Post by icemandios on May 5, 2016 13:18:38 GMT
Pulmatrix Reports Q1 2016 Financial Results
LEXINGTON, Mass., May 5, 2016 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM) today reports its first quarter financial results and provides an update on the progress of its drug development pipeline.
"During the first quarter, we continued to make progress across our development pipeline of inhaled therapeutics," said Robert W. Clarke, Ph.D., chief executive officer of Pulmatrix. "In the second quarter, we expect to report data from the European bioequivalence study for our COPD program, PUR0200."
Financials
Revenues for the first quarter of 2016 were $0.4 million, compared to $0.1 million for the first quarter of 2015. The increase was the result of revenue recognized under our collaboration agreement to develop PUR0200 for COPD.
Research and development expenses for the first quarter of 2016 were $3.4 million, compared to $0.9 million for the same period last year. The increase was primarily due to increases in clinical development costs and external service costs on the PUR1900 and PUR0200 projects. General and administrative expenses for the first quarter of 2016 were $2.4 million, compared to $1.9 million for the same period in 2015. The increase was primarily due to an increase in stock-based compensation expense.
Net loss for the first quarter of 2016 was $5.7 million compared to a net loss of $1.8 million in the same period last year. The increase in net loss is attributable to the noted operating expense increases and the non-recurring impact of the fair value adjustments of our preferred stock warrant liability and derivative liability that were recorded in the first quarter of 2015.
As of March 31, 2016, Pulmatrix had $14.8 million in cash and cash equivalents, compared to $18.9 million as of December 31, 2015.
"Through continued financial discipline, we ended the first quarter in a strong financial position with sufficient capital to invest in the development of our current pipeline and operations into mid-2017 based on current expectations," said William Duke, Jr., chief financial officer of Pulmatrix. "We believe that this will fund our business beyond multiple data readouts from ongoing and planned clinical studies, as well as other corporate milestones."
About Pulmatrix
Pulmatrix is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary disease using its patented iSPERSE™ technology. The Company's proprietary product pipeline is focused on advancing treatments for rare diseases, including PUR1900, an inhaled anti-fungal for lung disease patients. In addition, Pulmatrix is pursuing opportunities in major pulmonary diseases through collaborations, including PUR0200, a branded generic in clinical development for chronic obstructive pulmonary disease (COPD). Pulmatrix's product candidates are based on iSPERSE™, its proprietary dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes.
LEXINGTON, Mass., May 5, 2016 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM) today reports its first quarter financial results and provides an update on the progress of its drug development pipeline.
"During the first quarter, we continued to make progress across our development pipeline of inhaled therapeutics," said Robert W. Clarke, Ph.D., chief executive officer of Pulmatrix. "In the second quarter, we expect to report data from the European bioequivalence study for our COPD program, PUR0200."
Financials
Revenues for the first quarter of 2016 were $0.4 million, compared to $0.1 million for the first quarter of 2015. The increase was the result of revenue recognized under our collaboration agreement to develop PUR0200 for COPD.
Research and development expenses for the first quarter of 2016 were $3.4 million, compared to $0.9 million for the same period last year. The increase was primarily due to increases in clinical development costs and external service costs on the PUR1900 and PUR0200 projects. General and administrative expenses for the first quarter of 2016 were $2.4 million, compared to $1.9 million for the same period in 2015. The increase was primarily due to an increase in stock-based compensation expense.
Net loss for the first quarter of 2016 was $5.7 million compared to a net loss of $1.8 million in the same period last year. The increase in net loss is attributable to the noted operating expense increases and the non-recurring impact of the fair value adjustments of our preferred stock warrant liability and derivative liability that were recorded in the first quarter of 2015.
As of March 31, 2016, Pulmatrix had $14.8 million in cash and cash equivalents, compared to $18.9 million as of December 31, 2015.
"Through continued financial discipline, we ended the first quarter in a strong financial position with sufficient capital to invest in the development of our current pipeline and operations into mid-2017 based on current expectations," said William Duke, Jr., chief financial officer of Pulmatrix. "We believe that this will fund our business beyond multiple data readouts from ongoing and planned clinical studies, as well as other corporate milestones."
About Pulmatrix
Pulmatrix is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary disease using its patented iSPERSE™ technology. The Company's proprietary product pipeline is focused on advancing treatments for rare diseases, including PUR1900, an inhaled anti-fungal for lung disease patients. In addition, Pulmatrix is pursuing opportunities in major pulmonary diseases through collaborations, including PUR0200, a branded generic in clinical development for chronic obstructive pulmonary disease (COPD). Pulmatrix's product candidates are based on iSPERSE™, its proprietary dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes.