Pulmatrix, Inc. announced its third-quarter financial results for 2024, reporting revenues of $0.4 million, a decrease of approximately $1.4 million compared to $1.8 million in the third quarter of 2023. This decline was primarily due to decreased revenue under the Cipla Agreement following the wind-down of the PUR1900 Phase 2b clinical trial.
Research and development expenses significantly decreased by approximately $3.2 million to $0.8 million for the three months ended September 30, 2024, down from $4.0 million in the prior year period. This reduction was mainly attributed to lower employment and operating costs after the MannKind cross-license agreement and reduced expenses for the PUR1900 program. General and administrative expenses increased by approximately $0.5 million to $2.2 million, primarily due to one-time employee separation costs.
The company reported a net loss of $(2.587) million for the quarter, an improvement from a net loss of $(3.774) million in Q3 2023, with a net loss per share of $(0.71) compared to $(1.03) in the prior year. As of September 30, 2024, Pulmatrix held $10.8 million in cash and cash equivalents, with management projecting this cash position to fund operations into the fourth quarter of 2026, reflecting ongoing cost-saving measures and a strategic repositioning as a virtual company.
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