65</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right">3.85</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">        —</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The following represents a summary of the warrants outstanding at each of the dates identified:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Number of Shares Underlying Warrants</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">For the Period Ended March 31,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Issue Date</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Classification</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Expiration Date</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 21%; padding-left: 12pt; text-indent: -12pt">April 8, 2019</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">Equity</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1.35</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 14%; padding-left: 12pt; text-align: right; text-indent: -12pt">April 8, 2024</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">12,089,918</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">April 8, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.6875</td> <td> </td> <td> </td> <td style="padding-left: 12pt; text-align: right; text-indent: -12pt">April 3, 2024</td> <td> </td> <td> </td> <td style="text-align: right">797,334</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">February 12, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.8313</td> <td> </td> <td> </td> <td style="text-align: right">February 7, 2024</td> <td> </td> <td> </td> <td style="text-align: right">110,922</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">110,922</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">February 12, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.34</td> <td> </td> <td> </td> <td style="text-align: right">August 12, 2024</td> <td> </td> <td> </td> <td style="text-align: right">1,560,400</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,706,484</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">February 04, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.125</td> <td> </td> <td> </td> <td style="text-align: right">January 30, 2024</td> <td> </td> <td> </td> <td style="text-align: right">34,605</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">34,605</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">January 31, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.125</td> <td> </td> <td> </td> <td style="text-align: right">January 26, 2024</td> <td> </td> <td> </td> <td style="text-align: right">10,151</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,151</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">December 3, 2018</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3.90</td> <td> </td> <td> </td> <td style="text-align: right">June 3, 2024</td> <td> </td> <td> </td> <td style="text-align: right">937,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">937,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">April 3, 2018</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">7.50</td> <td> </td> <td> </td> <td style="text-align: right">April 3, 2023</td> <td> </td> <td> </td> <td style="text-align: right">2,350,011</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,350,011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">April 4, 2018</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">7.50</td> <td> </td> <td> </td> <td style="text-align: right">April 4, 2023</td> <td> </td> <td> </td> <td style="text-align: right">115,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">115,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">August 31, 2015</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">118.00</td> <td> </td> <td> </td> <td style="text-align: right">August 31, 2020</td> <td> </td> <td> </td> <td style="text-align: right">3,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">June 15, 2015</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">75.50</td> <td> </td> <td> </td> <td style="text-align: right">Five years after milestone achievement</td> <td> </td> <td> </td> <td style="text-align: right">319,008</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">319,008</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">June 15, 2015</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">Equity </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">83.50</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">June 16, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,515</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,515</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Total Outstanding</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; padding-left: 0.1in; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">18,330,364</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">5,589,196</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

7. Share-Based Compensation   The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of March 31, 2020, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 1,088,568 shares remain available for future grant.   In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of March 31, 2020, a total of 15,301 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan.   Stock Options   During the three months ended March 31, 2020, the Company granted 2,144,104 options to employees, directors or consultants. The fair value of the awards on the date of grant was $2,498. The awards vest over four years and expire ten years from the grant date.   There were no options granted to employees, directors or consultants during the three months ended March 31, 2019.    The following table summarizes stock option activity for the three months ended March 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Number of Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Term ( Years)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; padding-left: 12pt; text-indent: -12pt">Outstanding — December 31, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">900,003</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11.63</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">8.52</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">     —</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">2,144,104</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.54</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(19,997</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">1.06</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Forfeited or expired</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(111,691</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">30.56</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Outstanding — March 31, 2020</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,912,419</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3.55</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.41</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt">Exercisable — March 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">490,102</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">12.80</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right">8.35</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The estimated fair values of employee stock options granted during the three months ended March 31, 2020, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Three Months Ended March 31, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 73%; padding-left: 12pt; text-indent: -12pt">Expected option life (years)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 24%; text-align: center">5.92</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Risk-free interest rate</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">1.68%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Expected volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">93.88%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Expected dividend yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0%</td> <td> </td></tr> </table>   The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the average of the historical volatility for industry peers and our own volatility. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future.   As of March 31, 2020, there was $2,876 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 3.2 years.   The following table presents total stock-based compensation expense for the three months ended March 31, 2020 and 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Three Months Ended March 31,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-left: 12pt; text-indent: -12pt">Research and development</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">47</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">49</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">General and administrative</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">296</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">410</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt">Total share-based compensation expense</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">343</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">459</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

8. Commitments and Contingencies   Research and Development Activities   The Company contracts with various other organizations to conduct research and development activities. As of March 31, 2020, we had aggregate commitments to pay approximately $4,361 remaining on these contracts. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by us upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party.   Operating Leases   The Company has limited leasing activities as a lessee and are primarily related to its corporate headquarters located at 99 Hayden Avenue, Suite 390, Lexington, Massachusetts. The Company currently leases approximately 21,810 square feet of office and lab space in Lexington, Massachusetts under a lease that expires on December 31, 2020. The lease provides for base rent, and the Company is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises.   The components of lease expense for the Company as of March 31, 2020 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid"> For the Three Months Ended March 31,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Lease Cost:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; padding-left: 12pt; text-indent: -12pt">Fixed lease cost</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">163</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">163</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Variable lease cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">119</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">97</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt">Total lease cost</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">282</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">260</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Maturities of lease liabilities due under these lease agreements as of March 31, 2020 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Maturity of lease liabilities:</td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; padding-left: 12pt; text-indent: -12pt">2020</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">524</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">524</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Less: interest</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(13</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt">Total lease liabilities</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">511</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

9. Net Loss Per Share   The Company computes basic and diluted net loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three months ended March 31, 2020 and 2019, respectively, resulted in net losses attributable to common shareholders, there is no income allocation required under the two-class method or dilution attributed to weighted average shares outstanding in the calculation of diluted net loss per share.   The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">As of March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 68%; padding-left: 12pt; text-indent: -12pt">Options to purchase common stock</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">2,912,419</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">826,988</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Warrants to purchase common stock</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">18,330,364</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5,589,196</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Total</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">21,242,783</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,416,184</td> <td> </td></tr> </table>

10. Subsequent Events   Stock Options   On April 7, 2020, stock options to purchase 2,500 shares were exercised, and the Company issued 2,500 shares of common stock.   Sensory Cloud Agreement   On April 9, 2020, the Company, entered into a Collaboration and License Agreement (the “Agreement”) with Sensory Cloud, Inc.   Under the terms of the Agreement, the Company has granted Sensory Cloud an exclusive, worldwide, royalty bearing license to PUR 003 and PUR 006, the Company’s proprietary aerosol salt solution for delivery or administration to or through the nasal passages also known as NasoCalm, as well as related patents and know-how, for use in the field (the “Sensory Licensed Product”). We shall be entitled to royalties on net sales of Sensory Licensed Product in each country in which there is a valid claim of a patent within the licensed intellectual property covering the Sensory Licensed Product. Our rights to receive such royalties commences upon the first commercial sale of a Sensory Licensed Product in any such country and terminates upon the expiration of the last valid claim in such territory. The royalty rates are as follows: (1) 7% of net sales during calendar year 2020, (2) 14% of net sales during calendar year 2021, and (3) 17% of net sales during calendar year 2022 and each calendar year thereafter during the royalty term. In addition, the Company shall be entitled to receive a milestone payment of $1,000 following the achievement of aggregate net sales of all Sensory Licensed Products of $20,000.    SBA Loan   On April 10, 2020, the Company received a loan of $617 through the Paycheck Protection Program. Administered through the U.S. Small Business Administration, the loan was made possible through the Coronavirus Aid, Relief and Economic Security Act. On April 28, 2020, the Company repaid the loan in full.   Registered Direct Offering   On April 20, 2020, the Company sold to certain institutional investors in a registered direct offering an aggregate of 4,787,553 shares of common stock at an offering price of $1.671 per share, for gross proceeds of approximately $8,000 before the deduction of placement agent fees and offering expenses, pursuant to a Securities Purchase Agreement, dated as of April 16, 2020. In a concurrent private placement, the Company issued warrants to purchase up to 4,787,553 shares of common stock to the same investors with an exercise price of $1.55 per share. In addition, we issued warrants to purchase 311,191 shares of common stock at an exercise price of $2.0888 per share to the placement agent’s designees as part of its compensation. Both the investor warrants and the placement agent warrants are exercisable immediately upon issuance and terminate on April 20, 2022.   Leases   On April 23, 2020, an extension to the Company’s operating lease for office and lab space was signed between the Company and 99 Hayden LLC. The 5th amendment to the original lease executed on May 31, 2007 corrects the square footage for office and lab space to 22,119, has a base rent of $1,194 which is adjusted annually by 3%, and will expire on June 30, 2022.   Warrants   On April 29, 2020, warrants to purchase 7,400 shares of common stock were exercised. We issued 7,400 shares of common stock and collected $10 in proceeds.

Prepaid expenses consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">At March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">At December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; padding-left: 12pt; text-indent: -12pt">Prepaid Insurance</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">157</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">202</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Prepaid Clinical Trials</td> <td> </td> <td> </td> <td style="text-align: right">1,508</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">322</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Prepaid Other</td> <td> </td> <td> </td> <td style="text-align: right">130</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">221</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Deferred Operating Costs</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">50</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">32</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total prepaid and other current assets</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,845</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">777</td> <td> </td></tr> </table>

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Three months ended March 31</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 12pt; text-indent: -12pt">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">24,402</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">2,146</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">204</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">204</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Total cash, cash equivalents and restricted cash</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">24,606</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,350</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Accrued expenses consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">At March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">At December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; padding-left: 12pt; text-indent: -12pt">Accrued vacation</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">87</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">42</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Accrued wages and incentive</td> <td> </td> <td> </td> <td style="text-align: right">294</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">527</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Accrued clinical & consulting</td> <td> </td> <td> </td> <td style="text-align: right">2,973</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,820</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Accrued legal & patent</td> <td> </td> <td> </td> <td style="text-align: right">141</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">85</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Accrued other expenses</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">53</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">40</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Total accrued expenses</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,548</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,514</td> <td> </td></tr> </table>

A rollforward of the common stock warrants outstanding at March 31, 2020 is as follows.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Number of Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (Years)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; padding-left: 12pt; text-indent: -12pt">Outstanding December 31, 2019</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">18,953,195</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">3.55</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">4.17</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Warrants exercised</td> <td> </td> <td> </td> <td style="text-align: right">(322,831</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">(0.74</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Pre-funded warrants exercised</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(300,000</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">(0.01</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Outstanding March 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">18,330,364</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">3.65</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right">3.85</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">        —</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following represents a summary of the warrants outstanding at each of the dates identified:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Number of Shares Underlying Warrants</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">For the Period Ended March 31,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Issue Date</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Classification</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Expiration Date</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 21%; padding-left: 12pt; text-indent: -12pt">April 8, 2019</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">Equity</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1.35</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 14%; padding-left: 12pt; text-align: right; text-indent: -12pt">April 8, 2024</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">12,089,918</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">April 8, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.6875</td> <td> </td> <td> </td> <td style="padding-left: 12pt; text-align: right; text-indent: -12pt">April 3, 2024</td> <td> </td> <td> </td> <td style="text-align: right">797,334</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">February 12, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.8313</td> <td> </td> <td> </td> <td style="text-align: right">February 7, 2024</td> <td> </td> <td> </td> <td style="text-align: right">110,922</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">110,922</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">February 12, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.34</td> <td> </td> <td> </td> <td style="text-align: right">August 12, 2024</td> <td> </td> <td> </td> <td style="text-align: right">1,560,400</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,706,484</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">February 04, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.125</td> <td> </td> <td> </td> <td style="text-align: right">January 30, 2024</td> <td> </td> <td> </td> <td style="text-align: right">34,605</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">34,605</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">January 31, 2019</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.125</td> <td> </td> <td> </td> <td style="text-align: right">January 26, 2024</td> <td> </td> <td> </td> <td style="text-align: right">10,151</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,151</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">December 3, 2018</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3.90</td> <td> </td> <td> </td> <td style="text-align: right">June 3, 2024</td> <td> </td> <td> </td> <td style="text-align: right">937,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">937,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">April 3, 2018</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">7.50</td> <td> </td> <td> </td> <td style="text-align: right">April 3, 2023</td> <td> </td> <td> </td> <td style="text-align: right">2,350,011</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,350,011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">April 4, 2018</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">7.50</td> <td> </td> <td> </td> <td style="text-align: right">April 4, 2023</td> <td> </td> <td> </td> <td style="text-align: right">115,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">115,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">August 31, 2015</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">118.00</td> <td> </td> <td> </td> <td style="text-align: right">August 31, 2020</td> <td> </td> <td> </td> <td style="text-align: right">3,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">June 15, 2015</td> <td> </td> <td> </td> <td style="text-align: right">Equity </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">75.50</td> <td> </td> <td> </td> <td style="text-align: right">Five years after milestone achievement</td> <td> </td> <td> </td> <td style="text-align: right">319,008</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">319,008</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">June 15, 2015</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">Equity </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">83.50</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">June 16, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,515</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,515</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Total Outstanding</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; padding-left: 0.1in; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">18,330,364</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">5,589,196</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following table summarizes stock option activity for the three months ended March 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Number of Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Term ( Years)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; padding-left: 12pt; text-indent: -12pt">Outstanding — December 31, 2019</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">900,003</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">11.63</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">8.52</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">     —</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">2,144,104</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.54</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(19,997</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">1.06</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Forfeited or expired</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(111,691</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">30.56</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Outstanding — March 31, 2020</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,912,419</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3.55</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.41</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">—</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt">Exercisable — March 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">490,102</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">12.80</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right">8.35</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The estimated fair values of employee stock options granted during the three months ended March 31, 2020, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Three Months Ended March 31, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 73%; padding-left: 12pt; text-indent: -12pt">Expected option life (years)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 24%; text-align: center">5.92</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Risk-free interest rate</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">1.68%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Expected volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">93.88%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Expected dividend yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0%</td> <td> </td></tr> </table>

The following table presents total stock-based compensation expense for the three months ended March 31, 2020 and 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Three Months Ended March 31,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-left: 12pt; text-indent: -12pt">Research and development</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">47</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">49</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">General and administrative</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">296</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">410</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt">Total share-based compensation expense</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">343</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">459</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The components of lease expense for the Company as of March 31, 2020 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid"> For the Three Months Ended March 31,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Lease Cost:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; padding-left: 12pt; text-indent: -12pt">Fixed lease cost</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">163</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">163</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Variable lease cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">119</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">97</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt">Total lease cost</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">282</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">260</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Maturities of lease liabilities due under these lease agreements as of March 31, 2020 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Maturity of lease liabilities:</td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; padding-left: 12pt; text-indent: -12pt">2020</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">524</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">524</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Less: interest</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(13</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt">Total lease liabilities</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">511</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">As of March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 68%; padding-left: 12pt; text-indent: -12pt">Options to purchase common stock</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">2,912,419</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">826,988</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Warrants to purchase common stock</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">18,330,364</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5,589,196</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Total</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">21,242,783</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,416,184</td> <td> </td></tr> </table>

3. Prepaid Expenses and Other Current Assets   Prepaid expenses consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">At March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">At December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; padding-left: 12pt; text-indent: -12pt">Prepaid Insurance</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">157</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">202</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Prepaid Clinical Trials</td> <td> </td> <td> </td> <td style="text-align: right">1,508</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">322</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 12pt; text-indent: -12pt">Prepaid Other</td> <td> </td> <td> </td> <td style="text-align: right">130</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">221</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Deferred Operating Costs</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">50</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">32</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total prepaid and other current assets</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,845</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">777</td> <td> </td></tr> </table>

Basis of Presentation

1-for-10 reverse stock split

204000

24606000

2350000

157000

202000

1508000 322000

130000

221000

50000

32000

87000

42000

294000

527000

141000 85000

53000

40000

2973000

1820000

300000 697500 300000

18330364

5589196

176747

146084

10151

34605

1706484

110922

12089918

797334

110922

1560400

1706484

34605

10151

937500

2350011

115000

3000

319008

2515

4787553

311191

7400

239000

70000

2394955

30000

2500

7400

156118

532353

1706484

4787553

1.70

1.465

1.671

2.125

1.34

1.8313

1.35

1.6875

1.8313

1.34

2.125

3.90

7.50

118.00

75.50

83.50

1.55

2.0888

2024-01-26

2024-01-30

2024-08-12

2024-02-07

2024-04-08

2024-04-03

2024-02-07

2024-08-12

2024-01-30

2024-01-26

2024-06-03

2023-04-03

2023-04-04

2020-08-31

2020-06-16

2022-04-20

1170000

2500000

8000000

691000

3049000

18953195

18330364

-300000 3.55 3.65 -0.74 -0.01 P3Y10M6D

2019-04-08

2019-02-12

2019-02-04

2019-01-31

2018-12-03

2018-04-03

2018-04-04

2015-08-31

2015-06-15

Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity

4060000

2144104

1088568

15301

900003

2912419

2498000

P4Y

P10Y

P8Y4M6D

2876000

P3Y2M12D

111691

490102

11.63

3.55

1.54

1.06

30.56

12.80

P9Y4M28D

P5Y11M1D

0.0168

0.9388

0.00

343000

459000

296000

47000

410000

49000

4361000

2020-12-31

2022-06-30

21810

22119

163000

119000

97000

282000

260000

524000

511000

21242783

6416184

2912419

826988

18330364

5589196

322831

13000

2717

2979000

1000

2978000

Five years after milestone achievement Five years after milestone achievement

-7200000

1068000

519000

-164000 -147000 P4Y2M1D P8Y6M7D

Principles of Consolidation   The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2019, which are included in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020.

Use of Estimates   In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.

Concentrations of Credit Risk and Off-Balance Sheet Arrangements   Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date.   We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Cash, Cash Equivalents and Restricted Cash   Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of two security deposits with a financial institution.   The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Three months ended March 31</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 12pt; text-indent: -12pt">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">24,402</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">2,146</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 12pt; text-indent: -12pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">204</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">204</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Total cash, cash equivalents and restricted cash</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">24,606</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,350</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Goodwill   Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated.

Recently Adopted Accounting Standards   In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The new standard will align the requirements for capitalizing implementation costs for hosting arrangements (services) with costs for internal-use software (assets). As a result, certain implementation costs incurred in hosting arrangements will be deferred and amortized. The new standard will be effective for the Company on January 1, 2020. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.   In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

21000

0.07 0.14 0.17 1000000 20000000

617000

2020-04-28

The 5th amendment to the original lease executed on May 31, 2007 corrects the square footage for office and lab space to 22,119, has a base rent of $1,194 which is adjusted annually by 3%, and will expire on June 30, 2022.

1194000

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500,000 authorized and 0 issued and outstanding at March 31, 2020 and December 31, 2019 Common stock, $0.0001 par value - 200,000,000 shares authorized; 20,521,304 and 19,994,560 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively. 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Commitments and Contingencies (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) ft²
Commitments and Contingencies Disclosure [Abstract]
Payments for commitments \| $	$ 4,361
Area of lease \| ft²	21,810
Operating lease expiration date	Dec. 31, 2020

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Share-Based Compensation (Details Narrative) $ in Thousands		3 Months Ended
Share-Based Compensation (Details Narrative) $ in Thousands	Mar. 31, 2020 USD ($) shares	Mar. 31, 2020 USD ($) shares
Employees Directors or Consultants [Member]
Number of shares provides for grant		2,144,104
Fair value of granted shares awarded \| $		$ 2,498
Award vesting period		4 years
Award expiration term		10 years
2013 Employee, Director and Consultant Equity Incentive Plan [Member]
Number of shares provides for grant		4,060,000
Shares remain available for future grant	1,088,568	1,088,568
Number of common stock shares outstanding	15,301	15,301
Stock Award Plan [Member]
Unrecognized stock-based compensation expenses \| $	$ 2,876	$ 2,876
Weighted-average period of unrecognized stock-based compensation expense	3 years 2 months 12 days

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Common Stock

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Common Stock

5. Common Stock

2020

Exercise of Warrants

On December 31, 2019, 300,000 pre-funded warrants were exercised, the Company collected proceeds of $3 and 300,000 shares of common stock were issued on January 2, 2020.

During the three months ended March 31, 2020, warrants to purchase 176,747 shares of common stock issued in April 2019 were exercised for cash, and the Company collected proceeds of $239.

On February 4, 2020, 146,084 warrants issued in February 2019 were exercised cashlessly, and 30,000 shares of common stock were issued.

Exercise of Stock Options

During the three months ended March 31, 2020, stock options to buy 19,997 shares were exercised, and the Company collected proceeds of $21.

2019

Confidential Marketed Public Offering (“CMPO”)

Registered Direct Offering

Exercise of Warrants

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Net Loss Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

	As of March 31,
	2020		2019
Options to purchase common stock		2,912,419		826,988
Warrants to purchase common stock		18,330,364		5,589,196
Total		21,242,783		6,416,184

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Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2020

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses consisted of the following:

	At March 31, 2020		At December 31, 2019
Prepaid Insurance	$	157	$	202
Prepaid Clinical Trials		1,508		322
Prepaid Other		130		221
Deferred Operating Costs		50		32
Total prepaid and other current assets	$	1,845	$	777

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the Company as of March 31, 2020 were as follows:

	For the Three Months Ended March 31,
	2020		2019
Lease Cost:
Fixed lease cost	$	163	$	163
Variable lease cost		119		97
Total lease cost	$	282	$	260

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities due under these lease agreements as of March 31, 2020 are as follows:

	Operating Leases
Maturity of lease liabilities:
2020	$	524
Total lease payments		524
Less: interest		(13	)
Total lease liabilities	$	511

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Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Insurance	$ 157	$ 202
Prepaid Clinical Trials	1,508	322
Prepaid Other	130	221
Deferred Operating Costs	50	32
Total prepaid and other current assets	$ 1,845	$ 777

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Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2020

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

3. Prepaid Expenses and Other Current Assets

Prepaid expenses consisted of the following:

	At March 31, 2020		At December 31, 2019
Prepaid Insurance	$	157	$	202
Prepaid Clinical Trials		1,508		322
Prepaid Other		130		221
Deferred Operating Costs		50		32
Total prepaid and other current assets	$	1,845	$	777

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Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018		$ 206,409	$ (194,565)	$ 11,844
Balance, shares at Dec. 31, 2018	4,932,723
Adjustment for reverse stock split, shares	2,717
Issuance of common stock, net of issuance costs	$ 1	$ 2,978		$ 2,979
Issuance of common stock, net of issuance costs, shares	2,394,955
Exercise of pre-funded warrants		70		70
Exercise of pre-funded warrants, shares	697,500
Share-based compensation		459		459
Net loss			(5,156)	(5,156)
Balance at Mar. 31, 2019	$ 1	209,916	(199,721)	10,196
Balance, shares at Mar. 31, 2019	8,027,895
Balance at Dec. 31, 2019	$ 2	226,178	(215,161)	11,019
Balance, shares at Dec. 31, 2019	19,994,560
Exercise of pre-funded warrants
Exercise of pre-funded warrants, shares	300,000
Exercise of common stock options		21		21
Exercise of common stock options, shares	19,997
Exercise of warrants		239		239
Exercise of warrants, shares	206,747
Share-based compensation		343		343
Net loss			(4,686)	(4,686)
Balance at Mar. 31, 2020	$ 2	$ 226,781	$ (219,847)	$ 6,936
Balance, shares at Mar. 31, 2020	20,521,304

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 12, 2020
Document And Entity Information
Entity Registrant Name	Pulmatrix, Inc.
Entity Central Index Key	0001574235
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,421,257
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2020:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term ( Years)		Aggregate Intrinsic Value
Outstanding — December 31, 2019		900,003		$	11.63		8.52	$	—
Granted		2,144,104		$	1.54
Exercised		(19,997	)	$	1.06
Forfeited or expired		(111,691	)	$	30.56
Outstanding — March 31, 2020		2,912,419		$	3.55		9.41	$	—
Exercisable — March 31, 2020		490,102		$	12.80		8.35	$	—

Schedule of Calculation of Fair Value Assumptions

	Three Months Ended March 31, 2020
Expected option life (years)		5.92
Risk-free interest rate		1.68%
Expected volatility		93.88%
Expected dividend yield		0%

Schedule of Stock-Based Compensation Expense

The following table presents total stock-based compensation expense for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020		2019
Research and development	$	47	$	49
General and administrative		296		410
Total share-based compensation expense	$	343	$	459

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Summary of Significant Accounting Policies and Recent Accounting Standards - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 24,402	$ 23,440	$ 2,146
Restricted cash	204		204
Total cash, cash equivalents and restricted cash	$ 24,606		$ 2,350

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Income Statement [Abstract]

Revenues $ 2,762

Operating expenses

Research and development 5,287 2,176

General and administrative 2,212 1,987

Impairment of goodwill 794

Total operating expenses 7,499 4,957

Loss from operations (4,737) (4,957)

Other income (expense)

Interest income 52 4

Settlement expense (200)

Other expenses, net (1) (3)

Net loss $ (4,686) $ (5,156)

Net loss per share, basic and diluted $ (0.23) $ (0.74)

Weighted average shares used to compute basic and diluted net loss per share 20,469,457 6,944,513

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Summary of Significant Accounting Policies and Recent Accounting Standards
3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Recent Accounting Standards

2. Summary of Significant Accounting Policies and Recent Accounting Standards

Basis of Presentation

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2019, which are included in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020.

Use of Estimates

In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.

Concentrations of Credit Risk and Off-Balance Sheet Arrangements

Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date.

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of two security deposits with a financial institution.

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows.

Three months ended March 31

2020 2019

Cash and cash equivalents $ 24,402 $ 2,146

Restricted cash 204 204

Total cash, cash equivalents and restricted cash $ 24,606 $ 2,350

Goodwill

Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated.

Recently Adopted Accounting Standards

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The new standard will align the requirements for capitalizing implementation costs for hosting arrangements (services) with costs for internal-use software (assets). As a result, certain implementation costs incurred in hosting arrangements will be deferred and amortized. The new standard will be effective for the Company on January 1, 2020. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

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Total lease cost $ 282 $ 260

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Number of options, Granted | shares 2,144,104

Number of options, Forfeited or Expired | shares (111,691)

Number of options, Outstanding Ending Balance | shares 2,912,419

Number of options, Exercisable | shares 490,102

Weighted average exercise price, Outstanding Beginning Balance $ 11.63

Weighted average exercise price, Granted 1.54

Weighted average exercise price, Exercised 1.06

Weighted average exercise price, Forfeited or Expired 30.56

Weighted average exercise price, Outstanding Ending Balance 3.55

Weighted average exercise price, Exercisable $ 12.80

Weighted average remaining contractual term, Beginning Balance 8 years 6 months 7 days

Weighted average remaining contractual term, Ending balance 9 years 4 months 28 days

Weighted average remaining contractual term, Exercisable 8 years 4 months 6 days

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Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

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4. Accrued Expenses and Other Current Liabilities

Accrued expenses consisted of the following:

At March 31, 2020 At December 31, 2019

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Accrued wages and incentive 294 527

Accrued clinical & consulting 2,973 1,820

Accrued legal & patent 141 85

Accrued other expenses 53 40

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Commitments and Contingencies

8. Commitments and Contingencies

Research and Development Activities

The Company contracts with various other organizations to conduct research and development activities. As of March 31, 2020, we had aggregate commitments to pay approximately $4,361 remaining on these contracts. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by us upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party.

Operating Leases

The Company has limited leasing activities as a lessee and are primarily related to its corporate headquarters located at 99 Hayden Avenue, Suite 390, Lexington, Massachusetts. The Company currently leases approximately 21,810 square feet of office and lab space in Lexington, Massachusetts under a lease that expires on December 31, 2020. The lease provides for base rent, and the Company is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises.

The components of lease expense for the Company as of March 31, 2020 were as follows:

For the Three Months Ended

March 31,

2020 2019

Lease Cost:

Fixed lease cost $ 163 $ 163

Variable lease cost 119 97

Total lease cost $ 282 $ 260

Maturities of lease liabilities due under these lease agreements as of March 31, 2020 are as follows:

Operating Leases

Maturity of lease liabilities:

2020 $ 524

Total lease payments 524

Less: interest (13 )

Total lease liabilities $ 511

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Accrued Expenses and Other Current Liabilities (Tables)
3 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:

At March 31, 2020 At December 31, 2019

Accrued vacation $ 87 $ 42

Accrued wages and incentive 294 527

Accrued clinical & consulting 2,973 1,820

Accrued legal & patent 141 85

Accrued other expenses 53 40

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Net Loss Per Share (Tables)
3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding

The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive.

As of March 31,

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Options to purchase common stock 2,912,419 826,988

Warrants to purchase common stock 18,330,364 5,589,196

Total 21,242,783 6,416,184

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Cash flows from operating activities:

Net loss $ (4,686) $ (5,156)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 51 50

Amortization of operating lease right-of-use asset 153 141

Stock-based compensation 343 459

Impairment of goodwill 794

Changes in operating assets and liabilities:

Accounts receivable 7,200

Prepaid expenses and other current assets (1,068) (519)

Accounts payable 672 428

Accrued expenses 1,034 494

Operating lease liability (164) (147)

Deferred revenue (2,737)

Net cash provided by (used in) operating activities 798 (3,456)

Cash flows from investing activities:

Purchases of property and equipment (96) (10)

Net cash used in investing activities (96) (10)

Cash flows from financing activities:

Proceeds from issuance of common stock, net of issuance costs 2,979

Proceeds from exercise of common stock options 21

Proceeds from exercise of warrants 239

Proceeds from exercise of pre-funded warrants 70

Net cash provided by financing activities 260 3,049

Net increase (decrease) in cash, cash equivalents and restricted cash 962 (417)

Cash, cash equivalents and restricted cash - beginning of period 23,644 2,767

Cash, cash equivalents and restricted cash - end of period 24,606 2,350

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Fixed asset purchases in accounts payable 2

Operating lease right-of-use asset obtained in exchange for operating lease obligation $ 1,213

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Current assets:

Cash and cash equivalents $ 24,402 $ 23,440

Accounts receivable 7,200

Prepaid expenses and other current assets 1,845 777

Total current assets 26,247 31,417

Property and equipment, net 317 270

Operating lease right-of-use asset 477 630

Long-term restricted cash 204 204

Goodwill 3,577 3,577

Total assets 30,822 36,098

Current liabilities:

Accounts payable 1,274 600

Accrued expenses 3,548 2,514

Operating lease liability 511 675

Deferred revenue 12,026 13,411

Total current liabilities 17,359 17,200

Deferred revenue, net of current portion 6,527 7,879

Total liabilities 23,886 25,079

Commitments (Note 8)

Stockholders' Equity:

Preferred stock, $0.0001 par value - 500,000 authorized and 0 issued and outstanding at March 31, 2020 and December 31, 2019

Common stock, $0.0001 par value - 200,000,000 shares authorized; 20,521,304 and 19,994,560 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively. 2 2

Additional paid-in capital 226,781 226,178

Accumulated deficit (219,847) (215,161)

Total stockholders' equity 6,936 11,019

Total liabilities and stockholders' equity $ 30,822 $ 36,098

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Warrants
3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Warrants

6. Warrants

A rollforward of the common stock warrants outstanding at March 31, 2020 is as follows.

Number of
Warrants Weighted
Average
Exercise Price Weighted
Average
Remaining
Contractual
Term (Years) Aggregate
Intrinsic
Value

Outstanding December 31, 2019 18,953,195 $ 3.55 4.17 $ —

Warrants exercised (322,831 ) $ (0.74 )

Pre-funded warrants exercised (300,000 ) $ (0.01 )

Outstanding March 31, 2020 18,330,364 $ 3.65 3.85 $ —

The following represents a summary of the warrants outstanding at each of the dates identified:

Number of Shares
Underlying Warrants

For the Period Ended March 31,

Issue Date Classification Exercise Price Expiration Date 2020 2019

April 8, 2019 Equity $ 1.35 April 8, 2024 12,089,918 —

April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 —

February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 110,922

February 12, 2019 Equity $ 1.34 August 12, 2024 1,560,400 1,706,484

February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 34,605

January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 10,151

December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 937,500

April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 2,350,011

April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 115,000

August 31, 2015 Equity $ 118.00 August 31, 2020 3,000 3,000

June 15, 2015 Equity $ 75.50 Five years after milestone achievement 319,008 319,008

June 15, 2015 Equity $ 83.50 June 16, 2020 2,515 2,515

Total Outstanding 18,330,364 5,589,196

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Subsequent Events
3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

Stock Options

On April 7, 2020, stock options to purchase 2,500 shares were exercised, and the Company issued 2,500 shares of common stock.

Sensory Cloud Agreement

On April 9, 2020, the Company, entered into a Collaboration and License Agreement (the “Agreement”) with Sensory Cloud, Inc.

Under the terms of the Agreement, the Company has granted Sensory Cloud an exclusive, worldwide, royalty bearing license to PUR 003 and PUR 006, the Company’s proprietary aerosol salt solution for delivery or administration to or through the nasal passages also known as NasoCalm, as well as related patents and know-how, for use in the field (the “Sensory Licensed Product”). We shall be entitled to royalties on net sales of Sensory Licensed Product in each country in which there is a valid claim of a patent within the licensed intellectual property covering the Sensory Licensed Product. Our rights to receive such royalties commences upon the first commercial sale of a Sensory Licensed Product in any such country and terminates upon the expiration of the last valid claim in such territory. The royalty rates are as follows: (1) 7% of net sales during calendar year 2020, (2) 14% of net sales during calendar year 2021, and (3) 17% of net sales during calendar year 2022 and each calendar year thereafter during the royalty term. In addition, the Company shall be entitled to receive a milestone payment of $1,000 following the achievement of aggregate net sales of all Sensory Licensed Products of $20,000.



SBA Loan

On April 10, 2020, the Company received a loan of $617 through the Paycheck Protection Program. Administered through the U.S. Small Business Administration, the loan was made possible through the Coronavirus Aid, Relief and Economic Security Act. On April 28, 2020, the Company repaid the loan in full.

Registered Direct Offering

On April 20, 2020, the Company sold to certain institutional investors in a registered direct offering an aggregate of 4,787,553 shares of common stock at an offering price of $1.671 per share, for gross proceeds of approximately $8,000 before the deduction of placement agent fees and offering expenses, pursuant to a Securities Purchase Agreement, dated as of April 16, 2020. In a concurrent private placement, the Company issued warrants to purchase up to 4,787,553 shares of common stock to the same investors with an exercise price of $1.55 per share. In addition, we issued warrants to purchase 311,191 shares of common stock at an exercise price of $2.0888 per share to the placement agent’s designees as part of its compensation. Both the investor warrants and the placement agent warrants are exercisable immediately upon issuance and terminate on April 20, 2022.

Leases

On April 23, 2020, an extension to the Company’s operating lease for office and lab space was signed between the Company and 99 Hayden LLC. The 5^th amendment to the original lease executed on May 31, 2007 corrects the square footage for office and lab space to 22,119, has a base rent of $1,194 which is adjusted annually by 3%, and will expire on June 30, 2022.

Warrants

On April 29, 2020, warrants to purchase 7,400 shares of common stock were exercised. We issued 7,400 shares of common stock and collected $10 in proceeds.

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Net Loss Per Share - Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding (Details) - shares
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Potential dilutive securities excluded from computation of diluted net loss per common share 21,242,783 6,416,184

Options to Purchase Common Stock [Member]

Potential dilutive securities excluded from computation of diluted net loss per common share 2,912,419 826,988

Warrants to Purchase Common Stock [Member]

Potential dilutive securities excluded from computation of diluted net loss per common share 18,330,364 5,589,196

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$ in Thousands
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense $ 343 $ 459

Research and Development Expense [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense 47 49

General and Administrative Expense [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense $ 296 $ 410

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Warrants - Schedule of Warrants Outstanding (Details) - $ / shares
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Number of Shares Underlying Warrants 18,330,364 5,589,196

Warrant One [Member]

Warrants, Issue Date Apr. 08, 2019 Apr. 08, 2019

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 1.35 $ 1.35

Warrants, Expiration Date Apr. 08, 2024 Apr. 08, 2024

Number of Shares Underlying Warrants 12,089,918

Warrant Two [Member]

Warrants, Issue Date Apr. 08, 2019 Apr. 08, 2019

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 1.6875 $ 1.6875

Warrants, Expiration Date Apr. 03, 2024 Apr. 03, 2024

Number of Shares Underlying Warrants 797,334

Warrant Three [Member]

Warrants, Issue Date Feb. 12, 2019 Feb. 12, 2019

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 1.8313 $ 1.8313

Warrants, Expiration Date Feb. 07, 2024 Feb. 07, 2024

Number of Shares Underlying Warrants 110,922 110,922

Warrant Four [Member]

Warrants, Issue Date Feb. 12, 2019 Feb. 12, 2019

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 1.34 $ 1.34

Warrants, Expiration Date Aug. 12, 2024 Aug. 12, 2024

Number of Shares Underlying Warrants 1,560,400 1,706,484

Warrant Five [Member]

Warrants, Issue Date Feb. 04, 2019 Feb. 04, 2019

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 2.125 $ 2.125

Warrants, Expiration Date Jan. 30, 2024 Jan. 30, 2024

Number of Shares Underlying Warrants 34,605 34,605

Warrant Six [Member]

Warrants, Issue Date Jan. 31, 2019 Jan. 31, 2019

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 2.125 $ 2.125

Warrants, Expiration Date Jan. 26, 2024 Jan. 26, 2024

Number of Shares Underlying Warrants 10,151 10,151

Warrant Seven [Member]

Warrants, Issue Date Dec. 03, 2018 Dec. 03, 2018

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 3.90 $ 3.90

Warrants, Expiration Date Jun. 03, 2024 Jun. 03, 2024

Number of Shares Underlying Warrants 937,500 937,500

Warrant Eight [Member]

Warrants, Issue Date Apr. 03, 2018 Apr. 03, 2018

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 7.50 $ 7.50

Warrants, Expiration Date Apr. 03, 2023 Apr. 03, 2023

Number of Shares Underlying Warrants 2,350,011 2,350,011

Warrant Nine [Member]

Warrants, Issue Date Apr. 04, 2018 Apr. 04, 2018

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 7.50 $ 7.50

Warrants, Expiration Date Apr. 04, 2023 Apr. 04, 2023

Number of Shares Underlying Warrants 115,000 115,000

Warrant Ten [Member]

Warrants, Issue Date Aug. 31, 2015 Aug. 31, 2015

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 118.00 $ 118.00

Warrants, Expiration Date Aug. 31, 2020 Aug. 31, 2020

Number of Shares Underlying Warrants 3,000 3,000

Warrant Eleven [Member]

Warrants, Issue Date Jun. 15, 2015 Jun. 15, 2015

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 75.50 $ 75.50

Warrants, Expiration Date, Description Five years after milestone achievement Five years after milestone achievement

Number of Shares Underlying Warrants 319,008 319,008

Warrant Twelve [Member]

Warrants, Issue Date Jun. 15, 2015 Jun. 15, 2015

Warrants, Classification Equity Equity

Warrants, Exercise Price $ 83.50 $ 83.50

Warrants, Expiration Date Jun. 16, 2020 Jun. 16, 2020

Number of Shares Underlying Warrants 2,515 2,515

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Share-Based Compensation
3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

7. Share-Based Compensation

The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of March 31, 2020, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 1,088,568 shares remain available for future grant.

In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of March 31, 2020, a total of 15,301 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan.

Stock Options

During the three months ended March 31, 2020, the Company granted 2,144,104 options to employees, directors or consultants. The fair value of the awards on the date of grant was $2,498. The awards vest over four years and expire ten years from the grant date.

There were no options granted to employees, directors or consultants during the three months ended March 31, 2019.



The following table summarizes stock option activity for the three months ended March 31, 2020:

Number of
Options Weighted-
Average
Exercise
Price Weighted-
Average
Remaining
Contractual
Term
( Years) Aggregate
Intrinsic
Value

Outstanding — December 31, 2019 900,003 $ 11.63 8.52 $ —

Granted 2,144,104 $ 1.54

Exercised (19,997 ) $ 1.06

Forfeited or expired (111,691 ) $ 30.56

Outstanding — March 31, 2020 2,912,419 $ 3.55 9.41 $ —

Exercisable — March 31, 2020 490,102 $ 12.80 8.35 $ —

The estimated fair values of employee stock options granted during the three months ended March 31, 2020, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

Three Months Ended
March 31, 2020

Expected option life (years) 5.92

Risk-free interest rate 1.68%

Expected volatility 93.88%

Expected dividend yield 0%

The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the average of the historical volatility for industry peers and our own volatility. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future.

As of March 31, 2020, there was $2,876 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 3.2 years.

The following table presents total stock-based compensation expense for the three months ended March 31, 2020 and 2019:

Three Months Ended
March 31,

2020 2019

Research and development $ 47 $ 49

General and administrative 296 410

Total share-based compensation expense $ 343 $ 459

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Summary of Significant Accounting Policies and Recent Accounting Standards (Policies)
3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2019, which are included in the Company’s annual report on Form 10-K filed with the SEC on March 26, 2020.

Use of Estimates

Use of Estimates

In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, interest borrowing rate, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.

Concentrations of Credit Risk and Off-Balance Sheet Arrangements

Concentrations of Credit Risk and Off-Balance Sheet Arrangements

Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in an account at a single financial institution that management believes is creditworthy. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits. The Company has not incurred any losses to date.

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of two security deposits with a financial institution.

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows.

Three months ended March 31

2020 2019

Cash and cash equivalents $ 24,402 $ 2,146

Restricted cash 204 204

Total cash, cash equivalents and restricted cash $ 24,606 $ 2,350

Goodwill

Goodwill

Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. The impact of the novel coronavirus (“COVID-19”) pandemic was considered in the Company’s qualitative assessment. Currently, there has not been a significant impact on the carrying value of the Company, but this factor will continue to be evaluated.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The new standard will align the requirements for capitalizing implementation costs for hosting arrangements (services) with costs for internal-use software (assets). As a result, certain implementation costs incurred in hosting arrangements will be deferred and amortized. The new standard will be effective for the Company on January 1, 2020. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted ASU 2018-13 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

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Share-Based Compensation - Schedule of Calculation of Fair Value Assumptions (Details) - Employee Stock Option [Member]
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Expected option life (years) 5 years 11 months 1 day

Risk-free interest rate 1.68%

Expected volatility 93.88%

Expected dividend yield 0.00%

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Number of outstanding warrants exercised | shares (322,831)

Number of outstanding Pre-funded warrants exercised | shares (300,000)

Number of warrants, Outstanding, Ending Balance | shares 18,330,364

Weighted average exercise price, Beginning balance | $ / shares $ 3.55

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Weighted average exercise price, Ending balance | $ / shares $ 3.65

Weighted average remaining contractual term, Beginning Balance 4 years 2 months 1 day

Weighted average remaining contractual term, Ending balance 3 years 10 months 6 days

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Total lease payments 524

Less: interest (13)

Total lease liabilities $ 511

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Common Stock (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended

Feb. 04, 2020

Jan. 02, 2020

Dec. 31, 2019

Feb. 12, 2019

Feb. 04, 2019

Jan. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Proceeds from issuance of common stock $ 2,979

Warrants to purchase shares of common stock 18,330,364 5,589,196

Proceeds from warrants exercised $ 239

Value of stock option shares exercised $ 21

Institutional Investor [Member] | November 2018 Securities Purchase Agreement [Member]

Number of pre-funded warrants exercised shares 697,500

Proceeds from warrants exercised $ 70

Confidential Marketed Public Offering [Member]

Common stock shares sold 532,353 156,118

Sale of stock price per share $ 1.70 $ 1.70

Proceeds from issuance of warrants $ 1,170 $ 1,170

Fees, commissions and other expenses 691

Proceeds from offerings $ 3,049

Confidential Marketed Public Offering [Member] | Underwriters [Member]

Warrants to purchase shares of common stock 34,605 10,151

Warrant exercise price per share $ 2.125 $ 2.125

Warrant expiration date Jan. 30, 2024 Jan. 26, 2024

Registered Direct Offering [Member]

Common stock shares sold 1,706,484

Sale of stock price per share $ 1.465

Proceeds from sale of stock $ 2,500

Registered Direct Offering [Member] | Underwriters [Member]

Warrants to purchase shares of common stock 110,922

Warrant exercise price per share $ 1.8313

Warrant expiration date Feb. 07, 2024

Registered Direct Offering [Member] | Investors [Member]

Warrants to purchase shares of common stock 1,706,484

Warrant exercise price per share $ 1.34

Warrant expiration date Aug. 12, 2024

Warrants [Member]

Number of pre-funded warrants exercised shares 300,000

Proceeds from issuance of common stock $ 3

Number of common stock shares issued 30,000

Warrants to purchase shares of common stock 146,084 176,747

Proceeds from warrants exercised $ 239

Common Stock [Member]

Number of pre-funded warrants exercised shares 300,000

Number of common stock shares issued 2,394,955

Number of stock options shares exercised 19,997

Value of stock option shares exercised

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Warrants (Tables)
3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule of Rollforward of Common Stock Warrants Outstanding

A rollforward of the common stock warrants outstanding at March 31, 2020 is as follows.

Number of
Warrants Weighted
Average
Exercise Price Weighted
Average
Remaining
Contractual
Term (Years) Aggregate
Intrinsic
Value

Outstanding December 31, 2019 18,953,195 $ 3.55 4.17 $ —

Warrants exercised (322,831 ) $ (0.74 )

Pre-funded warrants exercised (300,000 ) $ (0.01 )

Outstanding March 31, 2020 18,330,364 $ 3.65 3.85 $ —

Schedule of Warrants Outstanding

The following represents a summary of the warrants outstanding at each of the dates identified:

Number of Shares
Underlying Warrants

For the Period Ended March 31,

Issue Date Classification Exercise Price Expiration Date 2020 2019

April 8, 2019 Equity $ 1.35 April 8, 2024 12,089,918 —

April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 —

February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 110,922

February 12, 2019 Equity $ 1.34 August 12, 2024 1,560,400 1,706,484

February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 34,605

January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 10,151

December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 937,500

April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 2,350,011

April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 115,000

August 31, 2015 Equity $ 118.00 August 31, 2020 3,000 3,000

June 15, 2015 Equity $ 75.50 Five years after milestone achievement 319,008 319,008

June 15, 2015 Equity $ 83.50 June 16, 2020 2,515 2,515

Total Outstanding 18,330,364 5,589,196

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Feb. 05, 2019

Mar. 31, 2020

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reverse stock split 1-for-10 reverse stock split

Common stock shares issued 10 20,521,304 19,994,560

Common stock shares outstanding 10 20,521,304 19,994,560

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Subsequent Events (Details Narrative)
$ / shares in Units, $ in Thousands
3 Months Ended

Apr. 29, 2020

USD ($)

shares

Apr. 23, 2020

USD ($)

ft²

Apr. 20, 2020

USD ($)

$ / shares

shares

Apr. 10, 2020

USD ($)

Apr. 09, 2020

USD ($)

Apr. 07, 2020

shares

Feb. 12, 2019

USD ($)

$ / shares

shares

Mar. 31, 2020

USD ($)

ft²

shares

Mar. 31, 2019

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shares

Warrants to purchase shares of common stock | shares 18,330,364 5,589,196

Area of lease | ft² 21,810

Operating lease expiration date Dec. 31, 2020

Proceeds from issuance of common stock | $ $ 2,979

Registered Direct Offering [Member]

Common stock shares sold | shares 1,706,484

Sale of stock price per share | $ / shares $ 1.465

Proceeds from sale of stock | $ $ 2,500

Subsequent Event [Member]

Number of stock options shares exercised | shares 2,500

Number of common stock shares issued | shares 7,400 2,500

Warrants to purchase shares of common stock | shares 7,400

Proceeds from issuance of common stock | $ $ 10

Subsequent Event [Member] | Hayden LLC [Member]

Operating lease description The 5th amendment to the original lease executed on May 31, 2007 corrects the square footage for office and lab space to 22,119, has a base rent of $1,194 which is adjusted annually by 3%, and will expire on June 30, 2022.

Area of lease | ft² 22,119

Base rent | $ $ 1,194

Operating lease expiration date Jun. 30, 2022

Subsequent Event [Member] | Registered Direct Offering [Member] | Institutional Investor [Member]

Common stock shares sold | shares 4,787,553

Sale of stock price per share | $ / shares $ 1.671

Proceeds from sale of stock | $ $ 8,000

Subsequent Event [Member] | Private Placement [Member] | Institutional Investor [Member]

Warrants to purchase shares of common stock | shares 4,787,553

Warrant exercise price per share | $ / shares $ 1.55

Warrant expiration date Apr. 20, 2022

Subsequent Event [Member] | Private Placement [Member] | Placement Agents [Member]

Warrants to purchase shares of common stock | shares 311,191

Warrant exercise price per share | $ / shares $ 2.0888

Warrant expiration date Apr. 20, 2022

Subsequent Event [Member] | Collaboration and License Agreement [Member]

Proceeds from milestone payments | $ $ 1,000

Aggregate net sales of licensed products | $ $ 20,000

Subsequent Event [Member] | Collaboration and License Agreement [Member] | Year 2020 [Member]

Royalty percentage 7.00%

Subsequent Event [Member] | Collaboration and License Agreement [Member] | Year 2021 [Member]

Royalty percentage 14.00%

Subsequent Event [Member] | Collaboration and License Agreement [Member] | Year 2022 [Member]

Royalty percentage 17.00%

Subsequent Event [Member] | Paycheck Protection Program [Member]

Proceeds from loans | $ $ 617

Loan maturity date Apr. 28, 2020

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Organization
3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. Pulmatrix, Inc. is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE™ (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory and other diseases and infections with significant unmet medical needs.

On February 5, 2019, the Company effectuated a 1-for-10 reverse stock split of its issued and outstanding shares of common stock (the “Reverse Stock Split”) pursuant to which every 10 shares of the Company’s issued and outstanding common stock were automatically converted into one share of common stock. Accordingly, all common share and per share data are retrospectively restated to give effect of the Reverse Stock Split for all periods presented herein.

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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-URI http://asc.fasb.org/topic&trid=2122149

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares

Mar. 31, 2020

Dec. 31, 2019

Statement of Financial Position [Abstract]

Preferred stock, par value $ 0.0001 $ 0.0001

Preferred stock, shares authorized 500,000 500,000

Preferred stock, shares issued 0 0

Preferred stock, shares outstanding 0 0

Common stock, par value $ 0.0001 $ 0.0001

Common stock, shares authorized 200,000,000 200,000,000

Common stock, shares issued 20,521,304 19,994,560

Common stock, shares outstanding 20,521,304 19,994,560

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 2,762
Operating expenses
Research and development	5,287	2,176
General and administrative	2,212	1,987
Impairment of goodwill		794
Total operating expenses	7,499	4,957
Loss from operations	(4,737)	(4,957)
Other income (expense)
Interest income	52	4
Settlement expense		(200)
Other expenses, net	(1)	(3)
Net loss	$ (4,686)	$ (5,156)
Net loss per share, basic and diluted	$ (0.23)	$ (0.74)
Weighted average shares used to compute basic and diluted net loss per share	20,469,457	6,944,513

Share-Based Compensation - Summary of Stock Option Activity (Details) - Stock Option [Member]	3 Months Ended
	Mar. 31, 2020 $ / shares shares
Number of options, Outstanding Beginning Balance \| shares	900,003
Number of options, Granted \| shares	2,144,104
Number of options, Forfeited or Expired \| shares	(111,691)
Number of options, Outstanding Ending Balance \| shares	2,912,419
Number of options, Exercisable \| shares	490,102
Weighted average exercise price, Outstanding Beginning Balance	$ 11.63
Weighted average exercise price, Granted	1.54
Weighted average exercise price, Exercised	1.06
Weighted average exercise price, Forfeited or Expired	30.56
Weighted average exercise price, Outstanding Ending Balance	3.55
Weighted average exercise price, Exercisable	$ 12.80
Weighted average remaining contractual term, Beginning Balance	8 years 6 months 7 days
Weighted average remaining contractual term, Ending balance	9 years 4 months 28 days
Weighted average remaining contractual term, Exercisable	8 years 4 months 6 days

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued vacation	$ 87	$ 42
Accrued wages and incentive	294	527
Accrued clinical & consulting	2,973	1,820
Accrued legal & patent	141	85
Accrued other expenses	53	40
Total accrued expenses	$ 3,548	$ 2,514

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (4,686)	$ (5,156)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	51	50
Amortization of operating lease right-of-use asset	153	141
Stock-based compensation	343	459
Impairment of goodwill		794
Changes in operating assets and liabilities:
Accounts receivable	7,200
Prepaid expenses and other current assets	(1,068)	(519)
Accounts payable	672	428
Accrued expenses	1,034	494
Operating lease liability	(164)	(147)
Deferred revenue	(2,737)
Net cash provided by (used in) operating activities	798	(3,456)
Cash flows from investing activities:
Purchases of property and equipment	(96)	(10)
Net cash used in investing activities	(96)	(10)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		2,979
Proceeds from exercise of common stock options	21
Proceeds from exercise of warrants	239
Proceeds from exercise of pre-funded warrants		70
Net cash provided by financing activities	260	3,049
Net increase (decrease) in cash, cash equivalents and restricted cash	962	(417)
Cash, cash equivalents and restricted cash - beginning of period	23,644	2,767
Cash, cash equivalents and restricted cash - end of period	24,606	2,350
Supplemental disclosures of non-cash investing and financing information:
Fixed asset purchases in accounts payable	2
Operating lease right-of-use asset obtained in exchange for operating lease obligation		$ 1,213

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 24,402	$ 23,440
Accounts receivable		7,200
Prepaid expenses and other current assets	1,845	777
Total current assets	26,247	31,417
Property and equipment, net	317	270
Operating lease right-of-use asset	477	630
Long-term restricted cash	204	204
Goodwill	3,577	3,577
Total assets	30,822	36,098
Current liabilities:
Accounts payable	1,274	600
Accrued expenses	3,548	2,514
Operating lease liability	511	675
Deferred revenue	12,026	13,411
Total current liabilities	17,359	17,200
Deferred revenue, net of current portion	6,527	7,879
Total liabilities	23,886	25,079
Commitments (Note 8)
Stockholders' Equity:
Preferred stock, $0.0001 par value - 500,000 authorized and 0 issued and outstanding at March 31, 2020 and December 31, 2019
Common stock, $0.0001 par value - 200,000,000 shares authorized; 20,521,304 and 19,994,560 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively.	2	2
Additional paid-in capital	226,781	226,178
Accumulated deficit	(219,847)	(215,161)
Total stockholders' equity	6,936	11,019
Total liabilities and stockholders' equity	$ 30,822	$ 36,098

Net Loss Per Share - Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Potential dilutive securities excluded from computation of diluted net loss per common share	21,242,783	6,416,184
Options to Purchase Common Stock [Member]
Potential dilutive securities excluded from computation of diluted net loss per common share	2,912,419	826,988
Warrants to Purchase Common Stock [Member]
Potential dilutive securities excluded from computation of diluted net loss per common share	18,330,364	5,589,196

Share-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 343	$ 459
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	47	49
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 296	$ 410

Warrants - Schedule of Warrants Outstanding (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Number of Shares Underlying Warrants	18,330,364	5,589,196
Warrant One [Member]
Warrants, Issue Date	Apr. 08, 2019	Apr. 08, 2019
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 1.35	$ 1.35
Warrants, Expiration Date	Apr. 08, 2024	Apr. 08, 2024
Number of Shares Underlying Warrants	12,089,918
Warrant Two [Member]
Warrants, Issue Date	Apr. 08, 2019	Apr. 08, 2019
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 1.6875	$ 1.6875
Warrants, Expiration Date	Apr. 03, 2024	Apr. 03, 2024
Number of Shares Underlying Warrants	797,334
Warrant Three [Member]
Warrants, Issue Date	Feb. 12, 2019	Feb. 12, 2019
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 1.8313	$ 1.8313
Warrants, Expiration Date	Feb. 07, 2024	Feb. 07, 2024
Number of Shares Underlying Warrants	110,922	110,922
Warrant Four [Member]
Warrants, Issue Date	Feb. 12, 2019	Feb. 12, 2019
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 1.34	$ 1.34
Warrants, Expiration Date	Aug. 12, 2024	Aug. 12, 2024
Number of Shares Underlying Warrants	1,560,400	1,706,484
Warrant Five [Member]
Warrants, Issue Date	Feb. 04, 2019	Feb. 04, 2019
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 2.125	$ 2.125
Warrants, Expiration Date	Jan. 30, 2024	Jan. 30, 2024
Number of Shares Underlying Warrants	34,605	34,605
Warrant Six [Member]
Warrants, Issue Date	Jan. 31, 2019	Jan. 31, 2019
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 2.125	$ 2.125
Warrants, Expiration Date	Jan. 26, 2024	Jan. 26, 2024
Number of Shares Underlying Warrants	10,151	10,151
Warrant Seven [Member]
Warrants, Issue Date	Dec. 03, 2018	Dec. 03, 2018
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 3.90	$ 3.90
Warrants, Expiration Date	Jun. 03, 2024	Jun. 03, 2024
Number of Shares Underlying Warrants	937,500	937,500
Warrant Eight [Member]
Warrants, Issue Date	Apr. 03, 2018	Apr. 03, 2018
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 7.50	$ 7.50
Warrants, Expiration Date	Apr. 03, 2023	Apr. 03, 2023
Number of Shares Underlying Warrants	2,350,011	2,350,011
Warrant Nine [Member]
Warrants, Issue Date	Apr. 04, 2018	Apr. 04, 2018
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 7.50	$ 7.50
Warrants, Expiration Date	Apr. 04, 2023	Apr. 04, 2023
Number of Shares Underlying Warrants	115,000	115,000
Warrant Ten [Member]
Warrants, Issue Date	Aug. 31, 2015	Aug. 31, 2015
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 118.00	$ 118.00
Warrants, Expiration Date	Aug. 31, 2020	Aug. 31, 2020
Number of Shares Underlying Warrants	3,000	3,000
Warrant Eleven [Member]
Warrants, Issue Date	Jun. 15, 2015	Jun. 15, 2015
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 75.50	$ 75.50
Warrants, Expiration Date, Description	Five years after milestone achievement	Five years after milestone achievement
Number of Shares Underlying Warrants	319,008	319,008
Warrant Twelve [Member]
Warrants, Issue Date	Jun. 15, 2015	Jun. 15, 2015
Warrants, Classification	Equity	Equity
Warrants, Exercise Price	$ 83.50	$ 83.50
Warrants, Expiration Date	Jun. 16, 2020	Jun. 16, 2020
Number of Shares Underlying Warrants	2,515	2,515

Warrants - Schedule of Rollforward of Common Stock Warrants Outstanding (Details) - Warrants [Member]	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares
Number of warrants outstanding, Beginning Balance \| shares	18,953,195
Number of outstanding warrants exercised \| shares	(322,831)
Number of outstanding Pre-funded warrants exercised \| shares	(300,000)
Number of warrants, Outstanding, Ending Balance \| shares	18,330,364
Weighted average exercise price, Beginning balance \| $ / shares	$ 3.55
Weighted average exercise price, Warrants exercised \| $ / shares	(0.74)
Weighted average exercise price, Pre-funded warrants exercised \| $ / shares	(0.01)
Weighted average exercise price, Ending balance \| $ / shares	$ 3.65
Weighted average remaining contractual term, Beginning Balance	4 years 2 months 1 day
Weighted average remaining contractual term, Ending balance	3 years 10 months 6 days
Aggregate intrinsic value, Beginning balance \| $
Aggregate intrinsic value, Warrants issued \| $
Aggregate intrinsic value, Ending balance \| $

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 524
Total lease payments	524
Less: interest	(13)
Total lease liabilities	$ 511

Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended
	Feb. 04, 2020	Jan. 02, 2020	Dec. 31, 2019	Feb. 12, 2019	Feb. 04, 2019	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Proceeds from issuance of common stock								$ 2,979
Warrants to purchase shares of common stock							18,330,364	5,589,196
Proceeds from warrants exercised							$ 239
Value of stock option shares exercised							$ 21
Institutional Investor [Member] \| November 2018 Securities Purchase Agreement [Member]
Number of pre-funded warrants exercised shares								697,500
Proceeds from warrants exercised								$ 70
Confidential Marketed Public Offering [Member]
Common stock shares sold					532,353	156,118
Sale of stock price per share					$ 1.70	$ 1.70
Proceeds from issuance of warrants					$ 1,170	$ 1,170
Fees, commissions and other expenses								691
Proceeds from offerings								$ 3,049
Confidential Marketed Public Offering [Member] \| Underwriters [Member]
Warrants to purchase shares of common stock					34,605	10,151
Warrant exercise price per share					$ 2.125	$ 2.125
Warrant expiration date					Jan. 30, 2024	Jan. 26, 2024
Registered Direct Offering [Member]
Common stock shares sold				1,706,484
Sale of stock price per share				$ 1.465
Proceeds from sale of stock				$ 2,500
Registered Direct Offering [Member] \| Underwriters [Member]
Warrants to purchase shares of common stock				110,922
Warrant exercise price per share				$ 1.8313
Warrant expiration date				Feb. 07, 2024
Registered Direct Offering [Member] \| Investors [Member]
Warrants to purchase shares of common stock				1,706,484
Warrant exercise price per share				$ 1.34
Warrant expiration date				Aug. 12, 2024
Warrants [Member]
Number of pre-funded warrants exercised shares			300,000
Proceeds from issuance of common stock			$ 3
Number of common stock shares issued	30,000
Warrants to purchase shares of common stock	146,084						176,747
Proceeds from warrants exercised							$ 239
Common Stock [Member]
Number of pre-funded warrants exercised shares		300,000
Number of common stock shares issued								2,394,955
Number of stock options shares exercised							19,997
Value of stock option shares exercised

Organization (Details Narrative) - shares	Feb. 05, 2019	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split	1-for-10 reverse stock split
Common stock shares issued	10	20,521,304	19,994,560
Common stock shares outstanding	10	20,521,304	19,994,560

Subsequent Events (Details Narrative) $ / shares in Units, $ in Thousands								3 Months Ended
	Apr. 29, 2020 USD ($) shares	Apr. 23, 2020 USD ($) ft²	Apr. 20, 2020 USD ($) $ / shares shares	Apr. 10, 2020 USD ($)	Apr. 09, 2020 USD ($)	Apr. 07, 2020 shares	Feb. 12, 2019 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) ft² shares	Mar. 31, 2019 USD ($) shares
Warrants to purchase shares of common stock \| shares								18,330,364	5,589,196
Area of lease \| ft²								21,810
Operating lease expiration date								Dec. 31, 2020
Proceeds from issuance of common stock \| $									$ 2,979
Registered Direct Offering [Member]
Common stock shares sold \| shares							1,706,484
Sale of stock price per share \| $ / shares							$ 1.465
Proceeds from sale of stock \| $							$ 2,500
Subsequent Event [Member]
Number of stock options shares exercised \| shares						2,500
Number of common stock shares issued \| shares	7,400					2,500
Warrants to purchase shares of common stock \| shares	7,400
Proceeds from issuance of common stock \| $	$ 10
Subsequent Event [Member] \| Hayden LLC [Member]
Operating lease description		The 5th amendment to the original lease executed on May 31, 2007 corrects the square footage for office and lab space to 22,119, has a base rent of $1,194 which is adjusted annually by 3%, and will expire on June 30, 2022.
Area of lease \| ft²		22,119
Base rent \| $		$ 1,194
Operating lease expiration date		Jun. 30, 2022
Subsequent Event [Member] \| Registered Direct Offering [Member] \| Institutional Investor [Member]
Common stock shares sold \| shares			4,787,553
Sale of stock price per share \| $ / shares			$ 1.671
Proceeds from sale of stock \| $			$ 8,000
Subsequent Event [Member] \| Private Placement [Member] \| Institutional Investor [Member]
Warrants to purchase shares of common stock \| shares			4,787,553
Warrant exercise price per share \| $ / shares			$ 1.55
Warrant expiration date			Apr. 20, 2022
Subsequent Event [Member] \| Private Placement [Member] \| Placement Agents [Member]
Warrants to purchase shares of common stock \| shares			311,191
Warrant exercise price per share \| $ / shares			$ 2.0888
Warrant expiration date			Apr. 20, 2022
Subsequent Event [Member] \| Collaboration and License Agreement [Member]
Proceeds from milestone payments \| $					$ 1,000
Aggregate net sales of licensed products \| $					$ 20,000
Subsequent Event [Member] \| Collaboration and License Agreement [Member] \| Year 2020 [Member]
Royalty percentage					7.00%
Subsequent Event [Member] \| Collaboration and License Agreement [Member] \| Year 2021 [Member]
Royalty percentage					14.00%
Subsequent Event [Member] \| Collaboration and License Agreement [Member] \| Year 2022 [Member]
Royalty percentage					17.00%
Subsequent Event [Member] \| Paycheck Protection Program [Member]
Proceeds from loans \| $				$ 617
Loan maturity date				Apr. 28, 2020

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	20,521,304	19,994,560
Common stock, shares outstanding	20,521,304	19,994,560