Pulmatrix, Inc. reported its financial results for the year ended December 31, 2024, with revenues increasing by approximately $0.5 million to $7.8 million, compared to $7.3 million in 2023. This increase was primarily due to a contract modification of the Cipla Agreement, which resulted in a cumulative catch-up adjustment recorded during the year.
Research and development expenses saw a significant decrease of approximately $8.4 million to $7.2 million for the year, down from $15.5 million in 2023. This reduction was largely driven by the winding down of the PUR1900 Phase 2b clinical trial, the disposal of the company's lab and facilities lease, and employee terminations. General and administrative expenses increased by approximately $1.3 million to $7.8 million, mainly due to legal and professional services costs and one-time employee separation costs, partially offset by decreased rent.
The company recognized a $2.6 million loss on its transactions with MannKind Corporation, which closed during the third quarter of 2024. Pulmatrix reported a net loss of $(9.559) million for the year, an improvement from $(14.121) million in 2023, with a net loss per share of $(2.62). As of December 31, 2024, cash and cash equivalents stood at $9.5 million, with the company anticipating this cash position to fund operations at least through the anticipated closing of the merger with Cullgen, which is expected in the first half of 2025.
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