Pulmatrix, Inc. (PULM) stock plummeted 12.00% in the pre-market trading session at the price of $0.88 despite no fundamental reason. The last reported news was its financial results for the second quarter of 2021. PULM is a leading clinical-stage biopharmaceutical corporation. It produces and commercializes innovative inhaled therapeutics to treat pulmonary and non-pulmonary diseases.
PULM Second Quarter 2021 Earnings Report
On 10th August 2021, PULM reported its financial results for the second quarter of 2021 and provided corporate updates.
Chief Executive Officer of PULM, Ted Raad, remarked that they had achieved consistent growth across data pipelines in the second quarter of 2021. Meanwhile, the company is rapidly advancing towards the clinical trial of PUR3100 to treat acute migraine. They will publish data from the ongoing Phase 1b clinical study of PUR1800 in the first quarter of 2022. Their substantial cash position enables them to develop their pipeline through major data milestones in the years ahead, he added.
PULM Financial Highlights
PULM reported cash and cash equivalents of $56.9 million as of 30th June 2021. Cash and cash equivalents were $31.7 million as of 31st December 2020. Revenue was $2.2 million for the second quarter ended 30th June 2021. For the same quarter of 2020, revenue was $3.5 million. The company reported a net loss of $3.9 million for the second quarter ending 30th June 2021. Net loss was $1.2 million for the same quarter of the previous year.
PULM reported research and development costs of $4.5 million in the second quarter ended 30th June 2021. R&D expenses were $3.2 million for the second quarter ended 30th June 2020. For the second quarter of 2021, the general and administrative expenses were $1.6 million. G&A expenses were $1.5 million for the same quarter of the previous year.
Appointment of Anand Varadan
On 27th July 2021, PULM published that it had appointed Anand Varadan to its Board of Directors. The appointment became effective from 26th July 2021. Additionally, Mark Iwicki resigned on 23rd July 2021 from his role in the Board of Directors. Mr. Varadan brought extensive experience and comprehensive knowledge in commercialization and product launching.
Mr. Vardan remarked that he was pleased to join the PULM board of directors. He looks forward to cooperating with Board members and contributing to PULM’s mission to advance and commercialize its iSPERSE pipeline.